As part of the OFS, 53.7 lakh equity shares will be offloaded by
Also, the company may consider a pre-IPO placement of shares aggregating up to Rs 100 crore. If such placement is completed, the fresh issue size will be reduced.
According to market sources, the IPO size is expected to be Rs 1,200-1,300 crore.
Going by the draft papers, proceeds from the fresh issue to the tune of Rs 213.6 crore will be utilized towards the purchase of equipment, plant, and machinery, up to Rs 190 crore for payment of debt and a portion of funds will also be used for general corporate purposes.
Ludhiana-based auto components maker employs a vertically integrated approach encompassing engineering, process design, testing, manufacturing, and supply of diverse components.
Its primary clientele includes both domestic and global OEMs in the commercial vehicle sector, while also serving non-automotive markets like farm equipment, off-highway vehicles, and industrial machinery spanning oil and gas, power generation, railways, and wind turbine industries.
Among its notable customers are
The company has operations in nine countries, namely Brazil, Italy, Japan, Spain, Sweden, Thailand, Turkey, the UK, and the US.
The company's consolidated revenue from operations rose 39.12 per cent to Rs 1,196.53 crore in fiscal year 2023 from Rs 860.05 crore in the preceding fiscal. Net profit jumped 46.67 per cent to Rs 208.70 crore from Rs 142.29 crore in fiscal 2022.