Innoventive Industries IPO : ICRA gives 3 out of 5

by khalid on 18/04/2011 · 0 comments

Pune based multi-product engineering company, Innoventive Industries IPO has got 3 out of 5 by ICRA (rating agency) and this rating/grading is ‘Average’ for an engineering company. The grade 3 indicates that the fundamentals of the IPO are ‘Average’ compared to the other listed securities in India. Innoventive is engaged in the business of manufacturing and sale of precision steel tubes, tubular components, auto components, machined components and other steel products. Its products meet stringent requirements of Surface Finish, Wall Thickness, Dimension Tolerance and Mechanical Properties required by discerning global customers.

The IPO proceeds will be used by Innoventive Industries Limited for capacity expansion of manufacturing facility with Rs 163.06 crore and repayment of term loans worth Rs 50 crore.

The Equity Shares are proposed to be listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE).

The Book Running Lead Managers (BRLM) to the offer are Axis Bank Limited and Avendus Capital Private Limited.

Registrar of the Issue : Karvy Computershare Private Limited, Hyderabad.

Stay tuned to BelltheBull Blog for more news on Innoventive Industries IPO !

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