Pune based multi-product engineering company, Innoventive Industries Limited is entering into primary market with an Initial Public Offer (IPO) of 18,767,521 Equity Shares of Rs 10 each. The IPO is opening on 26th Apr 2011 and the shares will be available for subscription up to 29th Apr 2011. The premium of the issue will be decided through a 100% Book Building Process. The price band for the issue has been fixed at Rs 117 – Rs. 120 Per Equity Share. The company is likely to raise around Rs 219.58 Crore through the issue at the upper level of price band. Innoventive Industries Limited 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 proceeds of the IPO are proposed to be utilized for capacity expansion of manufacturing facility with Rs 163.06 crore and repayment of term loans worth Rs 50 crore.
The equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Issue Open : 26th Apr 2011 – 29th Apr 2011
Issue Type : 100% Book Built Issue IPO
Issue Size : 18,767,521 Equity Shares of Rs 10 each
Issue Size : Rs 219.58 Crore
Face Value : Rs 10 Per Equity Share
Issue Price : Rs 117 – Rs. 120 Per Equity Share
Minimum Bid Quantity : 50 Shares (Rs 6000 with 1 Lot) @ upper level of price band
Maximum Bid Quantity : 1650 Shares (Rs 198000 with 33 Lots ) @ upper level of price band
Listing At : BSE, 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.
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