Uniparts India sets price range IPO (public offer) at Rs 548-577 per share

0
3

Uniparts India: The public offering is expected to raise Rs 836 crore. (File)

New Delhi:

Engineering systems and solutions provider Uniparts India today said it has set a price range of Rs 548-577 per share for its Rs 836-crore initial public offering (IPO).

The three-day initial sale of shares opens for public subscription on November 30 and ends on December 2. Bidding for anchor investors will begin Nov. 29, the company announced during a virtual press conference.

The IPO is entirely an Offer for Sale (OFS) of 14,481,942 shares by promoter group entities and existing investors.

Those offering shares in the OFS are entities of the promoter group — The Karan Soni 2018 CG-NG Nevada Trust, The Meher Soni 2018 CG-NG Nevada Trust, Pamela Soni — and investors — Ashoka Investment Holdings Ltd and Ambadevi Mauritius Holding Ltd.

See also  Buffett's Berkshire increases stakes in Japan's top five trading houses

At the high end of the price range, the public offering is expected to fetch Rs 836 crore.

Since the IPO would be an entirely OFS, the company will receive no proceeds from the public offering.

Half of the issue is reserved for qualified institutional investors, 35 percent for retail investors and the remaining 15 percent for non-institutional investors.

Investors can bid on 25 shares and in multiples thereof.

See also  India's October Inflation Drops Below 7%: RBI Governor

This would be the company’s third attempt to go public. Previously, Uniparts had filed its IPO filings with Sebi in December 2018 and in September 2014. It also received regulatory approval to launch the IPO on the two occasions, but did not go through with the initial share sale.

Axis Capital, DAM Capital Advisors and JM Financial are the issue’s lead managers.

The company’s shares will go public on December 12.

Uniparts India is a global manufacturer of engineering systems and solutions. It is one of the leading suppliers of systems and components for the off-highway market in the agriculture and construction, forestry and mining and aftermarket sectors due to its presence in more than 25 countries.

See also  'No more chaos please': Malaysian companies hope for stability, confidence after elections

It is a concept-to-supply player of precision off-road vehicle products with a presence across the entire value chain. The company’s product portfolio includes vertical product segments of 3-point lift systems and precision machined parts, as well as adjacent vertical product segments of power take-offs, structures and hydraulic cylinders or components thereof.

(You can, follow The US Express News staff and is being published Platforms.)

Featured video of the day

India can only be developed if it is free of corruption: Union Bank

.

LEAVE A REPLY

Please enter your comment!
Please enter your name here