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Pune-based Innoventive Industries Ltd (IIL) is entering the capital market with its Initial Public Offer issue to raise around Rs. 219.58 crore.
The issue opens on the April 26, and closes on April 28 for Qualified Institutional Buyers and on April 29 for retail participants and non-institutional investors (NIIs).
The company's objective is to raise funds for expanding the capacity of its manufacturing facility at Pimple Jagtap in Pune, as well as to repay term loans, and for general corporate purposes. Axis Bank, Avendus Capital and Karvy Computershare are the book running lead managers to this issue.
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IIL is a multiproduct engineering company which manufactures and sells precision tubes, auto components, machinery components and other steel products which are sold to diverse sectors such as transportation, oil and gas, farming and general engineering.
The promoters' holding in the company amounts to 65.6 per cent.
Kavos Capital holds 19.6 per cent, Standard Chartered Private Equity 10.14 per cent and the employees' welfare trust 4.68 per cent. The private equity investors will not be diluting their stake in the company, said Mr Nilesh Shah, President — Corporate Banking, Axis Bank.
He would not specify how much of the promoter's stake was on offer through the IPO.
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