Patil Automation, a customised industrial automation solutions company, plans to raise ₹70 crore through IPO to list on NSE Emerge.
The company will issue 58 lakh equity shares at ₹114-₹120 a share.
The issue will open for subscription on Monday.
The net proceeds from the IPO will be used to set up a new manufacturing facility, repayment of certain borrowings and general corporate purposes.
The anchor bidding will open on June 13 and the issue will close on June 18.
The Book Running Lead Manager to the issue is Seren Capital while the registrar will be Purva Sharegistry (India).
Manoj Patil, Managing Director, Patil Automation said the company has developed strong partnerships with top Original Equipment Manufacturers and component manufacturers by consistently delivering tailored, high-quality automation systems.
The widespread presence across 10 states and multiple repeat orders demonstrate the effectiveness of the solutions provided, he added.
The new manufacturing facility being set up will enable the company to meet the rising demand, especially in the electric vehicle segment and defence and provide financial flexibility to support future growth, he added.
Gautam Lath, Director of Seren Capital said with growing emphasis on efficiency and technology adoption across industries, the demand for automation is steadily increasing.
“We believe the proceeds from the IPO will support the company in expanding its manufacturing infrastructure and strengthening its presence in emerging segments,” he added.