Midfield Industries IPO opens for subscription


Bangalore: The initial public offering (IPO) of Midfield Industries, a provider of end to end packaging solutions, has opened for subscription. Midfield will be raising 56.70-59.85 crore at a price band of 126-133 per share. According to Moneycontrol.com, the company is offering 45 lakh shares through the issue, which will close on July 21. These issue proceeds will be used for expansion of capacities at the existing plants; setting up new facilities and augmenting long term working capital requirement of the company. The company has reported revenue at 90 crore, up 8 percent from last year and net profit at 7.8 crore, a growth of 37 percent over last year for the financial year 2009-10. In the past four years, the company has seen 30-40 percent growth and its present turnover is at $12 million. Midfield Industries, which has 200 customers currently, provides packaging consumables like high tensile steel strapping in various dimensions and strengths, different seals for different applications, collated nails & corner boards being used for general and the end of line packaging of goods by varied industries. Currently, the company caters to companies across wide spectrum of industries like steel, aluminium, glass, copper, paper, automobile, white goods and refractory etc. Atherstone Capital Markets is the book running lead manager and the registrar is Bigshare Services.