Technofab Engineering IPO opens for subscription

By SiliconIndia   |   Wednesday, June 30, 2010   |    1 Comments
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Mumbai: The initial public offering of Technofab Engineering has opened for subscription. The offering of 29.9 lakh shares will close on July 2. A price band for the issue is at Rs. 230-240 a share. Technofab Engineering, which specialises in engineering, procurement and construction services, aims to raise Rs. 68.77 crore at the lower end of the price band and Rs. 71.76 crore at the upper. The company would have a market capitalization of about Rs. 250 crore on listing. The issue constitutes 28.50 percent of the post issue paid-up equity capital and the net issue 28.03 percent of the post issue paid-up equity capital of the company. Fifty percent of the net issue is reserved for qualified institutional buyers, 15 percent for non-institutional bidders and 35 percent for retail bidders. Technofab Engineering is engaged in the business of providing Engineering Procurement and Construction (EPC) services, and executing a wide range of Balance-of-Plant (BoP) and electro-mechanical projects on a complete turnkey basis. Funds will be raised to meet the company's long-term working capital requirement of Rs. 30 crore and to finance procurement of construction equipment for Rs. 16.24 crore. The company has seen a huge growth in revenues with total turnover rising from Rs. 61.61 crores in March 2007 to Rs. 149.57 crores in March 2009 and Rs. 200.48 crores in March 2010. The profit after tax for March 2007 was Rs. 78.64 lakhs and in March 2010 the net profit was Rs. 19.09 crores. The shares of Technofab Engineering Limited will be listed on the BSE and NSE. Collins Stewart Inga is the sole book running lead manager to the issue and Link Intime India is the registrar to the issue.
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