Airfloa Rail Technology, the railway rolling stock components maker, has raised Rs 25.9 crore from eight anchor investors including HDFC Bank on September 10, a day before the public issue opening.
The Rs 91.1-crore initial public offering (IPO) of 65.07 lakh shares will open for subscription on September 11, and close on September 15. The price band for the offer is Rs 133-140 per share.
The company has finalised allocation of 18.52 lakh shares to anchor investors at Rs 140 per share.
HDFC Bank picked 72,000 shares in Airfloa Rail Technology, while LRSD Securities was the largest investor in the anchor book acquiring 7.76 lakh shares followed by Inti Capital, Necta Bloom, and Rajasthan Global Securities.
Finavenue Capital Trust, Vikasa India, and SB Opportunities Fund were other anchor investors in the company.
Chennai-based Airfloa Rail manufactures rolling stock components and also involves in the turnkey interior furnishing projects for Indian Railways. In the aerospace and defence sectors, it makes intricate, highly engineered, and vital components.
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The IPO proceeds will be utilised mainly for purchase of machinery and equipment, repayment of certain borrowings, and working capital requirements.
Promoters' shareholding in the company stood at 74.4 percent, while the 25.6 percent shares are owned by the public.
The Airfloa Rail Technology IPO is managing by GYR Capital Advisors as a merchant banker.
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