Patil Automation, the welding and line automation solutions provider, will open its Rs 69.61-crore maiden public issue for subscription next week on June 16 and close on June 18.
The price band for the book-building issue has been fixed at Rs 114-120 per share. The IPO comprises solely fresh issue of 58 lakh shares with no offer-for-sale.
Incorporated in 2015, Patil Automation serves industrial clients, primarily in the automotive sector. Its client base primarily comprises of automotive original equipment manufacturers (OEMs), Tier I suppliers to automotive OEMs and manufacturers of automotive components and sub-components.
The company intends to utilise Rs 62 crore out of IPO proceeds for setting up new manufacturing facility, Rs 4 crore for repayment of debt, and the remainder funds for general corporate purposes.
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Patil Automation will finalise the IPO share allotment by June 19, while the trading in its equity shares will commence on the NSE Emerge, effective June 23.
The merchant banker for handling the Patil Automation IPO is Seren Capital.
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