Automobile components manufacturer Craftsman Automation’s initial public offer(IPO) will open for subscription on March 15, tomorrow. This is the first time in almost three years that an auto Automobile components firm manufacturer’s initial public offer will open for subscription.
The proposed Rs 824-crore initial public offering comprises a fresh issue of shares worth Rs 150 crore, and an offer-for-sale of up to 45 lakh equity shares by promoters and existing investors, according to its red herring prospectus.
Price Band and other details about Craftsman Automation IPO
The price band for the offer has been fixed at Rs 1,488 to Rs 1,490 per equity share. Promoter Srinivasan Ravi is going to offload 1,30,640 equity shares through the offer for sale. Among investors, 15,59,260 equity shares will be offered by Marina III (Singapore) PTE, 14,14,050 by International Finance Corporation (IFC), and 14,17,500 by K Gomatheswaran.
The minimum bid lot is of 10 equity shares and in multiples thereof. The minimum application size will be Rs 14,900 at the higher price band.
After closing the public issue on March 17, the company, in consultation with merchant bankers, will finalise share allotment on March 22 and will initiate refunds for anchor investors, if any, and unblock funds from the ASBA account around March 23, says the prospectus.
Axis Capital and IIFL Securities are the lead managers to the issue. The equity shares will get listed on the BSE as well as National Stock Exchange.
Investors can apply online using either UPI or ASBA as a payment method. They can also apply by visiting the official website of brokers such as Zerodha, Upstox, etc.
Steps to subscribe to Craftsman Automation IPO through Zerodha:
- Visit the Zerodha website: https://zerodha.com/ and login to ‘Console’.
- Go to ‘Portfolio’ and click the IPOs link.
- Go to the ‘Craftsman Automation IPO’ row and click the ‘Bid’ button.
- Enter your UPI ID, Quantity, and Price.
- Submit the IPO application form.
- To approve the mandate, visit the UPI App (net banking or BHIM).