Emmforce Autotech, an auto components maker, raised Rs 15.34 crore from anchor investors ahead of its IPO launch. The company will use the funds for expansion and working capital.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Apr 22 (PTI) Auto components maker Emmforce AutoTech Ltd on Monday raised Rs 15.34 crore from anchor investors a day ahead of the launch of its initial share sale for public subscription.
The Panchkula-headquartered company has allotted 15,66,000 equity shares to nine entities at Rs 98 per piece - the cap price of its IPO, according to a circular uploaded on BSE's website.
BofA Securities Europe SA, Astorne Capital VCC ARVEN, NAV Capital Emerging Star Fund, Negen Capital, Persistent Growth Fund, Craft Emerging Market Fund PCC, Moneywise Financial Services, LC Radiance Fund VCC, Galaxy Noble Global Opportunities Fund PCC are among the anchor investors.
The IPO comprises a fresh issue of 54.99 lakh equity shares with a face value of Rs 10 each.
The issue with a price band of Rs 93-98 per share, will be open for public subscription on Tuesday and conclude on Thursday.
The company will list its shares on the BSE SME platform after the completion of the IPO.
Proceeds from the IPO will be used for investment in a subsidiary company, Emmforce Mobility Solutions Private Ltd (EMSPL), for setting up a new plant at Jharmajri, Baddi in Himachal Pradesh, and meeting the company's working capital requirement and for general corporate purpose.
The company manufactures niche automotive drivetrain parts and its sales comprise a majority of exports to six continents, primarily to North America and Asia.
Beeline Capital Advisors Private Ltd is the book-running lead manager to the issue.
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