Hyderabad based Engineering Company Azad Engineering files DRHP with SEBI for the proposed IPO; Key Details here

Azad Engineering is into Industrial Engineering and is looking raise funds through Fresh Issue and Offer For Sale

Azad EngineeringIPO: Fresh Issue of Equity shares aggregating up to Rs.240 crores. Offer for Sale of Equity shares aggregating up to Rs.500 crores IPO

Azad Engineering IPO: Azad Engineering Limited has filed Draft Red Herring Prospectus (DRHP) for proposed initial public offer (IPO) and raise funds through an offer of equity share capital having face value of Rs. 2 per share via initial public offering.

Initial Public Offer comprising of a Fresh Issue of Equity shares aggregating up to Rs240 Cr and an Offer for Sale of Equity Shares up to Rs500 Cr.. Axis Capital, ICICI Securities, SBI Capital Markets, Anand Rathi Advisors have been appointed as lead merchant bankers for the proposed IPO. It has appointed Kfin Technologies Ltd. as Registrar and Share transfer Agent. Company is yet to finalize issue size and some other important details relating to the IPO.

Details about upcoming IPO:
As per the details available in DRHP, fundraising will consist of an Fresh Issue aggregating Rs. 240 Crs andby Rakesh Chopdar, Piramal Structured Credit Opportunities Fund and DMI Finance Private Limited who will offload Equity Shares aggregating up to ₹170 Cr, Equity Shares aggregating up to ₹280 Cr and Equity Shares aggregating up to ₹50 Cr...

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Objects of the issue:
1) Funding capital expenditure - Rs. 60.3 Cr, 2) Repayment/prepayment, in part or full, of certain borrowings - Rs. 138.2 Cr., and 3) General Corporate Purpose.

Promoters of Azad Engineering are Rakesh Chopdar and holds 86.51% stake in the company.

About Company:
Hyderabad based Azad Engineering is manufacturers of qualified product lines supplying to global original equipment manufacturers (“OEMs”) in the aerospace and defence, energy, and oil and gas industries, manufacturing highly engineered, complex and mission and life-critical components. It manufacture complex and highly engineered precision forged and machined components that are mission and life-critical and hence, some of products have a “zero parts per million” defects requirement. Customers include global OEMs across the aerospace and defence, energy, and oil and gas industries such as General Electric, Honeywell International Inc., Mitsubishi Heavy Industries, Ltd., Siemens Energy, Eaton Aerospace and MAN Energy Solutions SE.

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About Industry:

Source: SEBI, BSE, NSE, DRHP, Azad Engineering, Industry Data

Disclaimer: Above article only publishes details about the IPO for educational purpose and doesn't solicit or invite any interest to invest. Please visit respective sources to verify and know more details about the IPO. We advise investors to take opinion from certified/SEBI registered experts before taking any investment decisions.