Porwal Auto Components IPO opens Dec 17

MUMBAI: Porwal Auto Components’ 50 lakh-share initial public offer opens on December 17. The price band of the Rs 10 face value share is Rs 68-75 per share. The issue closes on December 20.

At the lower price-band the company would raise Rs 34 crore and at upper Rs 37.50 crore. The issue would constitute 33.11 per cent of the post issue paid-up capital.

The company plans to use the proceeds to increase capacity of SG and CI castings from existing 6,600 metric tonne per annum to 27,600 metric tpa and set up a wind mill with power generation capacity of 1.5 MW for captive consumption.

The IPO has been assigned ‘IPO GRADE 3’ by CARE indicating average fundamentals.

The existing shares of the company are listed on the Over-the-Counter Exchange of India. The shares offered through the IPO will be listed on the BSE.

Keynote Corporate Services is the sole book running lead manager to the issue.