Gemini Engi Fab Ltd Files Draft Red Prospectus For IPO - Dec 12, 2008

Gemini Engi-Fab Ltd, a Mumbai based manufacturer of industrial fabrication related products has filed a draft red herring prospectus with SEBI for an initial public offering of 55 lacs equity shares of Rs 10 each. The price will be decided through 100 per cent book-building process. The shares will be listed on BSE and NSE.

The issue comprises of a net issue of 27.5 lacs shares of Rs 10 each to public, out of which 5 per cent that is 1,37,500 shares will be allocated to mutual funds and remaining will be allotted to qualified intuitional buyers. Almondz Global Securities is appointed as a book running lead manager and Karvy Computershare as registrar to the issue.

The company wants fund to set up a new manufacturing unit at Umbergaon, Gujarat. This facility would have better machinery like a plate bending machine, a tube sheet drilling machine, SAW machines with motorized rotators and electrically operated cranes which will not only help to handle larger material but also to work on it with better precision. This facility would also handle more equipment with a larger work space.