Pen maker Aptitude Writing Industries Ltd has set a value band of Rs 288-304 per share for its Rs 593-crore IPO, market sources mentioned on Friday.
The primary public subject will open for subscription on November 22 and shut on November 24, and the bottom guide will probably be opened for a one-day providing on November 21, they added.
In keeping with the Pink Herring Prospectus (RHP), Aptitude Writing’s IPO includes recent subject of fairness shares aggregating as much as Rs 292 crore and a proposal on the market (OFS) of fairness shares price as much as Rs 301 crore by the promoters and promoter group entities.
At current, the promoters and promoter group entities maintain 100 per cent stake within the firm.
The proceeds from the brand new subject will probably be used to arrange a writing instrument manufacturing facility in Valsad district of Gujarat. Financing the capital expenditure of the corporate and its subsidiary Aptitude Writing Equipments Pvt Ltd (FWEPL).
Additional, the proceeds will probably be used to help the working capital necessities of the corporate and its subsidiaries FWEPL and Aptitude Cyrosil Industries. Additionally, the funds will probably be used to repay the mortgage and for basic company functions.
Half of the difficulty measurement was allotted to certified institutional consumers, 35 % to retail traders, and the remaining 15 % to non-institutional traders.
Traders can bid on a minimal of 49 shares of inventory and multiples thereof.
The corporate, which owns the 45-plus-year-old flagship ‘Aptitude’ model, is among the many prime three gamers within the total writing instrument business with a market share of about 9 %, as of March 2023.
It manufactures and distributes writing devices, together with pens, stationery merchandise and calculators. Its enterprise has additionally diversified to incorporate the manufacture of family home equipment and metal bottles.
Nuvama Wealth Administration Ltd (previously Edelweiss Securities Ltd) and Axis Capital Ltd are the lead bookrunners for the IPO.
(Solely the title and picture of this report might have been reworked by Enterprise Normal employees; the remainder of the content material is auto-generated from a syndicated feed.)
First printed: November 17, 2023 | 2:47 pm he
(Tags for translation)IPO