Technofab Engineering, a power, oil and gas and industrial projects contractor, today said it plans to raise around Rs 69 crore through its IPO, the price band for which has been fixed at Rs 230-240.

The initial public offer (IPO) will open for subscription on June 29 and close on July 2.”We plan to raise around Rs 69 crore from the IPO to meet our long-term working capital requirements and to purchase construction equipments. The price band has been fixed at Rs 230-240,” Technofab Engineering’s Chairman and Managing Director Avinash C Gupta told reporters here.

The company would raise Rs 68.77 crore at the lower end of the price band and Rs 71.76 crore at its upper end.

The firm needs long-term working capital of at least Rs 30 crore and Rs 16 crore to purchase construction equipments, he said.

The issue comprises of a reservation of 50,000 equity shares of Rs 10 each for eligible employees. The issue will constitute 28.50 per cent of the issue paid-up equity capital of the company.

Technofab is engaged in the business of providing engineering procurement and construction (EPC) services, executing a wide-range of balance-of-plant (BoP) and electro-mechanical projects.

source: Business-Standard

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