Fabtech Technologies Files Draft Papers To Raise Funds Via IPO; Details Here
The maiden offering of the pharmaceutical engineering company consists only of a fresh issue of 1.2 crore equity shares.
(Source: Unsplash)
Fabtech Technologies Ltd. filed its preliminary papers with the Securities and Exchange Board of India to raise funds via an initial public offering. The maiden offering of the pharmaceutical engineering company consists only of a fresh issue of 1.2 crore equity shares.
The company had 3.23 crore equity shares outstanding prior to the planned issue, it said in its draft red herring prospectus filed with the capital markets regulator.
Unistone Capital Pvt. will be the sole book-running lead manager for the issue. The shares of the company are proposed to be listed on the National Stock Exchange of India Ltd. and the BSE Ltd.
Proceeds worth Rs 120 crore from the issue will be used for funding working capital requirements and Rs 30 crore will be marked for inorganic growth initiatives through acquisition.
The company specialises in turnkey engineering solutions for pharmaceuticals, biotech and healthcare companies.
They provide technical expertise and infrastructure to deliver comprehensive solutions for establishing aseptic manufacturing facilities, encompassing everything from design to certification. The company's footprint spans more than 62 countries globally, it said in its prospectus.
Fabtech Technologies, part of the Fabtech Group of companies, was incorporated in 2018 as Globeroute Ventures Pvt. The company's order book has grown from Rs 321 crore in March 2022 to Rs 613 crore on March 2024.
