Fabtech

Fabtech Technologies -- a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry -- has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. The Mumbai-based company's proposed initial public offering (IPO) is entirely a fresh issue of up to 1.20 crore equity shares. The offer also includes a reservation for a subscription by eligible employees, according to the draft red herring prospectus (DRHP). The company may raise up to Rs 10 crore through the pre-IPO round. If such placement is completed, the fresh issue size will be reduced. Proceeds from the IPO to the extent of Rs 120 crore will be used for funding the working capital requirements of the company, and Rs 30 crore for pursuing inorganic growth initiatives through acquisitions, and general corporate purposes. Fabtech Technologies, part of the Fabtech Group was incorporated as Globeroute Ventures Private Ltd. The company demerg

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