Pune-based Innoventive Industries on Monday said it has filed Draft Red Herring Prospectus (DRHP) with market regulator Securities and Exchange Board of India (Sebi) for its proposed initial public offer (IPO) of about Rs 250 crore.
Innoventive Industries is a multi-product engineering company engaged in the manufacture and sale of precision steel tubes, tubular components, auto components, machined components and other steel products. The company has six manufacturing facilities located across Pune and Silvassa and sells its product in domestic as well as in export markets.
The company’s consolidated revenue increased from Rs 371.09 crore in FY09 to Rs 425.15 crore in FY 10. Profit after tax increased from Rs 14.14 crore to Rs 27.72 crore during this period.
The company intends to utilize the net proceeds of the IPO towards capacity expansion of its manufacturing facility located at Pimple Jagtap in Pune, repayment of term loan and general corporate purposes.
Axis Bank and Avendus Capital are the book running lead managers to the issue.
