Innoventive Industries plans Rs 250cr IPO; files DRHP with Sebi

Innoventive Industries, the Pune- based multi-product engineering company, today said it plans to tap capital market for raising Rs 250 crore and has filed draft prospectus with the market regulator Sebi for the IPO.

The company has filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for an initial public offering (IPO) aggregating to Rs 250 crore, Innoventive Industries Ltd said in a statement.

The funds will be utilised to expand capacity at the company's manufacturing facility at Pimple Jagtap in Pune, repayment of loans and general expenditure.

Innoventive makes precision steel tubes, tubular components, auto components, machined components and other steel products. It has six plants across Pune and Silvassa and exports some of the products.

Axis Bank and Avendus Capital are the book running lead managers to the issue.

During the financial year 2009-10, the company reported consolidated revenue of Rs 425.15 crore and profit after tax of Rs 27.71 crore.