HY Tech Engineers has announced the price band for its initial public offering (IPO). The company has set the price at ₹50- ₹53 per share, with a face value of ₹5.
The upcoming IPO will be open for subscription from Monday, August 24, to Thursday, August 27.
HY Tech Engineers IPO is a book-building issue of consisting of fresh issue of ₹60 crores and an offer for sale (OFS) of up to 1.42 crore equity shares.
The IPO shares will be allocated across investor categories in accordance with the specified reservation structure. Qualified Institutional Buyers (QIBs) will be offered not more than 50% of the net offer, while retail investors will be entitled to not less than 35% of the net offer. Non-Institutional Investors (NIIs) will be allotted not less than 15% of the net offer.
As per the DRHP, the allotment of the HY Tech Engineers IPO is scheduled to be finalised on August 28. The company’s shares are expected to be listed on both the BSE and NSE on September 1.
The company proposes to utilise the net proceeds from the issue for funding its capital expenditure requirements, including the procurement of machinery and equipment for expansion at the Kavathe and Shirwal units, as well as for procurement at Pithampur Unit-I. The proceeds will also be used for the prepayment or repayment, either in full or in part, of certain outstanding borrowings of the company, along with general corporate purposes.
New Berry Capitals is the book running lead manager and Bigshare Services is the registrar of the issue.
About the company
Established in 1978, Hy-Tech Engineers manufactures hydraulic fittings, including DIN-Metric fittings, conversion adaptors, JIC fittings, O-Ring face-seal fittings, mesh fittings and soft-seal fittings.
The company operates four state-of-the-art manufacturing facilities across Thane, Pune (Shirwal), Nashik and Pithampur.
Its extensive product portfolio comprises more than 3,500 products and over 10,000 fitting variants, catering to a wide range of applications.
Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.
