The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Tuesday, September 21, 2021, and closes on Thursday, September 23, 2021. The price band for the Offer has been determined at Rs165 – Rs175 per Equity Share.
The Offer comprises a fresh issuance of Equity Shares aggregating up to Rs1,406 million (“Fresh Issue”) and an offer for sale of up to 17,24,490 Equity Shares by Sharad Virji Shah, Munjal Sharad Shah (the “Promoter Selling Shareholders”) and Ami Munjal Shah, Shilpa Amit Mahajan and Amit Navin Mahajan (the “Individual Selling Shareholders”, and together with the Promoter Selling Shareholders, “Selling Shareholders”)
The Company intends to utilize the net proceeds from the Fresh Issue towards purchase of machinery and equipment, funding incremental working capital requirements, repayment or prepayment of all or certain borrowings and for general corporate purposes.
As per the “Defence and Space Industry Report” prepared by Frost & Sullivan (“F&S Report”), the Company, is amongst India’s leading private sector Company catering to four major segments of Indian defence sector namely, defence optics, defence electronics, electro-magnetic pulse (“EMP”) protection solution, and heavy engineering for defence and niche technologies. The Company is the sole Indian supplier of critical imaging components such as large size optics and diffractive gratings for space applications in India. The Company manufactures high precision optics for the defence and space applications such as thermal imaging and space imaging systems.
As per the F&S Report, it is the only Indian Company to have the design capability for space-optics and opto-mechanical assemblies.
At the domestic front, the Company’s customer base ranges from government organizations involved in defence and space research to various defence public sector undertakings like Bharat Electronics Limited (BEL), Electronic Corporation of India Limited (ECIL) and Hindustan Aeronautics Limited (HAL); and supply products and solutions to private entities including Tata Consultancy Services Limited, Solar Industries India Limited and Alpha Design Technologies Limited. The Company has also catered to various foreign customers.
Anand Rathi Advisors Limited is the book running lead manager to the Offer (“BRLM”).
All capitalized terms used herein and not specifically defined shall have the same meaning as ascribed to them in the red herring prospectus dated September 13, 2021 (“RHP”) filed with the Registrar of Companies, Maharashtra at Mumbai (“RoC”).