Fabtech Technologies Files IPO Papers

18 Sep 2024 , 11:54 AM

Fabtech Technologies, a turnkey engineering solutions provider for the pharmaceutical, biotech, and healthcare industries, has filed preliminary paperwork with capital markets regulator Sebi to acquire funds through an initial public offering (IPO).

The Mumbai-based company’s proposed initial public offering (IPO) is a completely new issue of up to 1.20 crore equity shares. The offer also contains a subscription reservation for eligible employees, according to the draft red herring prospectus (DRHP).

The company may raise up to Rs 10 crore in the pre-IPO round. If such a placement is accomplished, the new issue size will be lowered.

The proceeds from the IPO, totalling Rs 120 crore, would be utilised to fund the company’s working capital requirements, with Rs 30 crore going towards inorganic growth plans through acquisitions and other corporate reasons.

Fabtech Technologies, a subsidiary of the Fabtech Group, was renamed Globeroute Ventures. To improve operational savings, the company separated from the group in 2021.

Fabtech Technologies provides full start-to-finish solutions for a wide range of customers, including the design, engineering, procurement, installation, and testing of specific pharmaceutical equipment.

Until June 2024, the company had completed 35 projects in nations like Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the United Arab Emirates. As of June this year, Fabtech Technologies’ order book totalled Rs 726.15 crore.

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