Mumbai: KVS Castings, a precision engineering components manufacturer, on Wednesday said it has fixed the price band at Rs 53-56 per share for the Rs 27.8 crore IPO, which will open for subscription on September 26.The Initial Public Offering (IPO) will conclude on September 30. The bidding for anchor investors will open for a day on September 25, the company said in a statement.
The IPO is entirely a fresh issue of 49.70 lakh equity shares with a face value of Rs 10 each. The price band has been fixed at Rs 53-56 per share, with a lot size of 2,000 equity shares, it added.At the upper end of the price band, the company will fetch Rs 27.83 crore from the public issue.Proceeds from the issue will be primarily utilised for capital expenditures and general corporate purposes, enabling the company to strengthen its operations and support future growth initiatives.
"As a leader in castings and precision engineering components, we are committed to expanding our technological capabilities, enhancing product innovation, and delivering greater value to our customers across the automotive, railways, and defence industries," said Arpan Jindal, MD of KVS Castings Ltd.
Incorporated in 2005, KVS Castings, the foundry division of the KVS Premier Group, is engaged in the manufacturing of cast iron, SG iron, alloy steel, and stainless steel castings.The company offers end-to-end casting solutions under one roof, serving critical sectors such as automotive, railways, and defence.
The company's shares will be listed on the BSE's SME platform.Narnolia Financial Services is the sole book-running lead manager, while Nexgen Financial Solutions Pvt Ltd is acting as advisor and syndicate member for the IPO.
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