|
The initial public offer (IPO) of CFF Fluid Control received bids for 35,64,800 shares as against 52,00,000 shares on offer, as per BSE data as of 17: 00 hours on Tuesday (30 May 2023). The issue was subscribed 0.68 time.
The issue opened for bidding on Tuesday (30 May 2023) and it will close on Friday (2 June 2023). The price of the IPO was fixed at Rs 165 per share. The minimum order quantity is 800 shares
The IPO comprises fresh issue of 52,00,000 shares. The promoter and promoter group shareholding will dilute to 73.29% post IPO from 100% pre-IPO.
About 2,60,800 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 49,39,200 equity shares. The issue and the net issue will constitute 26.70% and 25.36%, respectively of the post issue paid-up equity share capital of the company. The equity shares are proposed to be listed on SME platform of BSE.
The company intends to utilize the net proceeds for funding working capital requirements, repayment of loans, purchase of machinery and equipment, acquire technology of “Towed Wire Antenna (TWA)” and general corporate purpose.
CFF Fluid Control is engaged in business of manufacturing and servicing of shipboard machinery, critical component systems and test facilities for submarines & surface ships for defence sector. Further we also design, manufacture and service mechanical equipments and systems for industries like nuclear and clean energy. As on 31 December 2022, the company had 33 full time employees.
The company recorded a revenue from operations of Rs 50.77 crore and net profit of Rs 7.18 crore for the period ended on 31 December 2022.
|