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The initial public offer (IPO) of CFF Fluid Control received bids for 1,06,14,000 shares as against 52,00,000 shares on offer. The issue was subscribed 2.04 times.
The Non-Institutional Investors category received bids for 67.04 shares. The Retail Investors category received bids for 39.08 shares. The Qualified Institutional Buyers category received bids for 2 lakh shares.
The issue opened for bidding on 30 May 2023 and it will close on 2 June 2023. The price of the IPO was fixed at Rs 165 per share. The equity shares will be listed on SME platform of BSE.
The IPO comprised fresh issue of 52,00,000 shares. The promoter and promoter group shareholding will dilute to 73.29% post IPO from 100% pre-IPO.
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.
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