Company Profile
Unimech Aerospace IPO of Rs 500 crore sees 126% promoter surge on day 1; employee portion of over 20,000 shares offered booked more than three times.
Engineering solutions provider Unimec Aerospace & Manufacturing has raised Rs 149.5 crore through an anchor book launched on December 20, three days ahead of its IPO. This initial share sale of Rs 500 crore will open for public subscription on December 23 and close on December 26. The company said in a communication sent to the stock exchanges on Friday that it has completed the allotment of 19.05 lakh equity shares to anchor investors at the rate of Rs 785 per equity share. The company said, “Out of the total 19.05 lakh shares allotted to anchor investors, 10.16 lakh shares were allotted through 10 schemes with the help of 7 domestic mutual funds.”
The asset management companies participating in the anchor book of Unimec Aerospace IPO are Tata Mutual Fund, ICICI Prudential Mutual Fund, HSBC MF, Axis Mutual Fund, Edelweiss, Motilal Oswal AMC and Bandhan Mutual Fund.
Apart from fund houses, other global and domestic institutional investors such as Goldman Sachs, Ashoka India Equity Investment Trust, Kotak Mahindra Life Insurance, Sunil Singhania’s Abacus Diversified Alpha Fund, VQ Fastercap Fund, Copthol Mauritius, Clarus Capital and Natixis International Funds have also invested in the company through the anchor book.
Investors can bid for a minimum of 19 equity shares in the book-built issue and in multiples of 19 shares thereafter, experts believe.
The company has reserved half of the issue size for qualified institutional buyers (including up to 60 per cent for the anchor book), 15 per cent for non-institutional investors and the remaining 35 per cent for retail investors. At the upper price band, Unimec Aerospace is expected to be valued at around Rs 4,000 crore.
company functions
Unimech Aerospace IPO define With two manufacturing facilities in Bangalore, the Karnataka-based company specializes in manufacturing and supplying critical parts such as aero tooling, ground support equipment, electro-mechanical sub-assemblies and other precision engineered components for the aerospace, defense, energy and semiconductor industries, competing with listed peers such as Azad Engineering, MTAR Technologies, Dynamatic Technologies, Paras Defence and Space Technologies, and Data Patterns. It has orders worth Rs 80.75 crore by September 2024.
intends to use the fresh issue proceeds for expansion through purchase of machinery and equipment, meeting working capital requirements, repaying debt and general corporate purposes.
Senior officer of the company
Anand Rathi Advisors and Equirus Capital are acting as merchant bankers to the issue Unimech Aerospace IPO .