This Indian space start-up is launching ₹500cr IPO next week
What's the story
Bengaluru-based space start-up Unimech Aerospace is launching its initial public offering (IPO) on December 23.
The company announced that the issue will be priced at ₹745-785 per share and will be open for bidding until December 26.
The IPO includes a fresh equity issue of up to ₹250 crore and an offer for sale (OFS) of up to ₹250 crore by promoter shareholders.
Stake sale
Promoters to offload stakes
The OFS part of Unimech Aerospace's IPO will see promoters Ramakrishna Kamojhala, Rajanikanth Balaraman, Preetham S V, and Rasmi Anil Kumar offloading part stakes.
The money raised from the fresh issue will be used for capital expenditure for expansion through machinery and equipment acquisition, meeting working capital requirements, investing in material subsidiary companies, repaying debt, and other general corporate purposes.
Company profile
Unimech Aerospace's business and IPO lead managers
Unimech Aerospace specializes in engineering solutions, manufacturing, and supplying critical parts like aero tooling, ground support equipment, and electro-mechanical sub-assemblies for aerospace, defense, and energy sectors.
Anand Rathi Advisors and Equirus Capital are the lead managers for this issue while KFin Technologies will be the registrar.
This development marks a significant event in the primary market next week.
Upcoming IPOs
SME segment to witness 2 new IPOs
Along with Unimech Aerospace's IPO, the SME segment will also welcome two new public offers from Solar91 Cleantech and Anya Polytech.
They will open on December 24 and December 26, respectively.
Solar91 Cleantech has fixed a price band of ₹185-195 per stock for its IPO, while Anya Polytech is offering its shares at ₹14 apiece.