Advanced Sys-Tek Ltd has submitted preliminary documents to Capital Markets Regulator SEBI seeking approval for funding through an initial public offering (IPO). The IPO consists of fresh issues worth Rs 115 crores, along with an offer to sell up to 15.27 lrk strains (OFS) by existing promoters, according to a draft of Red Herring Prospectus (DRHP) filed on Friday. Masu.
As part of OFS, promoters Mukesh r Kapadia and Umed Amarchand Fifadra will each sell shares of up to Rs 7.64 lakh each. Currently, the promoter and promoter group entities hold an 82.57% stake in the company. Revenues from fresh issues are used to support capital expenditure requirements, funding long-term working capital requirements, and for general corporate purposes.
The company is a key player in industrial automation, specializing in large-scale measurement, control and automation solutions. The company focuses on industrial automation solutions, including advanced automated metering systems for oil and gas terminals, and modernising manual facilities. As of September 30, 2024, the company runs more than 200 facilities in India and international markets. INGA Ventures and Sowilo Capital Advisors are the lead managers who run the book on this issue.
