Fabtech Technologies IPO Opens to Raise ₹230 Crore

Mumbai-based Fabtech Technologies has launched its initial public offering (IPO) today, September 29, aiming to raise ₹230 crore through a fresh issue of 1.2 crore equity shares. The IPO price band is set at ₹181-191 per share, and it will close on October 1.

Investors can bid for a minimum of 75 shares, requiring an investment of ₹14,325, with allotments expected by October 3. The shares are scheduled to be listed on stock exchanges on October 7.

Ahead of listing, Fabtech Technologies’ shares have seen significant activity in the grey market. According to Investorgain, shares were trading at nearly 10% premium over the IPO price. IPO Watch reported that unlisted shares were trading at nearly 18% premium.

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Proceeds from the IPO will be used to fund working capital requirements, pursue inorganic growth through acquisitions, and for general corporate purposes.

Fabtech Technologies provides turnkey engineering solutions for the pharmaceuticals, biotech, and healthcare industries. Its services cover the complete project lifecycle, including design, engineering, procurement, installation, and testing of select pharmaceutical equipment.

As of June 2024, the company has successfully completed 35 projects across countries including Saudi Arabia, Egypt, Algeria, Bangladesh, Ethiopia, Sri Lanka, and the UAE. Unistone Capital is the sole book-running lead manager for the issue.

The IPO is now open for bidding and investors can place their bids until October 1.