Delhi-based auto components maker Sandhar Technologies announced a Rs 512-crore initial public offering in the price band of Rs 327 to Rs 332 per share. The public offer opens on March 19.
The IPO comprises fresh issue of equity shares worth Rs 300 crore and an offer for sale of 64 lakh shares by private equity investor GTI Capital Beta.
Sandhar Technologies is focused on safety and security related auto components like locking system, vision system, door handles as well as sheet metal components, cabins & fabrications and auto electronics, adding up to 21 different product lines.
The company, established in 1987 by first generation entrepreneur Jayant Davar, has expanded to 32 manufacturing plants over 30 years and has eight more plants underway. Three facilities are located overseas with two in Spain and one in Mexico. The proceeds from the issue will be used partly for repayment of loan and the remaining for general corporate purposes.
Jayant Davar, co-chairman and managing director, Sandhar Technologies while announcing the public offer said, ”Opportunities in the auto sector were up for grabs, as India moves to Bharat Stage VI from 2020, as many 30 million vehicles will change to that platform.”