New Delhi-based Pioneer Fabricators Limited files DRHP for IPO for Rs 190 crore
New Delhi-based Pioneer Fabricators Limited has filed its Draft Red Herring Prospectus (DRHP) with capital markets regulator, Securities and Exchange Board of India (SEBI) for its Initial Public Offering (IPO) for Rs 190 crore. The IPO, with a face value of Rs 10, is a fresh issue for up to Rs 190 crore. The proceeds from its fresh issuance worth Rs 63 crore will be utilised for meeting working capital requirements, Rs 4.69 crore for the purchase of plant and machinery and civil construction for the existing manufacturing unit, Rs 58.6 crore for the purchase of plant and machinery and civil construction for the proposed manufacturing unit and general corporate purposes. The Offer is being made through the book-building process, wherein not more than 50% of the net offer is allocated to qualified institutional buyers, and not less than 15% and 35% of the net offer is assigned to non-institutional bidders and retail individual bidders respectively. Incorporated in 1988, the company is an...