Fabtech Technologies eyes Rs 230-cr via IPO; issue to open on Sep 29

New Delhi, Sep 24 (PTI) Fabtech Technologies, a turnkey engineering solutions provider for pharmaceuticals, biotech and healthcare industry, on Wednesday fixed a price band of Rs 181-191 per share for its upcoming over Rs 230-crore initial public offering (IPO).

In its statement, the Mumbai-based company said its initial share-sale will open for public subscription on September 29 and conclude on October 1.

The company's IPO is entirely a fresh issue of up to 1.2 crore equity shares worth Rs 230 crore at the upper end of the price band.

Proceeds from the IPO will be used for funding the working capital requirements of the company, pursuing inorganic growth initiatives through acquisitions, and general corporate purposes.

Fabtech Technologies offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.

Till June 2024, the company had 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 to the issue. PTI SP TRB