Sandhar Technologies will use the funds towards repayment of loans and general corporate purposes.
12 Mar 2018 | 6190 Views | By Nilesh Wadhwa
Sandhar Technologies, the Tier 1 manufacturer and supplier of vehicle door handles and lock systems, today announced that it will issue fresh equity shares of Rs 10 each aggregating up to Rs 300 crore and an offer for sale of up to 64 lakh equity shares by GTI Capital Beta ...
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Sandhar Technologies, the Tier 1 manufacturer and supplier of vehicle door handles and lock systems, today announced that it will issue fresh equity shares of Rs 10 each aggregating up to Rs 300 crore and an offer for sale of up to 64 lakh equity shares by GTI Capital Beta (offer for sale and together with the fresh issue, the ‘offer’). The price band has been fixed from Rs 327 to Rs 332 per equity share, proposed to open on March 19,2018.
The company says the bid/offer period will close on March 21, 2018, with bids can be made for a minimum lot of 45 equity shares and in multiples of 45 equity shares thereafter. The Tier 1 manufacturer will use the fund for repayment of loans and general corporate purposes.
Sandhar Technologies, was founded in 1987 by Jayant Davar, who currently serves as the co-chairman and managing director. It started as a sheet metal supplier to Hero Motorcycles In 1985, in two years the company started supplying two-wheeler lock kits to Hero Honda Motorcycles. The company currently has 21 product categories, 31 manufacturing facilities in India, 2 in Spain, 1 in Mexico and another 6 being commissioned in India.
In H1FY18 the company posted consolidated revenues of Rs 990 crore, EBITDA of Rs 103 crore and posted a profit of Rs 34 crore. In the last five years the company has invested around Rs 600 crore in different ventures.
Announcing the company’s IPO, Jayant Davar, co-chairman and managing director, said: “This is a special time for me, special time for the company. A company goes through this exercise once in its lifetime, it’s a new birth for us.”
Mentioning the humble beginnings of the company, Davar stated how he started the company when he was 22 years old with an amount of Rs 35,000. It started operations with one customer, one sheet product from a leased accommodation, with five employees. Now the company has an employee strength of more than 7,700 along with being a supplier to more than 79 Indian and global customers.
Also read: Interview Jayant Davar, co-chairman and managing director, Sandhar Technologies
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