Raymond-promoted JK Files & Engineering Ltd. has filed a draft paper with the Securities Exchange Board of India to raise around Rs 800 crore through an initial public offering.
The IPO consists of a pure offering for sale by Raymond Ltd. Raymond currently holds a 100% stake in the firm.
On September 27, Raymond said its board had approved a consolidation exercise, including combining its equipment and hardware, and auto components business with its engineering business, to improve synergies and explore monetization options.
SBI Capital Markets, Dam Capital Advisors and HDFC Bank are the lead managers to the issue.
For the fiscal year 2021, JK Files reported total income of 349.66 crore against 382.05 crore a year ago. net profit for the period 25.57 Cr Vs 14.30 crores last year. Ebitda margin increased from 10.21% to 13.66%. As of June 2021, it had a net debt of 25.23 crores.
JK Files is engaged in the business of manufacturing, selling and distributing precision engineered components for Tools & Hardware, Hand Tools, Power Tool Accessories and Power Tool Machines, and its subsidiary, Ring Plus Aqua Limited (RPAL), Auto Components & Engineering is through. Products such as ring gears, flexplates and water pump bearings.
The firm has the largest installed manufacturing capacity and was the second largest supplier of steel files globally. Its arm RPAL is one of the major global ring gear players and has the largest volume share in terms of supplies to original equipment manufacturers for domestic production of PV and CV in the last financial year.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,