Craftsman Automation Ltd. Rs 824 crore initial public offer (IPO) will open for subscription on March 15. The company has fixed a price band of Rs 1,488-1,490 a share of face value of Rs 5 each, the auto component maker said on Tuesday.

The public issue comprises a fresh issue of equity shares worth up to Rs 150 crore and an offer-for-sale (OFS) of up to 45,21,450 shares by promoter and existing shareholders.

The three-day public issue will conclude on March 17, and the bidding for anchor investors would be open on March 12, Craftsman Automation said in a virtual press conference.

Srinivasan Ravi, K Gomatheswaran, Marina III (Singapore) Pte Ltd and International Finance Corporation (IFC) will sell their shares in the OFS.

At present, Srinivasan Ravi and K Gomatheswaran hold 52.83 per cent stake, 7.04 per cent shareholding each. Similarly, Marina III (Singapore) Pte Ltd and International Finance Corporation (IFC) own 14.06 per cent 15.50 per cent stake, respectively.

The IPO is expected to fetch Rs 824 crore at the upper end of the price band.

Half of the issue is reserved for qualified institutional buyers, 35 per cent for retail investors and 15 per cent for non-institutional bidders.

Net proceeds of the issue will be utilized for repayment or pre-payment of certain borrowings availed of by the company and for general corporate purposes.

In addition, the company expects to receive the benefits of listing the equity shares on the stock exchanges.

Axis Capital and IIFL Securities have been appointed as book running lead managers to the issue. Shares of the company are proposed to be listed on BSE and NSE.

Earlier, the auto component maker had filed draft papers with Securities and Exchange Board of India (SEBI) in June 2018, and had received the regulator’s clearance for launching the IPO. However, the company couldn’t launch the initial share-sale due to unfavourable market conditions, traders said.

Headquartered in Coimbatore, the company has satellite units across India including in Pune, Faridabad, Pithampur, Jamshedpur, Bengaluru, Sriperumbudur and Chennai.

Craftsman Automation started the journey in the year 1986 as a small scale industry in Coimbatore, has grown to become a leader in precision manufacturing in diverse fields.

Over the years, the company has gained experience in the field of Engineering, which has strengthen its commitment, determined customer focus, and culture of quality.