News Tonight

Market reports claimed that Innoventive Industries (IIL), a Pune-based multi-engineering company, is stepping its foot into the Indian Market. It is offering its IPO, which is of Rs 219.58 crore. The price band has been fixed between Rs 117 to Rs
120.

The equity shares which the company is offering would be listed on the Bombay Stock Exchange Limited and National Stock Exchange of India Limited.

The issue will be through a 100% book building process. Not more than 50% of the issue shall be allocated on a proportionate basis to qualified institutional buyers (QIBs), not less than 15% of the issue shall be available to non-institutional bidders, and not less than 35% of the issue shall be available to retail individual bidders.

Reports suggested that Axis Bank Limited and Avendus Capital Private Limited are sending their managers to know more about the issue.

This company is into manufacturing of steel tubes, tubular components, auto components, machined components and other steel products. Most of the products find their applications in many industrial sectors like transport, oil & gas, power, farm equipment and in general engineering. The manufacturing plants of this company are located in Pune and Silvassa.