Sanghvi Forging IPO

Sanghvi Forging ipoSanghvi Forging and Engineering has filed DRHP (draft red herring prospectus) along with SEBI to increase Rs 42.50 cr via an initial public offer. The company has planned to utilize the IPO process to part-funding its Rs 120-crore development plan.
The firm will setup15,000 tonnes each year open die forging unit to produce forgings like bars, stepped shafts and hollows, flanged shafts, blocks, gear blanks as well as forging items at Vadodara.

Presently, these products utilized in oil and gas,wind energy, power, steel, petrochemical, pressure vessel, sugar industries and nuclear plants are usually imported. The venture will go on stream in May 2012, the firm said. The

project is estimated and part funded by SBI, that has expanded a term loan of Rs 50 cr . Bank of Baroda will chip in Rs 22 cr as debt. The equity stocks will be listed on BSE and NSE

more ipo updates come later…………

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