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19 Nov 2024
Fabtech Technologies, a provider of turnkey engineering solutions for the pharmaceutical, biotech, and healthcare sectors, has submitted draft papers to SEBI to raise funds through an IPO.
The IPO will consist entirely of a fresh issue of up to 1.20 crore equity shares, with a portion reserved for eligible employees as per the draft red herring prospectus (DRHP).
Additionally, the company may secure up to Rs 10 crore in a pre-IPO placement, which would reduce the size of the fresh issue. The IPO proceeds will include Rs 120 crore to meet working capital needs and Rs 30 crore for acquisitions and general corporate purposes.
Originally part of the Fabtech Group, the company was incorporated as Globeroute Ventures Private Ltd. It demerged from the group in 2021 to improve operational efficiency. Fabtech Technologies provides comprehensive solutions, covering design, engineering, procurement, installation, and testing of pharmaceutical equipment.
By June 2024, the company had completed 35 projects in countries like Saudi Arabia, Egypt, Bangladesh, and the UAE, with an order book of Rs 726.15 crore. In Fiscal 2024, Fabtech's revenue grew 16.7% to Rs 226.13 crore, while profit after tax increased by 25.23% to Rs 27.21 crore. Unistone Capital is the lead manager for the issue.
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