Windmill tower maker Anawil raises Rs 50.64 crore ahead of IPO
What's the deal? Gujarat-based windmill tower manufacturer Anawil Wire and Engineering raised Rs 50.64 crore from 19 anchor investors, ahead of its initial public offering (IPO). The anchor book included Sunil Singhania-managed Abakkus Asset ManagerDealroom has a profile for this one. Try Dealroom → and Vikas Khemani-managed Carnelian Asset Management and AdvisorsDealroom has a profile for this one. Try Dealroom →.
The numbers: The company aims to raise up to Rs 177.8 crore through its IPO at the upper end of its Rs 257-270 per share price band. The public issue comprises a fresh issue of 52.84 lakh shares, plus 13 lakh shares sold by promoter Nimish Kumar Rameshchandra Vashi through an offer for sale.
When? The IPO opens for subscription on August 3 and closes on August 5. Anawil allotted 18.75 lakh shares to anchor investors at Rs 270 apiece, the top of the band.
Who's in? Abakkus Venture Opportunities Fund and Carnelian AIF Category I Trust-Scheme 1 were the largest anchor investors, each taking 2.59 lakh shares worth Rs 7 crore. Mint Focussed Growth Fund, Motilal OswalDealroom has a profile for this one. Try Dealroom → Finvest, Hem Growth Opportunities Fund, and 360 ONEDealroom has a profile for this one. Try Dealroom → also participated.
What's the endgame? Anawil plans to use Rs 115 crore of the fresh issue proceeds to repay borrowings, with the rest earmarked for general corporate purposes. It makes windmill towers at two facilities, supplying original equipment manufacturers of wind turbine generators and renewable energy firms.
The signal: The anchor round underlines investor appetite for India's renewable energy supply chain as the country pushes to expand wind capacity. Hem Securities is the sole book-running lead manager to the issue.
Read more: Moneycontrol
