· Initial Public Offering of up To 1,40,00,000 Equity Shares
· Discount to Eligible Employees: Rs. 2.5 per Equity Share on Issue Price
· The minimum Bid lot is 280 Equity Shares and in multiples of 280 Equity Shares thereafter
· The Floor Price is 4.50 times of the face value and the Cap Price is 5.00 times of the Face Value
· Issue opening date – December 15, 2017 and Issue closing date – December 20, 2017
· The issue is managed by Pantomath Capital Advisors Private Limited
MUMBAI, December 07, 2017 (GPN) : Astron Paper and Board Mill Limited (“Company”) which is engaged in manufacturing of kraft paper, is launching its initial public offering (“IPO” or the “Issue”). The Issue opens on December 15, 2017 and closes on December 20, 2017, with a price band of Rs. 45/- to Rs. 50/- per Equity Share of face value of Rs. 10 each.
The IPO comprises of an offering up to 1,40,00,000 equity shares of face value of Rs. 10 each (the “Equity Shares”)of the Company. The issue also comprises of reservation of upto 7,00,000 equity shares for subscription by Eligible Employees (the “employee reservation portion”).
The Company proposes to utilize the Net Proceeds towards (i) Setting up of additional facility for manufacturing of Kraft Paper with lower GSM ranging from 80 to 180 GSM and lower B.F ranging from 12 B.F to 20 B.F., (ii) Part repayment of unsecured loan, (iii) Funding the working capital requirements of the Company and (iv) General corporate purposes.
In terms of Rule 19(2)(b)(i) of the Securities Contracts (Regulation) Rules, 1957, as amended (the “SCRR”)the Issue is being made for at least 25% of the post-Issue paid-up Equity Share capital of the Company. The Issue is being made through the Book Building Process, in compliance with Regulation 26(1) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended the (“SEBI ICDR Regulations”)wherein 10% of the Net Issue will be allocated on a proportionate basis to Qualified Institutional Buyers (“QIBs”)(the “QIB Category”). Further, 5% of the QIB Category shall be available for allocation on a proportionate basis to Mutual Funds only and the remainder shall be available for allocation on a proportionate basis to QIBs including Mutual Funds, subject to valid Bids being received from them at or above the Issue Price.
Further, not less than 55% of the Net Issue will be available for allocation on a proportionate basis to Non-Institutional Investors and not less than 35% of the Net Issue will be available for allocation to Retail Individual Investors, in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Issue Price.
All Bidders shall participate in this Issue mandatorily through the Applications Supported by Blocked Amount (“ASBA”) process by providing details of their respective bank accounts which will be blocked by SCSBs.
Pantomath Capital Advisors Private Limited is the Book Running Lead Manager (“BRLM”) to the Issue. The Registrar to the Issue is Link Intime India Private Limited.
The Equity Shares of Astron Paper and Board Mill Limited are proposed to be listed on the NSE and BSE.
About Astron Paper and Board Mill Limited:
Incorporated in 2010, Astron Paper and Board Mill Limited is engaged in manufacturing of kraft paper. Within a short span of time, the Company has developed a name for itself in kraft paper industry and has been able to establish a brand associated with qualitative and comprehensive range of kraft papers. The Company mainly caters to the packaging industry and has been able to develop a loyal clientele network consisting of various packaging companies and MNCs. Currently the Company is operating in domestic markets with their products being supplied on pan India basis. The Company is also in the process of exploring export markets.
The Company has a manufacturing facility in Gujarat with an installed capacity of 96,000 mt p.a. as on the date of the red herring prospectus dated December 5, 2017 filed with the RoC, Ahmedabad. The Company’s manufacturing facility is situated at Halvad, Gujarat and is well equipped with requisite plant and machineries and other facilities.ENDS