Camshaft manufacturer and supplier Precision Camshafts is eyeing a turnover of around $0.5 billion and a higher market share in the global camshaft market. “Currently, our revenues are at around Rs 500 crore. We are aiming to clock revenues of around $0.5 billion,” Precision Camshafts chairman and managing director Yatin Shah said.
The company currently has a global share of around 10-11 per cent, and we are looking at increasing that share to over 20 per cent, Shah added.
According to Shah, the company is in advanced stages of negotiations for acquisitions abroad. “We have hired consultants in Europe. They have spotted 2-3 acquisition opportunities. A part of the proceeds from the initial public offering and the fixed deposits of the company will be used for funding the acquisition as and when it happens,” Shah said.
Meanwhile, Precision Camshafts is planning an IPO through a fresh issue aggregating up to Rs 240 crore, and an offer for sale of up to 91.5 lakh shares, of face value Rs 10 each. The issue opens on January 27, 2016, and closes on January 29, 2016, and the price band has been fixed at Rs 180 to Rs 186 per share. The book running lead managers to the issue are SBI Capital Markets, HDFC Bank and IIFL Holdings.
Published 19 January 2016, 20:18 IST