Advanced Sys-Tek files draft IPO papers with Sebi

Advanced Sys-Tek Ltd has filed preliminary papers with capital markets regulator Sebi seeking its approval to raise funds through an initial public offering (IPO).

The IPO comprises a fresh issue worth Rs 115 crore alongside an offer for sale (OFS) of up to 15.27 lakh shares by existing promoters, according to the draft red herring prospectus (DRHP) filed on Friday.

As part of the OFS, promoters Mukesh R Kapadia and Umed Amarchand Fifadra plan to divest up to 7.64 lakh shares each.

At present, promoters and promoter group entities hold 82.57 per cent stake in the company.

Proceeds from the fresh issue will be used to support capital expenditure requirement, funding long-term working capital requirement and for general corporate purposes.

The company is a key player in industrial automation, specialising in large-scale measurement, control, and automation solutions. The company focuses on Industrial Automation Solutions, including advanced automated metering systems for oil and gas terminals, as well as modernisation of manual facilities.

As of September 30, 2024, the company has executed over 200 installations across India and international markets.

Inga Ventures and Sowilo Capital Advisors are the book-running lead managers to the issue