CFF Fluid Control IPO: CFF Fluid Control Ltd’s SME initial public offer (IPO) will open for subscription on Tuesday, 30 May, and will close on Friday, 2 June. The company has fixed the price band at ₹165 per equity share for the proposed SME IPO.
The total IPO size is ₹85.80 crore and it solely consists of fresh issue. The shares are planned for listing on BSE SME.
CFF Fluid Control IPO Dates
CFF Fluid Control IPO opens on May 30, 2023, and closes on Jun 2, 2023.
The company plans to use the net proceeds from the offering to pay for the following things: working capital needs, debt repayments, equipment purchases, technology acquisition for “Towed Wire Antenna (TWA),” and general business purposes.
CFF Fluid Control IPO Details
The IPO’s registrar has been named Cameo Corporate Services Ltd. “The company is catering to the Defence sector and has posted an average financial performance so far. Its peers’ comparison appears to be an eyewash. Based on its annualized FY23 earnings, the issue is aggressively priced. It also mulls encasing the current fancy for the Defence segment and has priced its IPO greedily. There is no harm in skipping this pricey bet,” said Dilip Davda, the contributing editor at Chittorgarh.com.
| IPO Date | May 30, 2023 to Jun 2, 2023 |
| Face Value | ₹10 per share |
| Price | ₹165 per share |
| Lot Size | 800 Shares |
| Total Issue Size | 5,200,000 shares (aggregating up to ₹85.80 Cr) |
| Fresh Issue | 5,200,000 shares (aggregating up to ₹85.80 Cr) |
| Issue Type | Fixed Price Issue IPO |
| Listing At | BSE SME |
| Share holding pre issue | 14,274,100 |
| Share holding post issue | 19,474,100 |
Important Dates of CFF Fluid Control IPO
CFF Fluid Control IPO opens on May 30, 2023, and closes on Jun 2, 2023. The total IPO size is ₹85.80 crore and it solely consists of fresh issue. The shares are planned for listing on BSE SME.
| Event | Tentative Date |
|---|---|
| Opening Date | Tuesday, 30 May 2023 |
| Closing Date | Friday, 2 June 2023 |
| Basis of Allotment | Wednesday, 7 June 2023 |
| Initiation of Refunds | Thursday, 8 June 2023 |
| Credit of Shares to Demat | Friday, 9 June 2023 |
| Listing Date | Monday, 12 June 2023 |
| Cut-off time for UPI mandate confirmation | 5 PM on Jun 2, 2023 |
CFF Fluid Control IPO Lot Size
The CFF Fluid Control IPO lot size is 800 shares.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 800 | ₹132,000 |
| Retail (Max) | 1 | 800 | ₹132,000 |
| HNI (Min) | 2 | 1,600 | ₹264,000 |
Objects of the CFF Fluid Control IPO
The Company proposes to utilize the Net Proceeds from Issue towards funding the following objects:
- Funding Working capital requirements
- Repayment of Loans
- Purchase of machinery and equipment
- Acquire Technology of ” Towed Wire Antenna (TWA)”
- General Corporate Purpose
About CFF Fluid Control Limited IPO
Incorporated in 2012, CFF Fluid Control Limited is primarily engaged in the business of manufacturing and servicing of shipboard machinery. They manufacture critical component systems and test facilities for submarines and surface ships for The Indian Navy.
The entity also designs, manufacture, and service Mechanical equipment and systems for industries like Nuclear and Clean Energy.
The Company’s promoters and group companies have been in the defense manufacturing space for more than 20 years.
CFF Fluid Control was incorporated with the purpose of having a dedicated new entity focused on meeting the growing requirements of the Indian Navy, Mazagaon Dockyard, and Shipbuilders Limited (MDL). This was to undertake the manufacturing and supplying of mechanical equipment for the “Scorpene” Submarine Program of India.
The company’s facilities are situated at Khopoli. The facility is spread over 6,000 sq. mtrs. and has all the relevant state-of-the-art machinery and testing facilities. At the facility, the company design, manufacture, and service.
Servicing includes fluid control systems, distributor and air panels Weapons and Control Systems, Steering gear, Propulsion Systems, High-Pressure Air Systems, Hydraulics Systems, Breathing and Diving Air Systems, and Integrated Platform Management Systems for submarines and surface ships for the Indian Navy and its OEMs.
The facility is Indian Navy, MDL & Naval Group (France) approved and has ISO 9001:2015 certification for quality management systems.