Sotefin Bharat plans Rs 80 crore IPO to build parking robot unit for automated parking in Bengal
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Swiss automated parking solutions major Sotefin SA's Indian subsidiary, Sotefin Bharat, on Sunday said it will hit the capital market to raise Rs 80 crore to support indigenous manufacturing of robots for automated parking systems in West Bengal.The entire issue will be a fresh equity offer, with no stake dilution by the promoters or existing PE funds, a top company official said."We are in the process of launching an IPO, which will help us become Atmanirbhar in the production of robots used in automated parking systems. The robot manufacturing facility will require around Rs 40 crore, while the remaining Rs 40 crore will be largely used for debt reduction and enhancing working capital to undertake larger projects," Sotefin Bharat Managing Director & CEO Arup Choudhuri told PTI.The company has announced a new manufacturing facility at Bagnan in West Bengal's Howrah district, entailing an investment of approximately Rs 40 crore.Once fully operational with in-house robotic manufacturing capabilities, the state-of-the-art plant is expected to create over 100 jobs and significantly boost Sotefin Bharat's production capacity, Choudhuri said.The facility is projected to support the creation of over 10,000 automated car parks or 25 automated parking projects per year, he added.The equity structure of the company is evenly held by two Indian promoters-Arup Choudhuri and Jignesh Sanghvi-Swiss partner Sotefin SA, and a clutch of PE funds, each holding 25 per cent.Post IPO, the fresh issue will dilute all existing promoter holdings by 6.25 per cent, taking public shareholding to nearly 25-26 per cent, Choudhuri said.The listing will also help unlock value, and the company is currently working with merchant bankers to prepare the Draft Red Herring Prospectus (DRHP), which is expected to be filed with the regulator within a month.The company has also started exporting its systems to the US and Dubai, officials said."Our order book currently stands at Rs 1,000 crore, which should support a 50-60 per cent growth over the next 3-4 years," said Executive Director Jignesh Sanghvi.
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