SINE to fetch Rs 55-cr in SEDEMAC Mechatronics IPO

New Delhi: Society for Innovation and Entrepreneurship (SINE) -- the IIT Bombay-backed broad-spectrum technology business incubator -- is selling about 4 lakh shares in the SEDEMAC Mechatronics initial public offering (IPO), according to the filings.

The company’s red herring prospectus (RHP) has highlighted that SINE will offload 4,08,000 equity shares. On a pre-offer paid-up equity share capital basis, this represents 0.92 per cent, indicating that the incubator is expected to earn roughly Rs 55 crore from the sale.

The public issue of the Pune-based technology company, which opened on March 4, is scheduled to close on Friday, March 6. According to BSE data, the IPO was fully booked on its last share sale offer, receiving bids for 94,49,242 shares against 56,32,899 shares on offer, suggesting a 1.68‑times subscription by 2:18 pm.

The tech firm has fixed the IPO price band between Rs 1,287 and Rs 1,352 per share, valuing the company at nearly Rs 6,000 crore at the upper end. It is entirely an offer for sale (OFS) of up to 80,43,300 equity shares by promoters Manish Sharma and Ashwini Amit Dixit, along with other investors selling shareholders.