Gemini Engi-Fab IPO of 55 lakh shares

Gemini Engi-Fab is engaged in manufacturing and salvaging of process equipments through fabrication for various process industries namely, cement, dairy, refinery, pharmaceutical, petrochemical, power and chemical.

Gemini Engi-Fab is set to tap the capital with its initial public offering (IPO) of 55 lakh equity shares of Rs 10 each for cash. The proposed issue represents 46.40% of the fully-diluted post issue paid-up capital of the company.

The IPO will open for subscription on February 3, 2009 and will close on February 6. The issue will take the book-building route with a price band of Rs 75 to Rs 80 per equity share.

The company hopes to mop up around Rs 41.25-44 crore from the issue plans to use the proceeds for setting up of a manufacturing workshop at Umbergaon in Gujarat.

Domestic rating agency CARE has assigned IPO grade 2 to this issue. [On a scale of 5, 5 being the best] The equity shares will be listed on the BSE and NSE.