The SME Initial Public Offering of Storage Technologies and Automation Limited was subscribed 2.76 times on the first day of bidding.
The issue received bids of 75,88,800 shares against the offered 27,50,400 equity shares, at a price band of ₹76-78, according to the data available on the SME platform of BSE.
Retail Portion was subscribed 4.99 times, Non-Institutional Investors Portion was subscribed 1.63 times, whereas Qualified Institutional Buyer Portion subscribed 0.02 times.The issue kicked off for subscription on Tuesday, April 30, 2024 and will close on Friday, May 03, 2024.
OneView Corporate Advisors Private Limited is the sole book-running lead manager and Integrated Registry Management Services Private Limited is the registrar to the issue. The equity shares are proposed to be listed on SME Platform of BSE Limited.
Company Information
Storage Technologies and Automation Limited was incorporated in the year 2010 by its promoter Mr. Mohammed Arif and Mr. Khasim Sait with experience of around, 13 years and 13 years in the storage racking system industry.
The company’s commitment to delivering innovative and efficient solutions for diverse warehousing needs demonstrates their commitment in its wide range of products and services. These solutions cater to various industries such as oil & gas, automotive components & aerospace, food & beverages, cold storage, pharmaceuticals, textiles, retail, FMCG, and others, each with unique storage and logistical requirements.
The Bengaluru-based company operates with a customer-centric approach, driven by a focus on continuous innovation and operational efficiency. It offers a comprehensive range of display and storage racks designed for commercial and industrial purposes, utilizing high-quality raw materials to ensure durability and optimum strength in the finished products. These raw materials include different grades of mild steel (hot rolled coils, cold rolled coils, galvanized steel coils, PPGI coils, pipes, and structural sections), powder coatings for powder coating, epoxy, enamel paints, and plastic for packaging.
The company has a manufacturing unit that covers approximately 56,250 square feet in Singanayakanahalli, Yelahanka Hobli, Bangalore, along with a 56,250 square feet storage facility, supporting a streamlined manufacturing process.
As of April 01, 2024, the total order book value of the Company is ₹ 21.36 Crore.
Storage Technologies and Automation Limited has turnaround from a loss of Rs 0.20 crore in the financial year 2022 to Rs 0.48 crore in the financial year FY23. Revenue during the year FY23 increased 16.39% to Rs 81.32 crore from Rs 69.87 crore in the previous year, primarily due to an increase in the business operations of the company and increase in number of customers.
For the seven months ended October 31, 2023, revenue from operations stood at Rs 52.92 crore, and profit after tax stood at Rs 3.59 crore.
The table below shows subscription data for all the categories of investors:
|
STORAGE TECHNOLOGIES AND AUTOMATION LIMITED Last updated on |
||||
|
Sr.No. |
Category |
No.of shares offered / reserved |
No. of shares bid for |
No. of times of total meant for the category |
|
1 |
Qualified Institutional Buyers (QIBs) |
7,28,000 |
12,800 |
0.02 |
|
1(a) |
Foreign Institutional Investors (FIIs) |
– |
– |
– |
|
1(b) |
Domestic Financial Institutions(Banks/ Financial Institutions(FIs)/ Insurance Companies) |
– |
– |
– |
|
1(c) |
Mutual Funds |
– |
– |
– |
|
1(D) |
Others |
– |
12,800 |
– |
|
2 |
Non Institutional Investors |
7,47,200 |
12,16,000 |
1.63 |
|
2(a) |
Corporates |
– |
– |
– |
|
2(b) |
Individuals (Other than RIIs) |
– |
10,46,400 |
– |
|
2(c) |
Others |
– |
1,69,600 |
– |
|
3 |
Retail Individual Investors (RIIs) |
12,75,200 |
63,60,000 |
4.99 |
|
3(a) |
Cut Off |
– |
39,56,800 |
– |
|
3(b) |
Price Bids |
– |
24,03,200 |
– |
|
4 |
Employee Reserved |
– |
– |
– |
|
4(a) |
Employee (Cut off) |
– |
– |
– |
|
4(b) |
Employee (Price) |
– |
– |
– |
|
5 |
Reservation PortionShareholder |
– |
– |
– |
|
5(a) |
RPS (Cut off) |
– |
– |
– |
|
5(b) |
RPS (Price) |
– |
– |
– |
|
|
Total |
27,50,400 |
75,88,800 |
2.76 |
