The IPO, which was sold between March 15 and 17, was deemed aggressively priced. Sold in the Rs 1,488-1,490 price band, the issue received a mere 3.82 times subscription during its offer period.
Craftsman Automation is a leading player in the machining of cylinder blocks for the tractor segment.
The company owns 12 vertically integrated manufacturing facilities across seven cities in India, located close to key customers.
Craftsman has 3,600 employees including 259 management staff, 1,372 permanent workmen, 755 apprentices and 1,214 contract workmen. It deals in three segments.
In the first nine months of FY21, the company’s automotive powertrain segment generated 51 per cent of revenues, followed by automotive aluminum (21 per cent) and industrial engineering (28 per cent).
The company has clients such as M&M, Tata Motors, Ashok Leyland, Daimler India, TAFE, John Deere, Escorts, TVS Motors, Royal Enfield and JCB India. Siemens and Mitsubishi Heavy Industries are among its clientele in the industrial and engineering segments.
Overall, 59 per cent of the company’s sales in the first nine months of FY21 were derived from top 10 customers. Besides, nearly half of the company’s sales come from clients that have been associated with the company for 10 years or more.
