New Delhi, Jun 15 (PTI) Patil Automation, a customised automation solutions provider, is looking to raise nearly Rs 70 crore through its initial public offering, which opens for subscription on June 16.

The initial public offering (IPO), priced between Rs 114-120 per equity share, will remain open until June 18 and the shares of the company will be listed on the NSE's SME platform Emerge, the company said.

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The Pune-based company is seeking to raise Rs 69.61 crore through the issuance of 58.01 lakh fresh shares.

The net proceeds from the IPO will be utilised for capital expenditure towards the setting up of a new manufacturing facility, repayment of debt, and general corporate purposes.

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"The upcoming IPO is a significant milestone aligned with our long-term vision. The capital raised will be deployed towards setting up a new manufacturing facility, enabling us to meet rising demand, especially in the electric vehicle segment and defence. It will provide financial flexibility to support future growth," Patil Automation's Managing Director Manoj Patil said.

Patil Automation designs and manufactures fully automated robotic lines and custom automation solutions for manufacturers across diverse sectors, including automotive, EVs, defence, and agricultural machinery. Its clients include automotive OEMs, Tier I suppliers, and component manufacturers.

In FY25, the company reported a revenue of Rs 118.05 crore and a profit after tax of Rs 11.70 crore.

Seren Capital is the sole book running lead manager and Purva Sharegistry (India) is the registrar for the IPO.

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