Storage Technologies and Automation Limited public offering was subscribed 258.56 times
MUMBAI, May 3 (The CONNECT) – The SME Initial Public Offering of Storage Technologies and Automation Limited was subscribed 258.56 times on the final day of bidding as the issue saw strong buying interest from all categories of investors.
The issue received bids of 71,11,37,600 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 the BSE.
Non-Institutional Investors portion was subscribed 422.83 times, Retail 242.63 times, whereas Qualified Institutional Buyer segment 117.86 times.
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.
Company Information: Storage Technologies and Automation Limited was incorporated 2010 by Mohammed Arif and Khasim Sait with experience.
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 and 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 of 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 0.2 crore in the financial year 2022 to Rs 0.48 crore in 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
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