Raymond share price gains 3% after subsidiary JK Files files for IPO

Stocks

The company is planning to raise Rs 800 crore through its public issue that comprises entirely an offer for sale by the promoter Raymond.

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Raymond share price gained 3 percent intraday on December 10 after its subsidiary JK Files & Engineering filed DRHP with the market regulator SEBI for an initial public offering.

Raymond-promoted JK Files & Engineering has filed draft red herring prospectus (DRHP) with the capital markets regulator SEBI to raise funds via IPO route.

The company is planning to raise Rs 800 crore through its public issue that comprises entirely an offer for sale by the promoter, Raymond. Hence, the company will not get any money from public issue and all the money will go to selling shareholder.

The offer will include reservation of shares for employees and shareholders.

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JK Files is engaged in the business of manufacturing of precision engineered components for tools and hardware such as steel files and drills, and marketing, sale and distribution of hand tools, power tool accessories and power tool machines. Its subsidiary RPAL also manufactures auto components and engineering products such as ring gears, flexplates and water pump bearings.

Earlier this month, promoter had said, “JK Files IPO will help deleverage Raymond. Post-IPO, it would continue to remain Raymond’s material subsidiary.”

Raymond was quoting at Rs 661.65, up Rs 15.10, or 2.34 percent on the BSE.