Operator
Ladies and gentlemen, thank you for standing by, and welcome to the first quarter, 2021 Meritor Inc. earnings conference call. At this time, all participants are in a listen-only mode. After the speakers presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today s conference is being recorded. [Operator Instructions].
I would now like to hand the conference to one of your speakers today, Todd Chirillo, Senior Director of Investors. Sir, please go ahead.
Todd Chirillo
Investor Relations
Thank you, Michelle. Good morning, everyone, and welcome to Meritor s First Quarter Fiscal Year 2021 Earnings Call. On the call today, we have Jay Craig, CEO and President; Chris Villavarayan, Executive Vice President and Chief Operating Officer; and Carl Anderson, Senior Vice President and Chief Financial Officer; all of whom will be available for questions following the call. The slides accompanying today s call are available at m
Craftsman Automation makes weak market debut, lists at 9% discount
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NEW DELHI: The IPO of Craftsman Automation was subscribed 126 per cent on Tuesday, the second day of the bidding process. The issue was subscribed 55 per cent on the first day.
The issue has received bids for 48,56,990 shares against the 38,69,714 shares on offer. Shares under the Craftsman IPO are being offered in the price range of Rs 1,488-1,490, and investors can subscribe to the issue by betting in lots of 10 shares. Retail investors can bid for a maximum of 13 lots.
The IPO comprises a fresh issue of equity shares aggregating up to Rs 150 crore, and an offer for sale of up to 45,21,450 shares by the promoter and existing shareholders. On Friday, the company raised a little over Rs 247 crore from 21 anchor investors.
Diversified engineering company
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Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others.
“Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10.
Strong in-house processes and designing capabilities
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The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors.
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