SINE to fetch Rs 55-cr in SEDEMAC Mechatronics IPO

New Delhi: Society for Innovation and Entrepreneurship (SINE) -- the IIT Bombay-backed broad-spectrum technology business incubator -- is selling about 4 lakh shares in the SEDEMAC Mechatronics initial public offering (IPO), according to the filings.

The company’s red herring prospectus (RHP) has highlighted that SINE will offload 4,08,000 equity shares. On a pre-offer paid-up equity share capital basis, this represents 0.92 per cent, indicating that the incubator is expected to earn roughly Rs 55 crore from the sale.

The public issue of the Pune-based technology company, which opened on March 4, is scheduled to close on Friday, March 6.