Polite Powertech, a power infrastructure engineering, procurement and construction company, has also received SEBI’s nod for its public issue. The company works in transmission, distribution and renewable energy projects.
Kay Jay Forgings plans Rs 300 crore fresh issue
Kay Jay Forgings is a business-to-business precision engineering company that manufactures machined components mainly for original equipment manufacturers in the automotive sector. The company also supplies to select non-automotive segments such as farm equipment, mining equipment and electronic home appliances.
Its portfolio includes 286 products. Crankshafts and crankshaft assemblies are its core products. It also makes lower bracket assemblies, lever kick-starter assemblies, gear-shift lever assemblies, propeller shafts, door hinges and steering yokes.
Live Events
The company is the largest supplier of crankshafts and crankshaft assemblies to two-wheeler OEMs in India, with an estimated domestic market share of about 36% in fiscal 2025.
Also Read: Bloomberg delays India bonds inclusion in global index as investors seek proof reforms workCrankshafts for two-wheelers have been a core product for the company since inception. Over the years, Kay Jay Forgings has expanded into components for three-wheelers, passenger vehicles, commercial vehicles, electric vehicles and non-automotive applications.
The proposed IPO comes at a time when auto component makers are seeing investor interest because of demand from passenger vehicles, two-wheelers, commercial vehicles and exports. Precision engineering companies are also drawing attention as OEMs look for vendors with scale, product depth and manufacturing capability.
Kay Jay Forgings’ listed peers include Ramkrishna Forgings, Kalyani Forge, Saner Engineering and Rolex Rings.
The company’s shares are proposed to be listed on BSE and NSE. PL Capital is the sole book-running lead manager to the issue.
Polite Powertech works in power infra EPC
Polite Powertech is engaged in the design, supply, installation and commissioning of power infrastructure projects.
The company operates in transmission, distribution and renewable energy projects. It has developed capabilities in high-voltage transmission, underground cabling, substation construction and solar EPC.
The business builds on work carried out under Patel Electricals since 2006 and is active across several states in India.
Polite Powertech plans to use the fresh issue proceeds for working capital requirements and general corporate purposes.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)