29.08.2006

ACE IPO set for September 1st

Action Construction Equipment (ACE) which claims to be India's leading mobile crane manufacturer, hopes to list on the Indian stock market on September 1st.

The company whose equipment range includes tower cranes, aerial work platforms, mast climbers and truck mounted cranes is hoping to place 46,00,000 equity shares in the price band of Rs 110-130 (£1.25 - £1.47) per equity share.

Earlier this year, ACE formed a joint manufacturing venture with Italian aerial lift producer Airo Tigieffe to produce models from Airo's self propelled aerial lift range. Airo has a wide range of electric and diesel scissor lifts and booms.

Formed about 10 years ago Action Construction Equipment started manufacturing mobile cranes under the 'ACE' brand name. Its head office is based at Faridabad, which is 45 kms outside New Delhi. The company now sells its equipment through an extensive dealer network covering the whole of India.

The company proposes to invest part of the net proceeds of the issue to set up a new plant for manufacturing loaders, higher capacity tower cranes and construction equipment along with expansion and modernisation of the existing capacities and facilities.