Fabtech Technologies Ltd IPO

The IPO opens on 29 Sept 2025 & closes on 01 Oct 2025.

Fabtech Technologies Limited was incorporated as a Private Company under the name and style of 'Globeroute Ventures Private Limited' dated October 26, 2018 issued by the Registrar of Companies, Central Registration Centre. Subsequently, Company name was changed to 'Fabtech Technologies Private Limited' and a fresh Certificate of Incorporation dated January 21, 2021 was issued by the Registrar of Companies Mumbai. Further, the status converted into a Public Company, to which the Company was renamed to 'Fabtech Technologies Limited', and a fresh Certificate of Incorporation on July 24, 2024, was issued by the Registrar of Companies, Central Processing Centre. The Company is a key turnkey engineering solution provider in pharmaceuticals capex space, offering comprehensive start to finish solutions encompassing designing, engineering, procurement, installation and testing of pharmaceutical equipment for a wide range of customers. In 2020, the Export Division of Fabtech Technologies International Private Limited (FTIPL), under which it executed turnkey pharmaceutical engineering projects, was demerged into the Company through Scheme of Amalgamation. Further, the entire shareholding also got transferred from FTIPL to shareholders of FTIPL, by virtue of which Aasif Ahsan Khan, Hemant Mohan Anavkar Aarif Ahsan Khan and Manisha Hemant Anavkar became the Promoters of the Company in 2020. The Company completed a a turnkey project for a state-owned organization in Bangladesh, involving installation of 172 clean room doors across designated buildings in 2022. It completed installation of process equipment, such as isolators, tablet compression equipment, and related infrastructure for a pharmaceutical manufacturer in Algeria in 2023. Further, completed procurement, implementation of facilities and monitoring of cleanrooms installation work for a facility to manufacture oral solid dosage, liquid oral dosage, disinfectant and penicillin secondary packaging area in Kingdom of Saudi Arabia. In 2024, the Company acquired FT Institutions Private Limited from FTIPL by executing turnkey pharmaceutical engineering projects in India. To create a local presence in the Middle Eastern region, it set up a wholly-owned subsidiary, Fabtech Technologies LLC and a step-down subsidiary, FTS Cleanrooms Systems LLC in Sharjah, UAE. The Company in 2024 has acquired FABL International Technologies LLP from FTIPL to consolidate its operations by developing manufacturing capabilities in oral solid dosage process solutions and further made acquisitions of a controlling stake of 51% in the erstwhile associate company, TSA Process Equipments Private Limited by Thermax Limited. The Step-Down Subsidiary, FTS Cleanrooms Systems LLC acquired the business undertakings and ongoing projects of FTS Lifecare Technical Services LLC through a Business Transfer Agreement in May, 2024. The Company is planning an IPO of 1,20,60,000 equity shares of Face Value of Rs 10/- each through Fresh Issue.

Fabtech Technologies Ltd IPO will close on 01 Oct 2025.

<ul><li>A key turnkey engineering solution provider offering integrated engineering solutions with comprehensive service offerings.</li><li>Track record of executing projects across all dosage forms.</li><li>In-house software technology capabilities.</li><li>Asset-light and integrated business model.</li><li>Diversified Order Book across geographies, clients, and business verticals.</li><li>Project execution across diverse and challenging geographies</li><li>Efficient lead funneling leading to higher mandate conversion.</li><li>Experienced Leadership Team with Fabtech Group parentage.</li></ul>

<table class="table"> <thead> <tr> <th>S.No</th> <th>Promoters Name</th> <th>Pre Issue Shares</th> <th>Pre Issue Percentage</th> <th>Post Issue Shares</th> <th>Post Issue Percentage</th> </tr> </thead> <tbody> <tr> <td>1</td> <td>Aasif Ahsan Khan</td> <td>18456779</td> <td>56.98</td> <td>18456779</td> <td>41.52</td> </tr> <tr> <td>2</td> <td>Hemant Mohan Anavkar</td> <td>3808761</td> <td>11.76</td> <td>3808761</td> <td>8.57</td> </tr> <tr> <td>3</td> <td>Aarif Ahsan Khan</td> <td>4570500</td> <td>14.11</td> <td>4570500</td> <td>10.28</td> </tr> <tr> <td>4</td> <td>Manisha Hemant Anavkar</td> <td>3808772</td> <td>11.76</td> <td>3808772</td> <td>8.57</td> </tr> </tbody> </table>

<ul><li>The actual orders received by our Company during the preceding three Financial Years is less than 11% of the total value of the proposals submitted by us. If we fail to generate leads and convert leads into orders for a prolonged period, our business, financial condition, results of operations, prospects and cash flows could be adversely affected.</li><li>As a result of our limited operating history, we may not be able to compete successfully, and it may be difficult to evaluate our business and future operating results on the basis of our past performance.</li><li>Our order book may not be representative of our future results. Projects included in our order book and our future projects may be delayed, modified or cancelled for reasons beyond our control which may materially and adversely affect our business, prospects, reputation, profitability, financial condition and results of operation.</li><li>We procure a significant portion of our equipment and materials from our Associate, Promoter Group entities and Group Companies. Accordingly, we are dependent upon them to procure the equipment required for executing our projects.</li><li>We are dependent upon and derive a substantial portion of our revenue from a limited number of projects, that form part of our order book. Cancellation of projects by customers could have a material adverse effect on our business, results of operations and financial condition.</li><li>We derive majority of our revenue from our turnkey engineering solutions and our financial condition would be materially and adversely affected if we fail to obtain new contracts or our current contracts are terminated.</li><li>We are an asset light Company wherein we procure our equipment and materials from Related Entities and third-party equipment suppliers for our projects which presents numerous risks. Further, we do not have definitive supply agreements with such suppliers, and therefore we are exposed to risks relating to interruptions in the supply of equipment or supply of sub-standard equipment by our suppliers.</li><li>We are expected to offer high quality equipment as well as engineering services to our customers. Any failure by us to comply with such requirements may lead to the cancellation of existing and future orders, recalls, invocation of performance bank guarantees or warranty or liability claims, which could adversely affect our reputation, business, results from operations, financial conditions and cash flows.</li><li>We may not be able to collect receivables due from our customers, in a timely manner, or at all, which may adversely affect our business, financial condition, results of operations and cash flows.</li><li>Our Company has experienced negative cash flow in the past and may continue to do so in the future, which could have a material adverse effect on our business, prospects, financial condition, cash flows and results of operations.</li><li>Majority of our ongoing and completed projects are located in the countries forming part of the Gulf Cooperation Council ("GCC"), Middle East and North African ("MENA") and Economic Cooperation Organization ("ECO") regions. Any adverse changes in economic and political conditions in these regions may have an adverse impact on our business, results of operations, cash flows, and financial condition.</li><li>Our international operations expose us to complex project management, legal, tax and economic risks, and exchange rate fluctuations. Our inability to successfully manage our geographically diverse operations could adversely affect our business and results of operations.</li><li>Our business is working capital intensive in nature. If we experience insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, our business, financial condition and results of operations could be adversely affected.</li><li>Our Subsidiary, FT Institutions Private Limited and our Group Companies, Fabtech Technologies International Private Limited and F Plus Healthcare Technologies Private Limited have conflicts of interest as they are engaged in similar business and may compete with us.</li><li>Our Statutory Auditors have included certain qualifications in the annexure to their audit report on the Companies (Auditor's Report) Order, 2016 / Companies (Auditor's Report) Order, 2020, for the years ended March 31, 2024 and March 31, 2025.</li><li>Majority of our customers operate in the pharmaceuticals, healthcare and biotech sectors. Factors that adversely affect these sectors or capital expenditure by companies within these sectors may adversely affect our business, results of operations and financial condition.</li><li>Our Company has extended corporate guarantee with respect to loan facilities availed by our Group Companies and Associate. Any defaults committed by our Group Companies or Associate or invocation of the guarantee extended by our Company may adversely affect our business operations and financial condition.</li><li>Restrictions on work permits and travel or delay in arranging for visa may affect our ability to compete for and provide services to clients, which could hamper our growth and adversely affect our business, results of operations and financial condition.</li><li>There are outstanding litigations involving our Company, Promoters, Directors, Subsidiary and Group Companies, if determined adversely, may adversely affect our business and financial condition.</li><li>There have been some instances of incorrect and delayed filings with the Registrar of Companies and other non-compliances under the Companies Act, 2013 in the past which may attract penalties.</li><li>Our actual cost incurred in completing a project may vary from the assumptions underlying our bid. Further, we enter into fixed-price contracts with our customers and our failure to mitigate certain risks associated with such contracts may result in reduced operating margins. We may be unable to recover all or some of the additional expenses incurred, which could adversely affect our financial condition, results of operation and cash flows.</li><li>We rely on third parties to complete certain part of our projects and any failure arising from the nonperformance, late performance or poor performance by such third parties, or failure by such third parties to comply with applicable laws could affect the completion of our contracts, reputation and financial performance.</li><li>Our business is subject to irregularity in award and completion of projects, which may contribute to fluctuations in our results of operations and financial condition.</li><li>There have been certain instances of non-compliances, including with respect to certain secretarial/ regulatory filings for corporate actions taken by our Company in the past. Consequently, we may be subject to regulatory actions and penalties for any such non-compliance and our business, financial condition and reputation may be adversely affected.</li><li>Our Company has purchased a land parcel from one of its Group Companies, Fabtech Technologies International Private Limited. Our Promoters and one of our Directors shall be deemed to be interested in the said property, on account of their association with our Group Company.</li><li>Our business and prospects may be adversely affected if we are unable to maintain and grow the image of our brand. Further, our Company has entered into a trade mark license agreement with our Group Company Fabtech Technologies International Private Limited, to obtain the license to use the trademark `Fabtech'. Further, our Group Company, Fabtech Technologies International Private Limited and our Company are yet to apply for transfer of the trademarks pursuant to the Scheme of Arrangement. In the event, we fail to apply for such transfer, or if the transfer once applied for is rejected, we may not be able to use such trademarks and our brands which could have a material adverse effect on our business growth and prospects, financial condition, results of operations and cash flows.</li><li>As part of our business, we are required to provide advance bank guarantees and performance bank guarantees in favour of some of our customers. Invocation of bank guarantees may lead to disputes with our customers and may have an adverse impact on our cash flow, business operations and financial condition.</li><li>If we are unable to implement our growth strategies, our operations may suffer and our performance may be adversely affected.</li><li>We may not be able to maintain profitability in the future due to unforeseen reasons, market fluctuations and other external factors beyond our control.</li><li>One of our Subsidiaries has incurred losses in the past. Further, one of our Subsidiaries has also reported negative Net Worth and negative cash flows in the preceding three Financial Years. Such losses, Net Worth and negative cash flows, may impact our reputation or business or financial results, on a consolidated basis.</li><li>Our international expansion efforts may not be successful or may subject our business to increased risks.</li><li>We have in past entered into related party transactions and we may continue to do so in the future.</li><li>We are exposed to foreign currency exchange rate fluctuations and our results of operations have and will impacted by such fluctuations in the future.</li><li>We face competition from other engineering companies offering specialized turnkey engineering solutions in the pharmaceutical, healthcare and biotechnology industry. If we are unable to compete for and win projects, our business, prospects and financial condition could be adversely affected.</li><li>We are subject to penalty clauses under the agreements entered into with our customers for any delay in the completion of our projects.</li><li>Utilisation of a portion of the Net Proceeds may not result in increased revenue or profits.</li><li>We are exposed to risks relating to inability of obtaining or renewing or maintaining our statutory and regulatory permits and approvals, required to operate our businesses, which may adversely affect our business, financial condition, results of operation and cash flows.</li><li>Our Company has been subjected to inspection in the past by the Goods and Services Tax authorities. Any future occurrence of such events or instances of passing of any adverse orders against our Company, could adversely affect our business, results of operations and financial conditions.</li><li>Our success depends upon our ability to attract, develop and retain trained manpower while also maintaining low labour costs.</li><li>We have certain contingent liabilities and our financial condition and profitability may be adversely affected if any of these contingent liabilities materialize.</li><li>We are dependent on third party transportation and logistics service providers. Any increase in the charges of these entities or any defect, damage or destruction caused to the equipment and material supplied by us during the process of delivery could adversely affect our business, financial condition and results of operations.</li><li>We do not own certain premises used by our Company. Disruption of our rights as licensee/ lessee or termination of the agreements with our licensors/ lessors would adversely impact our manufacturing operations and, consequently, our business.</li><li>There have been certain instances of delays in payment of statutory dues by our Company in the past. Any failure or delay in payment of such statutory dues may expose us to statutory and regulatory action, as well as significant penalties, and may adversely impact our business, results of operations, cash flows and financial condition.</li><li>Our Promoters and Directors are either co-borrowers in the loans availed by our Company or have extended personal guarantees with respect to loan facilities availed by our Company. Further, our Group Companies and members of our Promoter Group have provided (i) corporate guarantees; and (ii) their property as collateral security for loan facilities availed by our Company. Revocation of any or all of these personal guarantees or withdrawal of such property may adversely affect our business operations and financial condition.</li><li>Our future fund requirements, in the form of further issue of capital or securities and/or loans taken by us, may be prejudicial to the interest of the Shareholders depending upon the terms on which they are eventually raised.</li><li>Our relationships with existing or potential clients who are in competition with each other may adversely impact the degree to which other clients or potential clients avail of our solutions, which may adversely affect us. Additionally, the commercial success of our operations depend to a large extent on financial soundness and commercial success of our customers.</li><li>As on the date of this Red Herring Prospectus, we are yet to identify specific targets for undertaking strategic investments.</li><li>Our inability to meet our obligations, including financial and other covenants under our debt financing arrangements could adversely affect our business, financial condition, cash flows and results of operations.</li><li>Any variation in the utilisation of the Net Proceeds or in the terms of any contract as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior shareholders' approval.</li><li>Fraud or misconduct by our employees could adversely affect our reputation, business, results of operations and financial condition.</li><li>A downgrade in our credit rating could adversely affect our ability to raise capital in the future.</li><li>We are dependent on information technology systems in carrying out our business activities and it forms an integral part of our business. We are also exposed to the risks of significant breaches of data security. Further, if we are unable to adapt to technological changes and successfully implement new technologies or if we face failure of our information technology systems, we may not be able to compete effectively which may result in higher costs and would adversely affect our business and results of operations.</li><li>Our insurance coverage may not be adequate to protect us against all potential losses, which may have a material adverse effect on our business, financial condition and results of operations.</li><li>Activities in executing turnkey projects are subject to operational risks such as injury or fatalities to people which could disrupt our project operations and expose us to legal and regulatory action, which could affect our business, financial condition, cash flows and results of operations.</li><li>Our Promoters, Directors, Key Managerial Personnel and Senior Management have interests in our Company other than reimbursement of expenses incurred or normal remuneration or benefits.</li><li>Our Promoters and members of the Promoter Group have significant control over the Company and have the ability to direct our business and affairs; their interests may conflict with your interests as a shareholder.</li><li>There can be no assurance that the objects of the Issue will be achieved within the time frame anticipated or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.</li><li>Our funding requirements and proposed deployment of the Net Proceeds of the Issue have not been appraised by a bank or a financial institution and if there are any delays or cost overruns, our business, cash flows, financial condition and results of operations may be adversely affected.</li><li>The average cost of acquisition of Equity Shares held by our Promoters could be lower than the Issue Price.</li><li>We currently avail benefits under certain Government incentive schemes. Cancellation or our inability to meet the conditions under such schemes may result in adversely affect our business operations, cash flows, results of operations and financial condition.</li><li>Any disruption to the steady and regular supply of workforce for our operations, including due to strikes, work stoppages or increased wage demands by our workforce or any other kind of disputes with our workforce or our inability to control the composition and cost of our workforce could adversely affect our business, cash flows and results of operations.</li><li>We are subject to anti-bribery, anti-corruption and sanctions laws and regulations.</li><li>Compliance with, and changes in, environmental, health and safety laws and regulations or stringent enforcement of existing environmental, health and safety laws and regulations may result in increased liabilities and increased capital expenditures may adversely affect our cash flows, business results of operations and financial condition.</li><li>Our business development efforts involve considerable time and expense, and our revenues may not justify expenses incurred towards business development efforts.</li><li>We are subject to risks arising from interest rate fluctuations, which could reduce the profitability of our projects and adversely affect our business, financial condition and results of operations.</li><li>Our Company has extended certain unsecured loans to certain of our Associates and Subsidiaries. Any defaults committed by our Associates and Subsidiaries in repayment of such loans may adversely affect our business operations and financial condition.</li><li>Any future pandemic or widespread public health emergency, could impact our business, financial condition, cash flows and results of operations.</li><li>If we are unable to establish and maintain an effective system of internal controls and compliances, our businesses and reputation could be adversely affected.</li><li>Our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements, capital expenditures and restrictive covenants in our financing arrangements.</li><li>Our historical financial information includes revenue from projects which were initially awarded to our Group Company, Fabtech Technologies International Private Limited (formerly known as Fabtech Technologies International Limited) and therefore are not representative of the results we would have achieved as an independent company and may not be a reliable indicator of our future results.</li><li>Our Company is reliant on the pharmaceutical industry for a significant portion of our revenue. Any downturn in the pharmaceutical industry or an inability to increase or effectively manage our operations could have an adverse impact on our Company's business and results of operations.</li><li>We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further, we have not identified any alternate source of financing the `Objects of the Issue'. Any shortfall in raising / meeting the same could adversely affect our growth plans, operations and financial performance.</li><li>Significant differences exist between Ind AS used to prepare our financial information and other accounting principles, such as U.S. GAAP and IFRS, which may affect investors' assessments of our Company's financial condition.</li><li>This Red Herring Prospectus contains information from an industry report prepared by CRISIL, commissioned by us for the purpose of the Issue for an agreed fee.</li><li>The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.</li><li>Our Equity Shares have never been publicly traded, and after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the Issue Price may not be indicative of the market price of the Equity Shares after the Issue.</li><li>QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid, and Retail Individual Bidders are not permitted to withdraw their Bids after Bid/Issue Closing Date.</li><li>Fluctuations in the exchange rate between the Indian Rupee and foreign currencies may have an adverse effect on the value of our Equity Shares, independent of our operating results.</li><li>There is no guarantee that our Equity Shares will be listed on BSE and NSE in a timely manner or at all.</li><li>The requirements of being a listed company may strain our resources.</li><li>Holders of Equity Shares may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby may suffer future dilution of their ownership position.</li><li>Any future issuance of Equity Shares or convertible securities or other equity linked securities by our Company may dilute your shareholding and sales of the Equity Shares by our major shareholders may adversely affect the trading price of the Equity Shares.</li><li>Foreign investors are subject to foreign investment restrictions under Indian laws that may limit our ability to attract foreign investors, which may have a material adverse impact on the market price of the Equity Shares.</li><li>Rights of shareholders of companies under Indian law may be more limited than under the laws of other jurisdictions.</li><li>Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.</li><li>A third party could be prevented from acquiring control of our Company because of anti-takeover provisions under Indian law.</li><li>Subsequent to the listing of the Equity Shares, we may be subject to pre-emptive surveillance measures, such as the Additional Surveillance Measures and the Graded Surveillance Measures by the Stock Exchanges in order to enhance the integrity of the market and safeguard the interest of investors.</li></ul>

The Issue type of Fabtech Technologies Ltd is Book Building.

The minimum application for shares of Fabtech Technologies Ltd is 75.

The total shares issue of Fabtech Technologies Ltd is 12060000.

Initial public offering of up to 1,20,60,000 equity shares of face value of Rs. 10 each "Equity Shares") of the company for cash at a price of Rs. 191 per equity share (including a share premium of Rs. 181 per equity share) ("Issue Price") aggregating up to Rs. [*] crores( '' Issue"" ). ( The issue Shall Constitute [*] of the post-issued paid-up equity share capital of the company. The issue includes a reservation of up to [*] equity shares of face value of Rs. 10 each, aggregating up to Rs. 1.00 crores (constituting up to [*]% of the post issue paid-up equity share capital of the company) for subscription by eligible employees (the " Employee Reservation Portion " ). the issue less the employees reservation portion is hereinafter referred to as the " Net Issue ". the issue shall constitute [*] and [*] respectively, of the post-issue paid-up equity share capital of the company. the company in consultation with the book running lead Manager , may offer a discount of up to [*] equivalent of Rs. 9 per equity share on the price to eligible employees bidding under the employee reservation portion ( " Employee Discount " ). A discount of Rs. 9 per equity share is being offered to eligible employees bidding in the employee reservation portion.