Maini Precision Products Files Draft Papers With Sebi; To Raise Funds Via IPO

Maini Precision Merchandise has filed preliminary paperwork with capital markets regulator Sebi to boost as much as Rs 900 crore by way of an preliminary share-sale. The preliminary public providing (IPO) contains contemporary issuance of fairness shares value Rs 150 crore and a proposal on the market of two.55 crore fairness shares by promoters and current shareholders, in line with the draft pink herring prospectus (DRHP).

At current, promoter group holds 77.13 per cent stake within the firm. Based on market sources, the general public challenge is anticipated to fetch wherever between Rs 800 crore and Rs 900 crore. Proceeds of the contemporary challenge can be used for debt fee and common company functions.

The Bangalore-based Maini Precision Merchandise is a diversified producer and provider of excessive precision parts and assemblies, caters to a world clientele within the automotive and industrial and aerospace sectors. The corporate is an end-to-end options supplier engaged in course of design, engineering, manufacturing, testing, and provide of a wide range of precision merchandise and assemblies.

ICICI Securities and IIFL Securities are the e-book working lead managers to the general public challenge. That is the corporate’s second try and go public. Earlier it had filed preliminary IPO papers with Sebi in 2015 and had obtained the regulator’s approval too to drift the general public challenge however didn’t go forward with the plan.

(PTI)