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According to market sources, the public issue is expected to be between Rs 800 crore and Rs 900 crore. Proceeds from the new issue will be used for debt payment and general corporate purposes.
Maini Precision Products has filed preliminary documents with capital market regulator Sebi to raise up to Rs 900 crore through a first sale of shares. The initial public offering (IPO) includes a new issue of shares valued at Rs 150 crore and an offer to sell shares of 2.55 crore by the promoters and existing shareholders, according to the draft prospectus of red herring (DRHP). At present, the promoter group owns 77.13% of the capital of the company.
According to market sources, the public issue is expected to be between Rs 800 crore and Rs 900 crore. Proceeds from the new issue will be used for debt payment and general corporate purposes.
Maini Precision Products, based in Bangalore, is a diverse manufacturer and supplier of high precision components and assemblies, serving a global customer base in the automotive, industrial and aerospace sectors.
The company is an end-to-end solutions provider engaged in process design, engineering, manufacturing, testing and delivery of a variety of precision products and assemblies.
ICICI Securities and IIFL Securities are primarily responsible for the public offering. This is the company’s second attempt to go public. Previously, it had filed preliminary IPO documents with Sebi in 2015 and also received regulatory approval to launch the public offering, but did not pursue the plan.
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