Maini Precision looks to raise Rs 900 cr via IPO

Mumbai: Maini Precision Products has filed its draft red herring prospectus (DRHP) with capital market regulator Sebi for an initial public offer of up to ₹900 crore. The company's issue will consist of a fresh issue of shares worth ₹150 crore, and an offer for sale (OFS) of up to 2.55 crore shares, according to the DRHP.

As a part of the OFS, promoters will offload 60.21 lakh shares while the rest will be offered by other shareholders.

The proceeds from the fresh issue of shares will be partly used to repay its borrowings of ₹112.5 crore. The company's revenue from operations stood at ₹560.30 crore for FY19, ₹570 crore for FY20 and ₹427.36 crore for FY21.