According to the Red Herring Prospectus (DRHP), new shares worth Rs 150 crore will be issued under this issue.
Maini Precision Products IPO: Bangalore based company Maine Precision Products is going to bring its IPO. The company has filed a draft paper with the market regulator SEBI for this. This IPO will be of Rs 900 crore. According to the Red Herring Prospectus (DRHP), new shares worth Rs 150 crore will be issued under this issue. At the same time, 2.55 crore equity shares will be sold under the offer for sale (OFS) by the promoters and existing shareholders. Presently, the promoter group holds 77.13 per cent stake in the company. The proceeds from this IPO will be used for debt repayment and for general corporate purposes.
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Know about the company
- Bangalore-based Maini Precision Products is a diversified manufacturer and supplier of high precision components and assemblies serving global customers in the automotive, industrial and aerospace sectors.
- The company is an end-to-end solution provider engaged in process design, engineering, manufacturing, testing and supply of a wide variety of precision products and assemblies.
- ICICI Securities and IIFL Securities are the book running lead managers of the public issue.
- This is the company’s second attempt for an IPO. Earlier it had filed documents for IPO with SEBI in 2015 and it also got SEBI approval. However, the company did not launch its IPO.
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