Maini Precision IPO: Maini Precision Products Limited (MPPL) received approval from the Securities and Exchange Board of India (SEBI) on Tuesday to raise Rs 900 crore through an initial public offering (IPO).
Maini Precision Products had earlier filed preliminary documents with Sebi, the capital markets regulator, in 2021 to raise up to Rs 900 crore via an initial share sale.
The IPO includes a new issuance of shares worth Rs 150 crore, at a par value of Rs 2 per share and an offer for sale (OFS) of shares worth more than Rs 2.54 crore by promoters and existing shareholders to unload 60, 20,765 shares.
Individual shareholders will sell up to 6,45,865 shares, up to 5,13,390 by other selling shareholders and 1,83.01,685 shares by investor-shareholders.
ICICI Securities and IIFL Securities are the lead managers for the public issue.
Founded in the year 1973, the company is backed by several promoters including Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini.
According to reports, the company generated revenue from its export business of Rs 560.30 crore for FY19, Rs 570 crore for FY20 and Rs 427.36 crore for FY21 65.26%, 71.99%, 66.23% as .
The company’s export activities meet demand in countries such as the US, France, Sweden, Italy, Slovakia, England, Japan, Spain, Poland and Germany.
This post Maini Precision Gets Sebi Nod For Its IPO Launch; set to raise Rs 900 crore was original published at “https://www.zeebiz.com/market-news/news-maini-precision-gets-sebi-nod-for-its-ipo-launch-set-to-raise-rs-900-crore-181342”