Maini Precision Products Limited (MPPL) on Tuesday received approval from the Securities and Exchange Board of India (SEBI) to raise Rs 900 crore through an initial public offering (IPO)
Maini Precision IPO: Maini Precision Products Limited (MPPL) on Tuesday received approval from the Securities and Exchange Board of India (SEBI) to raise Rs 900 crore through an initial public offering (IPO).
Maini Precision Products had earlier in 2021 filed preliminary documents with capital markets regulator Sebi to raise up to Rs 900 crore through an initial share sale.
The IPO comprises of fresh issuance of equity shares worth Rs 150 crore, at a face value of Rs 2 per equity share and an offer for sale (OFS) of equity shares worth more than Rs 2.54 crore by promoters and existing shareholders to offload 60,20,765 equity shares.
Individual shareholders will offload up to 6,45,865 equity shares, up to 5,13,390 by other selling shareholders and 1,83,01,685 equity shares by investor shareholders.
ICICI Securities and IIFL Securities are the book running lead managers to the public issue.
Founded in the year 1973, the company is backed by various promoters, including Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini.
As per reports, the company generated revenue from its operations in the 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 business caters to demands in countries including USA, France, Sweden, Italy, Slovakia, England, Japan, Spain, Poland and Germany.
