IT solution provider Mouri Tech files IPO papers to raise Rs 1,500 crore | IPO News
IT solution provider Mouri Tech has filed preliminary papers with markets regulator Sebi to raise Rs 1,500 crore through an initial public offering (IPO).
The Hyderabad-based company’s proposed IPO comprises a fresh issue of equity shares worth Rs 440 crore, and an offer-for-sale (OFS) of shares worth Rs 1,060 crore by promoters and an existing shareholder, according to the draft red herring prospectus (DRHP).
Under the OFS, promoters Sujai Paturu, and Anil Reddy Yerramreddy will be selling shares worth Rs 615 crore, and Rs 316 crore, respectively. Further, existing shareholder Srinivasu Rao Sandaka intends to offload equity shares valued Rs 129 crore.
The company may consider raising Rs 88 crore in a Pre-IPO Placement round. If such placement is completed, the fresh issue size will be reduced.
Proceeds from the fresh issue to the tune of Rs 165 crore will be used for debt payment of its subsidiary MT USA and Rs 125 cr for its working capital requirements. Further, the remaining funds will be utilised for inorganic growth through unidentified acquisitions and general corporate purposes.
Mouri Tech has presence in the US Europe, the Middle East and Africa (EMEA) and India. The company has delivery centers located in Hyderabad (Telangana), Bengaluru (Karnataka), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Kolhapur (Maharashtra) and Indore (Madhya Pradesh).
The company competes with TCS, Infosys, Wipro, HCL, Tech Mahindra, LTI Mindtree, Persistent Systems, Coforge, Happiest Minds, Birlasoft, Mphasis, Sonata and Zensa among others, as per the F&S report.
Nuvama Wealth Management, ICICI Securities and JM Financial are the book-running lead managers to the issue.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 26 2024 | 10:42 PM IST
