According to the draft red herring prospectus (DRHP), the planned Metalman Auto IPO consists of an offer for sale (OFS) of up to 1.26 crore shares by its promoters, together with a new issue of equity shares valued at Rs 350 crore.
Auto Parts Maker Metalman Files IPO Papers
Metalman Auto Ltd., a manufacturer of auto components, has submitted draft documents to Sebi, the capital markets regulator, in an effort to raise money through an IPO.
According to the draft red herring prospectus (DRHP), the planned IPO consists of an offer for sale (OFS) of up to 1.26 crore shares by its promoters, along with a new issue of equity shares valued at Rs 350 crore.
A portion of the Rs 25 crore in fresh issuance proceeds will go toward supporting Pithampur Manufacturing Unit 2 in Madhya Pradesh’s capital expenditures for the purchase of plant and machinery.
Draft documents submitted on Monday indicated that in addition, Rs 240 crore will be utilized to pay down debt and that some money will also be used for general corporate objectives.
Metalman, Auto Parts Maker Metalman Files IPO Papers
Metalman Auto, which was established in 1986, provides OEMs in the automotive and non-automotive industries with a one-stop shop for sheet metal and tube fabrication, metal finishing, and component assembly.
The company’s main goal is to produce metal parts for off-highway vehicles, passenger cars, commercial vehicles, agri-vehicles, and three-wheelers.
With nine production facilities spread over five states in India, Metalman Auto is well situated close to its OEM clients. Serving a diverse clientele, it provides services to Bajaj, Hero MotoCorp, Honda, and TVS.
The public issue’s book-running lead managers are Axis Capital Limited, ICICI Securities Limited, and Motilal Oswal Investment Advisors Limited.
Account opning link:
- Groww Account- https://app.groww.in/v3cO/kyrp1zph
- Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906
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