Auto components maker Metalman Auto Ltd has filed draft papers with capital markets regulator Sebi to mobilise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares worth Rs 350 crore and an offer for sale (OFS) of up to 1.26 crore shares by its promoters, according to the draft red herring prospectus (DRHP). Proceeds from the fresh issue to the tune of Rs 25 crore will be used to part financing the capital expenditure towards procurement of plant and machinery at Pithampur manufacturing unit 2 in Madhya Pradesh. Additionally, Rs 240 crore will be used for payment of debt, besides, a portion of funds will be used for general corporate purposes, draft papers filed on Monday showed. Founded in 1986, Metalman Auto is a one-stop shop for sheet metal and tubular fabrication, metal finishing and assembly of components for OEMs in the automotive and non-automotive sectors. The company is primarily focused on manufacturing metal components for two-wheelers, three-wheelers, passenger vehicles, commercial vehicles, agri-vehicles and off-highway vehicles. Metalman Auto has nine manufacturing units across five states in India, strategically located in proximity to its OEM customers. It serves various customers, including Bajaj, Hero MotoCorp, Honda and TVS. Axis Capital Limited, ICICI Securities Limited and Motilal Oswal Investment Advisors Limited are the book-running lead managers to the public issue. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
Popular Tags:
Share This Post:
Interarch Building Products: Shares see strong listing gains; lists at 44% premium on NSE
August 26, 2024Interarch Building Products ipo listing price share price nse bse strong listing expected
August 26, 2024What’s New
Spotlight
Today’s Hot
Featured News
FIIs buy over 32 lakh shares of Eraaya Lifespaces via QIP
- By Sarkai Info
- August 14, 2024
Latest From This Week
This pharma company fixes record date for final dividend
MARKETS
- by Sarkai Info
- August 14, 2024
430% return in 2 years: Multibagger PSU stock gains after strong quarterly results
MARKETS
- by Sarkai Info
- August 14, 2024
Subscribe To Our Newsletter
No spam, notifications only about new products, updates.