Metalman Auto files IPO papers with Sebi, eyes Rs 350 cr via shares sale

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Metalman Auto files IPO papers with Sebi, eyes Rs 350 cr via shares sale - Business Standard

Quick Summary:

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.