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    Maini Precision Products files papers to raise funds via IPO

    Maini Precision Products files papers to raise funds via IPO

    Maini Precision Products files papers to raise funds via IPO
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    By CNBCTV18.com  IST (Published)

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    Maini Precision Products IPO listing: Bengaluru-based Maini Precision filed preliminary papers with capital market regulator SEBI \to raise up to Rs 900 crore through an IPO. The proposed IPO comprises fresh issuance of equity shares and an offer for sale (OFS), according to the DRHP.

    Maini Precision Products, a manufacturer and supplier of high precision components and assemblies for multiple sectors, filed preliminary papers with capital market regulator SEBI to float an initial public offering (IPO).
    The proposed initial share sale of Bengaluru-based Maini Precision comprises fresh issuance of equity worth Rs 150 crore, and an offer for sale (OFS) of 2.6 crore equity shares by promoters and existing shareholders.
    This is Maini Precision Products' second attempt to go public. It had earlier received SEBI's approval to float an IPO after filing preliminary papers in 2015 but did not go ahead with the plan.
    Here are key things to know about the proposed Maini Precision Products IPO:
    Issue size
    : The public issue is expected to fetch anywhere between Rs 800 crore and Rs 900 crore, news agency PTI reported citing sources.
    Promoter holding: Maini Precision Products' promoters hold a 77.1 percent stake in the company, according to its draft red herring prospectus (DRHP) filed with SEBI.
    Fund utilisation: The company will not get any proceeds from the OFS portion. Proceeds of fresh shares will be used towards the payment of certain debt and for general corporate purposes.
    Company profile: Maini Precision Products is an end-to-end solutions provider engaged in process design, engineering, manufacturing, testing and supply of a variety of precision products and assemblies. The company caters to a global clientele in the automotive, industrial and aerospace sectors. Its products are classified into two businesses: aerospace, and automotive and industrial.
    Maini Precision has 11 manufacturing facilities located in Bangalore, according to its website.
    Book running lead managers: ICICI Securities and IIFL Securities are the BRLMs to the Maini Precision Products IPO.
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