Mouri Tech files Rs 1500-Crore IPO Draft Papers

IT Solutions and services provider Mouri Tech is all set to raise Rs 1500 crore via IPO. As per the filed draft papers on September 25, it comprises Rs 440 crore worth of fresh equity shares and OFS worth Rs 1060 crore. The company also expects to raise Rs 88 crore fund in the pre-IPO placement before the IPO launch. The amount will be reduced from the issue size of the fresh issues if the company can manage the complete placement of the Pre-IPO.

Anil Reddy Yerramreddy and Sujai Paturu, the company promoters in the OFS, are expected to sell worth Rs 615 crore and Rs 315 crore, respectively. Together, they hold 88.67% of the company's stake. Non-promoter Srinivasu Rao Sandaka intends to offload Rs 129 crore equity shares. As MT USA’s Chief Technology Officer, he holds 11.02% shareholding.

Mouri Tech will be spending, Rs 165 crore from the fresh issue funds to repay the debt of the subsidiary MT USA , Rs 125 crore for the working capital requirement , the remaining funds will be used for inorganic growth via unidentified acquisitions and general corporate purposes.

As per the DRHP, the IPO will consist of an Offer for Sale by Hyundai Motor Co., its parent company. The face value of a share is Rs 10. Its objectives include enhancing visibility, improved liquidity, and brand image within the Indian market. Despite the lower penetration of hybrid electric vehicles and battery electric vehicles in India, the strategic focus of Hyundai on HEV can position it quite favourably within the evolving market.

As noted by Nomura, the Chief Executive Officer of Hyundai made an announcement during a recent investor conference. It hinted towards the forthcoming plans about IPO funds deployment, thereby underscoring investor confidence's importance within the company's future trajectory. While Hyundai Motor India is preparing for the landmark IPO, all eyes remain on how the move would shape the Indian automotive landscape and if it can enhance the company’s standing further ahead in the competitive market.

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