Metalman Auto Files Draft Papers To Raise Funds Via IPO
Net proceeds from the issue in part will be used to finance capital expenditures towards the procurement of plants.
Metalman Auto Ltd. filed its preliminary papers with the capital markets regulator, the Securities and Exchange Board of India, to raise funds through an initial public offering.
The proposed public offering consists of a fresh issue of Rs 350 crore and an offer-for-sale component consisting of 1.26 crore shares of face value Rs 2 each, according to the draft red herring prospectus.
Bikramjit Bembi, Navneet Jairath, Sachin Bembi, and Nishant Jairath will be among the promoters selling shareholders. Sonia Bembi Seth and Nisha Jairath will be among the promoter group's shareholders.
Axis Capital Ltd., ICICI Securities Ltd., and Motilal Oswal Investment Advisors Ltd. will be the book-running lead managers for the issue.
Net proceeds from the issue will be used to finance capital expenditures towards the procurement of plants, repayment of borrowings, and general corporate purposes.
Established in 1986, the company manufactures sheet metal, tubular fabrication, metal finishing, and component assembly for original equipment manufacturers in the automotive sector.
The company primarily focuses on manufacturing metal components for two-wheelers, internal combustion engines, three-wheelers, passenger vehicles, and commercial vehicles. The company has nine manufacturing units across five states in India.
