Mouri Tech, an IT solutions and services provider, has filed draft papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) worth Rs 1,500 crore. The IPO will include a fresh issue of equity shares valued at Rs 440 crore and an offer-for-sale (OFS) worth Rs 1,060 crore by existing shareholders.
Promoters Sujai Paturu and Anil Reddy Yerramreddy are set to sell shares worth Rs 615 crore and Rs 316 crore, respectively, while non-promoter Srinivasu Rao Sandaka plans to offload shares worth Rs 129 crore in the OFS. Currently, the promoters hold 88.67 percent of the company, with Sandaka holding an additional 11.02 percent stake.
The Hyderabad-based firm may also raise up to Rs 88 crore through a pre-IPO placement, which will be deducted from the fresh issue size if completed.
Mouri Tech would utilise Rs 165 crore of the fresh issue proceeds for repayment of debt of its subsidiary MT USA while Rs 125 crore would be used for incremental working capital. The remaining amount would be utilised for potential acquisition and general corporate purpose, including incremental working capital.
The company operates across the US, EMEA, and India, specializing in intelligent enterprise resource planning-slash-digital transformation, infrastructure services, and program management. For FY24, digital transformation contributed 44 percent and iERP 41 percent to its revenue, while the US accounted for 82 percent of the total revenue.
For FY24, Mouri Tech reported a net profit of Rs 167.3 crore, up 4.6 percent over last year, while revenue from operations was higher by 3.8 percent at Rs 1,141.3 crore. EBITDA jumped 9.3 percent with an improved margin of 21.3 percent.
Do you have a news tip for Lakshmishree reporters? Please email us at media@lakshmishree.com
Source: Moneycontrol
News Desk
