New Delhi: Mouri Tech, an IT solution provider, has submitted initial documents to Sebi to raise Rs 1,500 crore through an IPO. According to the draft red herring prospectus (DRHP), the company from Hyderabad plans to raise Rs 440 crore through a new equity share issue, along with an offer-for-sale (OFS) worth Rs 1,060 crore by promoters and an existing shareholder. The deal consists of a booking for subscription by qualified staff members.
Promoters Sujai Paturu and Anil Reddy Yerramreddy will be offloading shares worth Rs 615 crore and Rs 316 crore, respectively, under the OFS. Moreover, current shareholder Srinivasu Rao Sandaka plans to sell shares worth Rs 129 crore. The company might think about raising Rs 88 crore through a Pre-IPO Placement round. If the placement is finalized, the size of the new issue will decrease.
The Rs 165 crore raised from the new issuance will go towards repaying the debt of subsidiary MT USA, while Rs 125 crore will be used for working capital needs. Additionally, the rest of the money will be used for inorganic growth via undisclosed acquisitions and general corporate needs. Mouri Tech is present in the United States, Europe, the Middle East, Africa, and India. The organization has delivery facilities situated in Hyderabad (Telangana), Bengaluru (Karnataka), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Kolhapur (Maharashtra) and Indore (Madhya Pradesh).
According to the F&S report, the organization faces competition from TCS, Infosys, Wipro, HCL, Tech Mahindra, LTI Mindtree, Persistent Systems, Coforge, Happiest Minds, Birlasoft, Mphasis, Sonata, and Zensa, among others. Nuvama Wealth Management, ICICI Securities, and JM Financial are the primary managers handling the issue.
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