Upcoming IPO: Mouri Tech files draft papers with SEBI to raise ₹1,500 crore via public offer

Upcoming IPO: IT Solutions and services firm Mouri Tech has refiled draft papers with capital markets regulator Sebi to raise ₹1,500 crore through an Initial Public Offering (IPO).

Before this, the company had filed its preliminary IPO papers in September 2024. However, the draft offer documents were withdrawn in December last year without disclosing any reason.

In its fresh Draft Red Herring Prospectus (DRHP) filed on May 5, Mouri Tech proposed to raise ₹250 crore through selling new shares, while promoters and a selling shareholder plan to sell stock to the tune of ₹1,250 crore.

Those selling consists of promoters-- Sujai Paturu and Anil Reddy Yerramreddy -- offloading shares worth ₹726.30 crore and ₹370.60 crore respectively. Besides, an existing shareholder -- Srinivasu Rao Sandaka-- looking to offer shares to the tune of Rs 153.10 crore.

The company may consider a pre-IPO placement aggregating up to ₹50 crore.

Proceeds from the fresh issue will be utilised for investment in its subsidiary --MT USA-- for the payment of a debt, funding inorganic growth through unidentified acquisitions, and for general corporate purposes.

Mouri Tech is an IT solutions and services company, delivering services with an "AI first" approach and a focus on end-to-end capabilities in intelligent enterprise resource planning (iERP) and enterprise digital transformation. It operates across four practice areas: iERP, enterprise digital transformation, infrastructure services, and program management.

It Tech serves customers that operate across industries such as business services, energy and utilities, non-profit and public sector, professional services, hospitality, media and entertainment, manufacturing, life sciences, logistics, and transportation and has a presence in the USA, Europe, the Middle East and Africa and India.

The company had an employee base of 2,983 employees as of December 2024.

Nuvama Wealth Management, ICICI Securities, and JM Financial are the book-running lead managers to the issue. The equity shares are proposed to be listed on the NSE and BSE.