Tecpro Systems plans IPO; files draft papers with SEBI

Tecpro Systems, which provides turnkey solutions in material handling, is planning to tap the capital market and has filed a draft prospectus with market regulator SEBI for its proposed initial public offer (IPO).

The company has filed Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to enter the capital market with an IPO of 75.50 lakh shares, Tecpro Systems said in a statement today.

The IPO comprises of a fresh issue of up to 62.5 lakh shares and an offer for sale of up to 13 lakh equities by Metmin Investments Holdings Ltd.

The IPO constitutes 14.96 per cent of the post-offer share capital of the company.
    
The company, however, did not divulge details about the amount it intends to raise through the IPO.
    
SBI Capital Markets and Kotak Mahindra Capital are book running lead managers to the issue.
    
Equity shares offered through the IPO are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).