Mishra Dhatu Nigam files IPO papers with Sebi

State-owned Mishra Dhatu Nigam (MIDHANI) has filed preliminary papers with markets regulator Sebi to float an initial public offering.
The public issue will see sale of up to 46,835,000 equity shares, or 25 per cent stake, by the company's promoter, draft red herring prospectus (DRHP) filed with Sebi showed.
The initial public offer (IPO) will help in achieving the benefits of listing the equity shares on the stock exchanges.
Mishra Dhatu Nigam is engaged in the production of metals and alloys as part of an import substitution strategy, which is designed to reduce India's reliance on foreign suppliers and achieve self-sufficiency.

The company earned a profit after tax (PAT) of Rs 27.3 crore and a total revenue of Rs 220.66 crore for the six months period ended September 30, 2017.
SBI Capital Markets and IDBI Capital Markets and Securities Ltd will manage the company's public issue.
Earlier in April, the Cabinet had cleared the disinvestment of this PSU under the defence ministry and thereafter DIPAM had invited bids from merchant bankers and legal advisors for managing the stake sales.