Uniparts India files draft IPO papers with markets regulator Sebi

Uniparts India, manufacturer of engineering systems and solutions, has filed draft papers with markets regulator Securities and Exchange Board of India (Sebi) to float an initial public offering (IPO).

The share sale comprises fresh issuance of shares worth Rs 1 billion, besides an offer for sale of 13 million stocks by existing shareholders, according to the draft red herring prospectus (DRHP).

Funds raised through the issue will be utilised towards repayment of the outstanding loan facilities availed by the company and also for other general corporate purposes.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets will manage the company’s public issue.

Uniparts is a manufacturer and supplier of engineering systems and solutions, and primarily caters to off-highway vehicles in agriculture, construction, forestry as well as the mining sector.

Earlier, Uniparts had filed initial papers with the markets regulator in September 2014 and also obtained the regulator’s clearance to launch the IPO, but did not go ahead with the initial share sale.