HyTech Engineers files IPO papers with SEBI
HyTech Engineers has filed preliminary papers with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of shares worth Rs 70 crore and an offer for sale (OFS) of 1.19 crore equity shares by promoters.
Proceeds of the fresh issuance would be used for procurement of new plant and machinery for expansion at Kavathe Unit, Shirwal Unit and Pithampur Unit-I; payment of debt and general corporate purposes. New Berry Capitals is the sole book-running lead managers to the public offering. The company plans to list on NSE and BSE.
HyTech Engineers is engaged in the design, manufacture, and supply of hydraulic fittings catering to diverse industrial applications. Hydraulic fittings are primarily used in hydraulic systems to connect pipes, tubes, and hoses.
