Milestone Gears files IPO papers to raise Rs 1,100 crore
Milestone Gears has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,100 crore through an initial public offering (IPO). The company's maiden public offering comprises fresh issue of shares aggregating up to Rs 800 crore along with an offer for sale (OFS) component of shares valued at Rs 300 crore by promoters and a shareholder.
Of the fresh issue, the company will allocate Rs 356.86 crore towards debt payment and another Rs 296.42 crore will be invested in a new greenfield project. Besides, a portion of the funds will be used for general corporate purposes. To manage the offering, Milestone Gears has appointed JM Financial, Axis Capital and Motilal Oswal Investment Advisors as the book-running lead managers.
Milestone Gears is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles (EVs), locomotives, windmills and other heavy industries.
