New Delhi: Hydraulic fitting manufacturer HyTech Engineers Ltd has filed preliminary papers with markets regulator 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, according to the draft red herring prospectus (DRHP) filed on Thursday.
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.The company 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.The hydraulic fittings market in India is experiencing significant growth, driven by the expansion of various industries such as manufacturing, construction, automotive, and agriculture.
New Berry Capitals is the sole book-running lead managers to the public offering.The company plans to list on NSE and BSE.
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