Vinir Engineering Files IPO Papers with Sebi

New Delhi, Jan 19 (PTI) Vinir Engineering Ltd has filed preliminary papers with capital markets regulator Sebi seeking its approval to float an initial public offering (IPO).

The IPO is entirely an Offer-for-Sale (OFS) of up to 5.33 crore equity shares by promoter Nitesh Gupta, according to the draft red herring prospectus (DRHP).

At present, promoters hold 100 per cent stake in the company.

Since it is an OFS, the company will not receive any proceeds from the IPO.

In its draft papers filed on Friday, the company stated that the object of the offer is to achieve the benefits of listing the equity shares on the stock exchanges.

Vinir Engineering is an integrated engineering solutions company engaged in the manufacturing of specialized, critical and heavy, precision-forged and machined components for a wide range of industries, including energy, defence, aerospace, railways, earthmoving, high-end engineering, among others.

The company has a total installed capacity of 38,000 MTPA, distributed across three manufacturing units located in Karnataka and Tamil Nadu.

Pantomath Capital Advisors is the book-running lead manager to the issue and KFin Technologies is the Registrar to the offer.