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19 Nov 2024
Unimech Aerospace and Manufacturing has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹500 crore through an initial public offering (IPO). The offering will comprise a fresh issue of equity shares and an offer for sale (OFS), with each component valued at ₹250 crore.
The IPO aims to facilitate the company's expansion plans and enhance its operational capabilities. Specifically, Unimech intends to allocate ₹32.82 crore of the proceeds for purchasing machinery and equipment, ₹25.3 crore for working capital needs, and ₹128.86 crore for investment in its material subsidiary. The remaining funds will be utilized for general corporate purposes.
Promoters of the company, including Ramakrishna Kamojhala, Mani P, and Rajanikanth Balaraman, will sell shares worth ₹45 crore each in the OFS, while other promoters Preetham S V and Rasmi Anil Kumar will offload shares worth ₹30 crore and ₹85 crore, respectively. Currently, the promoters hold a combined 91.83% stake in Unimech.
Unimech Aerospace specializes in high-precision engineering solutions for the aerospace, defense, energy, and semiconductor sectors, providing critical components such as aero tooling and ground support equipment. The company has reported impressive growth, with a net profit of ₹58.1 crore for the fiscal year 2024, marking a 155% increase from the previous year, and revenues rising by 121.7% to ₹208.8 crore.
Anand Rathi Advisors and Equirus Capital are serving as the book-running lead managers for the IPO, which is part of a broader trend of companies seeking to access public markets for capital in India.
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