MV Electrosystems’ Rs 290-Cr IPO To Open on Jul 30; Sets Price Band at Rs 400–425

New Delhi: MV Electrosystems on Monday fixed a price band of Rs 400 to Rs 425 per share for its Rs 290-crore upcoming initial public offering (IPO).

At the upper end of the price band, the company’s market valuation is estimated at Rs 1,160 crore post-listing.

The company’s maiden public offering, which is entirely a fresh issue of shares with no offer for sale (OFS) component, will open for subscription on July 30 and close on August 3, according to its statement.

Proceeds from the fresh issue will support long-term working capital requirements, fund investment in research, design and development activities for new power electronic equipment, and cover general corporate purposes.

MV Electrosystems is a technology-driven company engaged in designing, developing, assembling, and manufacturing electrical & power electronics equipment used in railway rolling stock.

This equipment includes advanced propulsion systems for electric locomotives, and switchgear panels for railway coaches.

The issue has reserved 75 per cent for qualified institutional buyers (QIBs), 15 per cent for non-institutional investors (NIIs), and 10 per cent for retail investors.

The company’s shares are proposed to be listed on the BSE and the NSE on August 6.

Sundae Capital Advisors is the sole book-running lead manager, and KFin Technologies is the registrar of the issue.

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