Mouri Tech Refiles DRHP for ₹1,500 Crore IPO
Mouri Tech Limited, a provider of IT solutions and services, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise a total of ₹1,500 crore through an initial public offering (IPO). This marks a second filing, with the initial DRHP submitted in September 2024. The proposed IPO, structured with a face value of ₹10 per share, is a combination of a fresh issue and an offer for sale (OFS). The fresh issue component is valued at up to ₹250 crore, while the OFS by promoters and other selling shareholders amounts to up to ₹1,250 crore.
Offer for Sale Details
The OFS includes significant share sales by promoters selling shareholders. Sujai Paturu intends to sell shares worth up to ₹726.30 crore, and Anil Reddy Yerramreddy plans to offload shares valued at up to ₹370.60 crore. Additionally, Srinivasu Rao Sandaka and other selling shareholders will participate in the OFS, selling shares worth up to ₹153.10 crore.
Utilisation of Fresh Issue Proceeds
The capital raised through the fresh issue is earmarked for several strategic purposes. A portion will be invested in one of Mouri Tech's material subsidiaries, MT USA. The funds will also be used for the repayment or prepayment of certain outstanding borrowings, including accrued interest, obtained by the company. Furthermore, the proceeds are intended to facilitate inorganic growth through unidentified acquisitions and for general corporate purposes. The company may also consider a pre-IPO placement of up to ₹50 crore in consultation with the book-running lead managers.
Company Profile and Operations
Mouri Tech positions itself as an IT solutions and services provider, employing an “AI first” strategy with a focus on end-to-end capabilities in Intelligent Enterprise Resource Planning (iERP) and Enterprise Digital Transformation. The company operates through four primary practice areas: iERP, enterprise digital transformation, infrastructure services, and program management. Its portfolio includes in-house developed digital assets like templates, accelerators, frameworks, and tools.
The company serves a diverse range of sectors globally, including business services, energy and utilities, public sector, professional services, hospitality, media and entertainment, manufacturing, life sciences, logistics, and transportation. Mouri Tech maintains a global presence spanning the USA, Europe, the Middle East and Africa (EMEA), and India. Domestically, it has locations in Hyderabad, Bengaluru, Chennai, Visakhapatnam, Kolhapur, and Indore. Internationally, it operates through subsidiaries with offices in the USA (Irving, Texas and Fremont, California), Canada (Scarborough, Ontario), Singapore, South Africa, Germany, the United Kingdom, Philippines, Australia, and the UAE. As of December 31, 2024, Mouri Tech had 554 active customer accounts and an employee base of 2,983 people.
IPO Facilitators and Listing
Nuvama Wealth Management Limited, ICICI Securities Limited, and JM Financial Limited have been appointed as the book-running lead managers for the issue. MUFG Intime India Private Limited will act as the registrar. The equity shares are proposed to be listed on both the National Stock Exchange of India Limited and BSE Limited
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