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Mouri Tech Limited, an IT services and solutions provider, has refiled its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in order to raise ₹1,500 crore via an Initial Public Offering (IPO). This is the second filing by the company, following its initial DRHP submission in September 2024.
Key Details of the IPO
The IPO will be priced at ₹10 per share and will consist of two parts: a fresh issue of shares and an offer for sale (OFS). The fresh issue is set to raise up to ₹250 crore, while the offer for sale will bring in up to ₹1,250 crore.
The OFS includes significant sales of shares by the promoters and other selling shareholders. Sujai Paturu is looking to sell shares worth ₹726.30 crore, and Anil Reddy Yerramreddy plans to sell shares valued at ₹370.60 crore. Additionally, Srinivasu Rao Sandaka and other selling shareholders will be part of the OFS, selling shares worth ₹153.10 crore.
Purpose of Raising Funds
The funds raised from the fresh issue will be used for various important purposes. Some of the money will be invested in one of Mouri Tech’s key subsidiaries, MT USA. Other portions will be used to pay off existing borrowings and interest that the company owes. The company also plans to use part of the funds for potential acquisitions and to support general business activities. Furthermore, Mouri Tech may consider raising an additional ₹50 crore through a pre-IPO placement, in consultation with the book-running lead managers.
Company Overview
Mouri Tech is focused on providing IT solutions and services, with a special emphasis on Artificial Intelligence (AI). The company’s key offerings include Intelligent Enterprise Resource Planning (iERP) and Enterprise Digital Transformation. Its business is divided into four main areas: iERP, enterprise digital transformation, infrastructure services, and program management. Mouri Tech also has its own in-house digital assets, including templates, frameworks, tools, and accelerators.
The company serves a wide range of industries, such as business services, energy, public sector, hospitality, media, entertainment, manufacturing, logistics, life sciences, and transportation. Mouri Tech has a global presence with offices in the USA, Europe, the Middle East, and India. Domestically, the company operates in cities like Hyderabad, Bengaluru, Chennai, Visakhapatnam, Kolhapur, and Indore. It also has international offices in the USA (Irving, Texas and Fremont, California), Canada (Scarborough, Ontario), Singapore, South Africa, Germany, the UK, Philippines, Australia, and the UAE. As of December 31, 2024, Mouri Tech had 554 active clients and 2,983 employees.
IPO Management Team
For this IPO, Mouri Tech has appointed Nuvama Wealth Management Limited, ICICI Securities Limited, and JM Financial Limited as the book-running lead managers. MUFG Intime India Private Limited will be the registrar. The company plans to list its equity shares on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).
