Laser Power & Infra, Indo MIM files draft papers with Sebi for IPOs
Two Indian manufacturers, Laser Power & Infra Ltd (LPIL) and Indo MIM Ltd, filed draft red herring prospectuses (DRHPs) with the markets regulator Securities and Exchange Board of India (Sebi), setting the stage for initial public offerings (IPOs) that together could raise over Rs 2,200 crore. The filings mark the latest wave of industrial and engineering companies seeking public capital amid a buoyant IPO market.Indo MIM to raise Rs 1,000 crore in fresh equityBengaluru-based Indo MIM, described in an F&S report as the world’s largest manufacturer of precision engineering components using metal injection molding (MIM) technology, is looking to raise Rs 1,000 crore through a fresh issue of equity. The IPO will also include an offer for sale (OFS) of up to 12.97 crore equity shares by existing shareholders, including Green Meadows Investments Ltd, Anuradha Koduri, John Anthony Dexheimer, and the Indian Institute of Technology Madras.The company plans to use Rs 720 crore from the fresh issue for pre-payment or repayment of borrowings, with the remainder earmarked for general corporate purposes.