MV Electrosystems IPO: Check price band, lot size, objectives and key dates

The ₹290 crore initial public offering of MV Electrosystems will hit the primary market on July 30. The issue will conclude on August 3. The price band has been set at ₹400 to ₹425 per share.

The initial share sale is a fresh issuance of 68 lakh shares, with no offer for sale (OFS) component.

The net proceeds from the fresh issue will be utilised for funding long-term working capital requirements, investment in research design and development activities for new power electric equipment and corporate general purposes.

"Our company expects to receive the benefits of listing of equity shares on the stock exchanges, including enhancing our company’s visibility and brand image among our existing and potential customers and creating a public market for our company's equity shares in India," according to the red herring prospectus.

MV Electrosystems IPO: Lot size

A lot consists of 34 shares and multiples thereof. The issue has set aside 75% of the net offer for qualified institutional buyers, 15% for non-institutional investors and 10% for retail investors.

MV Electrosystems IPO: Allotment and listing date

The company's shares are proposed to be listed on the BSE and National Stock Exchange (NSE) on August 6.

MV Electrosystems is a technology-driven company involved in the design, development, assembly and manufacturing of electrical and power electronics equipment utilised in railway rolling stock, including switchgear panels for railway coaches & EMU’s, IGBT-based 3-phase drive propulsion equipment for electric locomotives, cable protection & management products and electrical components, systems and sub-systems.

The company operates within India's rail infrastructure transition driven by mandated broad-gauge electrification, domestic procurement requirements and the expansion of the network, including upcoming high-speed corridors.

Sundae Capital Advisors is the issue's lead manager, while KFin Technologies is the registrar.