MUMBAI: MTAR Technologies Ltd has filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India for an initial public offering (IPO).

The Hyderabad based precision engineering solutions company is likely to raise approximately 600-650 crore.

The IPO will be a fresh issue of up to 4 million shares and an offer for sale of up to 8.22 million shares of face value of 10 a share.

The proceeds from the fresh issue will be used to repay in part or full 55 crore of 62.16 crore of its fund based borrowings as on 30 November, fund 95 crore of long-term working capital requirements and to attend to general corporate purpose, the prospectus said.

MTAR Technologies is engaged in the manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors.

Currently, the…

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