New Delhi. Mouri Tech, a leading global enterprise IT solutions and services company delivering a comprehensive portfolio of services, with a focus on end-to-end capabilities in intelligent enterprise resource planning (“iERP”) and enterprise digital transformation has filed its draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) to raise Rs 1,500 crore through an initial public offering (IPO).
The IPO with a face value of Rs 10 per equity share is a mix of fresh issue and OFS. The IPO comprises fresh issue of equity shares worth Rs 440 crore, and an offer-for-sale of shares worth Rs 1,060 crore by existing shareholders. The offer includes a reservation for subscription by eligible employees.
Promoters Sujai Paturu, and Anil Reddy Yerramreddy will be selling shares worth Rs 615 crore, and Rs 316 crore, respectively in the offer-for-sale. Non-promoter Srinivasu Rao Sandaka intends to offload equity shares worth Rs 129 crore.
The company, in consultation with the book-running lead managers may consider a Pre-IPO Placement, aggregating up to Rs 88 crores prior to filing of the Red Herring Prospectus. If such placement is completed, the fresh issue size will be reduced.
Mouri Tech proposes to utilize Rs. 165 cr from the Net Proceeds towards funding investment in one of its Material Subsidiaries, MT USA, for the repayment / prepayment, in full or in part, of certain outstanding borrowings availed by it and Rs. 125 cr for its working capital requirements. Further, the remaining funds will be utilised for inorganic growth through unidentified acquisitions and general corporate purposes.
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, and not less than 15% shall be available for allocation to non-institutional bidders. Not less than 35% of the offer shall be available for allocation to retail individual investors.
Hyderabad based Mouri Tech operates across four practice areas such as iERP, enterprise digital transformation, infrastructure services, and program management and serves to a large base of customers whose operations are diversified across industries such as business services, energy and utilities, non-profit and public sector, professional services, hospitality, media and entertainment, manufacturing, life sciences, logistics and transportation.
The company has presence in USA, Europe, the Middle East and Africa (“EMEA”) and India. For Fiscals 2024, 2023 and 2022, company’s revenue from customers located in the USA was ₹ 940.14 cr, ₹ 914.56 cr and ₹ 672.1 cr, representing 82.38%, 83.16% and 81.19% of its revenue from operations, respectively, with the remaining revenue predominantly generated from India and the EMEA region.
Over the years, Mouri Tech have established a strong market presence in India, with delivery centers strategically located in Hyderabad (Telangana), Bengaluru (Karnataka), Chennai (Tamil Nadu), Visakhapatnam (Andhra Pradesh), Kolhapur (Maharashtra) and Indore (Madhya Pradesh).
Mouri Tech’s portfolio includes in-house developed IT assets that encompass industry, business processes, and technological expertise. These IT assets are further classified into templates, accelerators, frameworks, tools, products, process maps, best practices, performance metrics, industry solutions, assessments, and methodologies.
Mouri Tech is led by the Promoter, Non-Executive Chairman, Anil Reddy Yerramreddy and competes with TCS, Infosys, Wipro, HCL, Tech Mahindra, LTI Mindtree, Persistent Systems, Coforge, Happiest Minds, Birlasoft, Mphasis, Sonata and Zensa etc, as per the F&S report.
The Global Technology landscape continues to evolve in response to shifting workplace dynamics, digital transformation imperatives, and innovation demands. IT services, software, and Engineering Research and Development (“ER&D”) segments are expected to see sustained growth, driven by a commitment to modernization and technology-driven solutions. The global technology market is expected to grow to a size of USD 6,967.9 billion by 2027 at a compound annual growth rate (“CAGR”) of 8.3% (2024 to 2027).
Nuvama Wealth Management Limited, ICICI Securities Limited, JM Financial Limited are the book-running lead managers to the issue and Link Intime India Private Limited is the registrar to the offer.
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