Mouri Tech refiles draft for Rs 1,500 crore issue; GK Energy files addendum to DRHP

Mouri Tech, an IT solutions and services provider, has refiled its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to proceed with an initial public offering (IPO) aiming to raise ₹1,500 crore. This IPO will comprise a fresh issue of up to ₹250 crore and an offer for sale of up to ₹1,250 crore by promoter and other selling shareholders. The company had previously submitted its DRHP in September 2024.

The offer for sale includes contributions from promoter selling shareholders Sujai Paturu, Anil Reddy Yerramreddy, and Srinivasu Rao Sandaka, with allocations of ₹726.30 crore, ₹370.60 crore, and ₹153.10 crore respectively. Mouri Tech, alongside its book-running lead manager, may also consider a pre-IPO placement aggregating up to ₹50 crore.

Proceeds from the fresh issue will be channelled towards investment in Mouri Tech's subsidiary, MT USA, as well as the repayment of certain borrowings, funding potential acquisitions, and general corporate purposes. The IPO is structured through a book-building process, allocating not more than 50% to qualified institutional buyers, 15% to non-institutional investors, and 35% to retail individual investors.

Mouri Tech operates with a distinct 'AI first' strategy, focusing on intelligent enterprise resource planning (iERP) and enterprise digital transformation. It delivers services across four practice areas: iERP, enterprise digital transformation, infrastructure services, and program management. The company's digital assets include templates, accelerators, frameworks, tools, and more.

As of December 31, 2024, Mouri Tech had acquired 119 new customers and maintained 554 active customer accounts. The company serves multiple industries, such as business services, energy, and life sciences, and operates in regions including the USA, Europe, the Middle East, Africa (EMEA), and India. The company was ranked 18th among the top 100 best companies to work for in India by the Great Place to Work Institute in 2023.

Nuvama Wealth Management, ICICI Securities and JM Financial are serving as the book-running lead managers for the IPO, while MUFG Intime India Private Limited acts as the registrar. The equity shares are proposed to be listed on NSE and BSE .

GK Energy, India's largest EPC provider of solar-powered agricultural pump systems, has filed an addendum to its DRHP with SEBI. As of September 2024, 1,342,327 solar pump systems were approved under the PM-KUSUM Scheme, with 42,778 installed by GK Energy, reflecting 8.56% of executed orders. IIFL Capital and HDFC Bank are managing the issue, with Link Intime as the registrar.

The Pune-based company reported significant financial growth over the past two fiscal years. Revenue surged from ₹285.03 crore in FY23 to ₹1,094.83 crore in FY25, while operating EBITDA climbed 11.6 times to ₹199.68 crore. Profit after tax rose dramatically to ₹133.20 crore, with a strong RoE of 63.71% and RoCE of 55.65% by fiscal 2025.

The IPO entails a fresh issue of ₹500 crore and an offer for sale of 8.4 million shares. Net proceeds aim to fund working capital and corporate purposes. GK Energy's order book was valued at ₹714.28 crore as of March 2025, showcasing robust demand. Link Intime India has been appointed as the registrar.