TechEra Engineering, an aerospace and defence component supplier, plans to raise Rs 35 crore through an initial public offering (IPO), sources told Moneycontrol.
The price band is estimated to be in the range of Rs 75-80 and the company is looking to list by the second half of July, according to a person familiar with the process. The Maharashtra government is among the key shareholders of the company.
As per the DRHP, the fresh issue size is of 43,77,600 shares. If the company is able to raise Rs 35 crore then it would be valued at Rs 134 crore.
The company filed its initial draft red herring prospectus in March, and is awaiting final approval from the NSE. The stock will be listed in the SME segment.
TechEra specialises in the design, development, and supply of precision-engineered aerospace tooling, critical components, fixtures, and ground support equipment for both defense and commercial sectors. Its clientele includes Hindustan Aeronautics, Tata Boeing, Tata Lockheed Martin, Godrej Aerospace, Tata Technologies, and others.
An email sent to the company said, "Below information and any other information, we can not disclose due to some confidential reason."
The company's product portfolio includes fan cowls—which cover aircraft engines—wings for fighter jets—and rear fuselages—the back part of the aircraft body—among other components.
As per the DRHP, TechEra reported a revenue of Rs 26.59 crore in FY23, compared to Rs 7.36 crore in FY22 and Rs 8.5 crore in FY21. It made a profit of Rs 1.3 crore in FY23, following losses of Rs 6.28 crore in FY22 and Rs 76,000 in FY21.
In the listed space, TechEra's direct competitors are Paras Defense and Azad Engineering.
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