New Delhi, Jan 8 (PTI) IT solution provider Mouri Tech and Ahmedabad-based pharmaceutical company Amanta Healthcare have withdrawn their initial public offerings (IPOs).

The companies had filed their Draft Red Herring Prospectus (DRHP) for the proposed IPO in September-October 2024 with the Securities and Exchange Board of India (Sebi).

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However, the draft offer documents for the IPOs were withdrawn in December last year and the reasons for the withdrawal have not been disclosed, an update with Sebi showed on Wednesday.

Going by the draft papers of Hyderabad-based Mouri Tech's proposed IPO comprises a fresh issue of equity shares worth Rs 440 crore and an offer-for-sale (OFS) of shares worth Rs 1,060 crore by promoters and an existing shareholder.

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Under the OFS, promoters Sujai Paturu and Anil Reddy Yerramreddy will sell shares worth Rs 615 crore and Rs 316 crore, respectively. Further, existing shareholder Srinivasu Rao Sandaka intends to offload equity shares valued at Rs 129 crore.

Proceeds from the fresh issue to the tune of Rs 165 crore will be used for debt payment of its subsidiary MT USA 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.

Mouri Tech has a presence in the US, Europe, the Middle East and Africa (EMEA) and India. The company has delivery centres in Telangana, Karnataka, Tamil Nadu, and Maharashtra, etc.

The company competes with TCS, Infosys, Wipro, HCL, and Tech Mahindra, among others, as per the F&S report.

As per DRHP, Amanta Healthcare's proposed public issue was entirely a fresh issue of 1.25 crore equity shares.

The company manufactures medical devices and sterile liquid products - parenteral products, which are used in cases where patients cannot intake drugs through the oral route or when the drugs are not suitable for oral intake. Incorporated in 1994, Bhavesh Patel-promoted Amanta has 113 active product registrations with international authorities.

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