TechEra Engineering, a supplier of aerospace and defense components, plans to raise Rs 35 crore through an initial public offering (IPO), according to sources. The company aims to list by the second half of July with a price band estimated between Rs 75-80.
The Maharashtra government is one of the key shareholders. The company plans to issue 43,77,600 shares, and if successful, TechEra will be valued at Rs 134 crore.
TechEra filed its draft red herring prospectus in March and is waiting for final approval from the NSE. The stock will be listed in the SME segment.
TechEra specializes in designing and supplying precision-engineered aerospace tools, components, and ground support equipment for defense and commercial sectors. Its clients include Hindustan Aeronautics, Tata Boeing, Tata Lockheed Martin, Godrej Aerospace, and Tata Technologies.
The company reported a revenue of Rs 26.59 crore in FY23, up from Rs 7.36 crore in FY22 and Rs 8.5 crore in FY21. It made a profit of Rs 1.3 crore in FY23 after losses in the previous two years. TechEra’s competitors in the listed space include Paras Defense and Azad Engineering.
