Khaitan & Co. has advised precision components maker Milestone Gears on filing the draft red herring prospectus (DRHP) for its INR 1,100 crore proposed IPO. Trilegal and Hogan Lovells have acted as the domestic and international counsels respectively to the book running lead managers on this transaction.
Milestone has proposed to issue fresh shares aggregating to INR 800 crore, and its promoters and other selling shareholders will be selling INR 300 crore worth shares via offer-for-sale.
JM Financial, Axis Capital and Motilal Oswal Investment Advisors have acted as the BRLMs to the company.
Milestone Gears is a manufacturer of high-precision, complex engineered transmission components that have applications across multiple sectors, including tractors, construction equipment, electric vehicles (EVs), locomotives, windmills and other heavy industries.
According to reports, Milestone intends to use INR 356.8 crore of fresh issue proceeds for repayment of certain outstanding borrowings which currently is approximately INR 380.8 crore. The company wants to spend approximately 296.4 crore on building a new manufacturing facility in Solan, Himachal Pradesh, while the remaining funds would be used for general corporate purposes.
Khaitan’s deal team included partners Gautham Srinivas and Sathvik Ponnappa, principal associate Sanjeev Chowdhary and associates Mainak Pani, Vidushi Tanya, Aditi Dubey, Harshitha Kiran and Anushaka Sharma.
Trilegal’s capital markets team included partner Albin Thomas, and supported by counsel Malika Grewal and associates Janhavi Shah, Kavya Krishnaswamy, Adhish Mohanty, and Sanskriti Singh.
The Hogan Lovells capital markets team is led by head of India practice and Dubai office managing partner Biswajit Chatterjee with support from counsel Kaustubh George, senior associate Aditya Rajput and associate Purva Mishra.
