IT solutions firm Nihilent has filed its draft papers with market regulator Sebi to raise funds through an initial share sale.
The initial public offer (IPO) comprises fresh issuance of shares worth up to Rs 250 crore, besides an offer of sale OF around 21,25,599 equity stocks by promoter group entity Vastu IT Private Limited, according to the draft red herring prospectus (DRHP) filed with Sebi.
The funds garnered through the issue would be utilised for replacement and upgradation activities to fund inorganic growth and for setting up of a user experience laboratory as well as a media laboratory among others.
Motilal Oswal Investment Advisors will manage the the company's IPO. The equity shares will be listed on BSE and the National Stock Exchange (NSE).
Nihilent is a Pune-based consulting and information technology (IT) solutions integration firm.