New Delhi: Agro-processing equipment maker Milltec Machinery Ltd has filed draft papers with the Securities and Exchange Board of India to raise an estimated Rs500 crore through an initial public offering (IPO).

The Milltec Machinery IPO will see a sale of up to 37,51,499 equity shares, amounting to a 37.5% stake in the company, by Renuka Ramnath-led private equity firm Multiples Alternate Asset Management (Multiples PE) and promoters, draft papers showed. Multiples PE will sell 22.5%, while promoter will divest 15% holding in the company.

According to merchant banking sources, the public issue is expected to fetch 500 crore. Through the IPO, the company looks to achieve the benefits of listing the shares on stock exchanges and facilitate the sale of shares by the shareholders.

Motilal Oswal Investment Advisors and IIFL Holdings will manage the company’s public issue.

As on 31 March, the company’s net worth was 105.5 crore. Milltec is a leading agro-processing equipment manufacturer in the country, with sales and distribution network in India and overseas. Its portfolio includes equipment to facilitate the processing of rice, pulses, wheat, seeds, and maize.