New Delhi: Precision engineering company Shivalik Engineering Industries Ltd has filed draft papers with the market regulator Sebi to raise funds through an initial public offering (IPO).The IPO is a mix of fresh issue of shares worth Rs335 crore and an offer for sale of up to 41.3 lakh equity shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed with Sebi.

The public issue also includes a reservation for a subscription by eligible employees. The Raipur-based company intends to utilise the net proceeds from the fresh issuance to the extent of Rs 179.24 crore for setting up a solar plant, Rs 50 crore for expansion of existing foundry capacity by setting up a new foundry line, besides a portion of funds will be used for general corporate purpose.

Shivalik Engineering Industries began its operations in 2007 with a focus on manufacturing casting components, including high-quality metal parts for various sectors like automotive, agriculture, railways, and off-highway industries. The company provides end-to-end solutions, covering the entire value chain through vertically integrated operations -- from design and precision engineering to melting, casting, cleaning, machining, assembly, and reverse engineering services.