A2Z Maintenance & Engineering Plans IPO

Engineering and construction firm A2Z Maintenance & Engineering Services plans an initial public offer to raise up to Rs.350 crore to fund its expansion projects.

He said the company was likely to file draft red herring prospectus by the month-end. It may sell about 10% of its total equity through the public issue.

A2Z, started in 2002 as a facility management services company, evolved into engineering, procurement and construction services provider to power transmission and distribution companies.

It diversified into waste management and plans to scale up this business after the IPO. The IPO proceeds are proposed to be utilised to fund the company's several projects across the renewable energy and waste management.

Mittal and his family hold about 55% stake in the company that is likely to be about 50% post issue. Rakesh Jhunjhunwala, Beacon India and India Equity Partners hold the rest. A familiar person to the development says that one of the private equity investors is likely to exit during the IPO.