MV Electrosystems has received the Securities and Exchange Board of India’s (SEBI's) approval to raise Rs 290 crore through an initial public offering (IPO). The company's maiden public offering is a completely fresh issue of equity shares.

Proceeds from the fresh issue worth Rs 180 crore will be used for funding long-term working capital requirements of the company, Rs 21 crore for investment in research, design and development activities for new power electronic equipment, and a portion will be used for general corporate purposes. Sundae Capital Advisors is the book-running lead manager to the company's public issue. The shares of the company are proposed to be listed on BSE and NSE. 

MV Electrosystems is a technology-driven company engaged in the design, development, assembly and manufacturing of electrical & power electronics equipment used in railway rolling stock. Its product portfolio includes switchgear panels for railway coaches, cable protection and management products and electrical components.