Sequoia Capital has filed preliminary papers with markets regulator Sebi to raise about Rs 1,000 crore through an initial public offering (IPO).

The fresh issuance of IPO aggregates to Rs 300 crore and an offer-for-sale of up to 58,40,000 equity shares by private equity firm Sequoia Capital, through its two funds SCI Investments IV and SCI Investments V, and promoter, Hemant Jalan, according to the draft red herring prospectus (DRHP).

Reports suggest that the IPO is expected to fetch Rs 1,000 crore.

Net proceeds from the issue would be used for expansion of the existing manufacturing facility at Pudukkottai in Tamil Nadu, for purchasing of tinting machines and gyro shakers and repayment/prepayment of borrowings.

Kotak Mahindra Capital Company, Edelweiss Financial Services and ICICI Securities are the book running lead managers to the issue.

As of September 30, 2020, the company has three manufacturing facilities located in Rajasthan, Kerala and Tamil Nadu.