HYDERABAD: Integrated design, engineering and manufacturing player, Ardee Engineering Limited, has received approval from the capital markets regulator, Securities & Exchange Board of India (Sebi), for its Rs 580 crore initial public offering (IPO).The IPO of the Hyderabad-based company, which is into pre-engineered buildings (PEB), material handling systems (MHS) and engineering services, comprises a fresh issue of shares aggregating up to Rs 500 crore as well as an offer for sale of shares amounting to around Rs 80 crore by the promoter Chandra Sekhar Moturu. The equity shares of the company are proposed to be listed on BSE and NSE.As, per the draft red herring prospectus (DRHP), the company plans to utilise Rs 279.6 crore from the net proceeds of the fresh issue towards capex in setting up two new manufacturing facilities at Seetharampur in Telangana, another Rs 44.8 crore in setting up a new integrated manufacturing facility at Parawada in Andhra Pradesh.It also plans to use Rs 65 crore for prepayment or repayment of certain outstanding borrowings of the company and the rest towards general corporate purposes.Ardee, which was set up in 2008 and caters to players such as ArcelorMittal Nippon Steel India Limited, JK Cement Limited and Navayuga Engineering across sectors such as e-commerce & logistics, electronics manufacturing, defence, aerospace, steel production, construction, power generation, and mining through five manufacturing units in Telangana and Andhra Pradesh.As on March 31, 2024, Ardee had an aggregate installed capacity of 44,144 metric tonnes per annum (MTPA) and clocked a profit after tax of Rs 29 crore on revenues from operations of Rs 620 crore in FY24.IIFL Capital Services Limited and JM Financial Limited are the book running lead managers to the issue.