Nihilent – an IT solutions Firm has submitted the draft red herring papers (DRHP) with the market regulator the Securities and Exchange Board of India (Sebi) to float an IPO to raise funds.

The IPO comprises the fresh issue of shares worth around INR 250 crore and an offer for sale up to 21,25,599 equity stocks by Vastu IT Private Limited – a promoter group entity of Nihilent, according to the Draft papers submitted with Sebi.

The proceeds will be utilized for setting up a user experience laboratory, media laboratory and replacement & upgradation activities to fund inorganic development as well. These equity shares will be listed on NSE and BSE.

Headquarter in Pune, Nihilent is a consulting & IT solutions integration firm serving IT related services around the world.