filed a draft red herring prospectus (DRHP) with the Securities Exchange Board of India for an initial public offering (IPO).The Hyderabad based precision engineering solutions company is likely to raise approximately ₹600-650 crore.The IPO will be a fresh issue of up to 4 million shares and an offer for sale of up to 8.22 million shares of face value of ₹10 a share.The proceeds from the fresh issue will be used to repay in part or full ₹55 crore of ₹62.16 crore of its fund based borrowings as on 30 November, fund ₹95 crore of long-term working capital requirements and to attend to general corporate purpose, the prospectus said.MTAR Technologies is engaged in the manufacturing and development of mission critical precision components with.