12 more companies to enter the IPO street! Sebi gives approval to Hella Infra Market, Oswal Cables & more
These firms are Hella Infra Market, the parent company of construction-tech platform Infra.Market, Purple Style Labs, Jay Jagdamba Ltd, UKB Electronics, CMR Green Technologies, Transline Technologies, Medicap Healthcare, Oswal Cables, BVG India, Sai Parenteral’s, Commtel Networks and Sify Infinit Spaces. All 12 firms had submitted their draft IPO papers to Sebi between June and October.
The regulator issued its observations between January 19 and January 23, which, in regulatory terms, amounts to approval to proceed with a public issue. Hella Infra Market, the parent company of Infra.Market and backed by Tiger Global, had proposed an IPO in the range of Rs 4,500 crore to Rs 5,500 crore and filed its papers through Sebi’s confidential pre-filing route in October last year, market sources told PTI.
The issue is planned as a mix of fresh equity issuance and an offer for sale by existing shareholders. Sify Infinit Spaces Ltd, a subsidiary of Sify Technologies, has planned a public issue combining a fresh issue of equity shares worth Rs 2,500 crore with an offer for sale valued at Rs 1,200 crore. Purple Style Labs, which operates luxury fashion platform Pernia’s Pop-Up Shop, aims to raise Rs 660 crore through an IPO that will consist entirely of a fresh equity issue. Transline Technologies, which provides video surveillance and biometric solutions, has proposed a public issue structured solely as an offer for sale of 1.62 crore equity shares by promoters and a shareholder. UKB Electronics, an electronic manufacturing services company based in Noida, has planned an IPO comprising a fresh issue of shares of up to Rs 400 crore, along with an offer for sale of shares worth another Rs 400 crore. Non-ferrous metal recycler CMR Green Technologies Ltd has proposed its IPO as a complete offer for sale of 4.28 crore equity shares, as stated in its draft red herring prospectus. Oswal Cables has proposed to raise Rs 300 crore through a fresh issue of equity shares, alongside an offer for sale of up to 2.22 crore equity shares.
The company said the funds from the fresh issue will be used for setting up a new project, repaying debt and meeting general corporate requirements. Facility management services provider BVG India has lined up an IPO comprising a fresh issue worth Rs 300 crore and an offer for sale of up to 2.85 crore equity shares by existing shareholders. Commtel Networks has planned a Rs 900-crore public issue, which includes a fresh issue of Rs 150 crore and an offer for sale of Rs 750 crore.
The company said the fresh issue proceeds will be primarily used to repay debt.
