The Securities and Exchange Board of India (Sebi) has given approval to six companies for going ahead with their initial public offering. Here’s all you need to know.
The six companies are Aptus Value Housing Finance, CarTrade Tech, Supriya Lifescience, Krsnaa Diagnostics, Vijaya Diagnostic Centre and Ami Organics.
It may be noted that the six firms had earlier filed their respective preliminary IPO papers with the market regulator between May and June, obtained their observations during July 19-23, as per a Sebi update.
APTUS VALUE IPO
Aptus Value’s IPO comprises a fresh issue of equity shares worth Rs 500 crore and an offer for sale of up to 64 lakh equity shares by the promoter and existing shareholders. This is according to the company’s draft red herring prospectus.
The proceeds from the fresh issue will be used for augmenting the company’s capital base besides meeting future growth requirements. The IPO is expected to raise Rs 2,600 crore to Rs 3,000 crore, according to merchant banking sources quoted in a PTI news report.
CARTRADE TECH IPO
Online auto classifieds platform CarTrade Tech’s IPO will be entirely an OFS, comprising over 12 lakh equity shares.
Some investors participating in the OFS are CMDB II (16.07 lakh equity shares), Highdell Investment Limited (53.79 lakh shares), MacRitchie Investments Pte Ltd (35.68 lakh shares), Springfield Venture International (11.24 lakh shares), and Bina Vinod Sanghi (1.83 lakh shares).
At the moment, CMDB II holds an 11.93 per cent stake in CarTrade Tech while Highdell Investment owns a 34.44 per cent stake. MacRitchie Investment has 26.48 per cent shareholding and Springfield Venture International holds just over 7 per cent stake in the company.
SUPRIYA LIFESCIENCE IPO
Supriya Lifescience’s IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer for sale of up to Rs 1,000 crore by its promoter Satish Waman Wagh.
The company plans to use the proceeds from the fresh issue for funding capital expenditure requirements, repaying debt and general corporate purposes.
It is worth mentioning that Supriya Lifescience is one of the key Indian manufacturers and suppliers of active pharmaceutical ingredients (APIs), with a high focus on research and development.
KRSNAA DIAGNOSTICS IPO
Krsnaa Diagnostics’ public offering comprises a fresh issue of equity shares worth Rs 400 crore and an OFS of up to 94 lakh shares by its existing shareholders.
Those offering shares in the OFS are Phi Capital, Kitara, Somerset Indus Healthcare Fund Ltd and Lotus Management Solutions.
The company plans to use the proceeds from the fresh issue for financing the cost of establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh and Maharashtra. Part of the proceeds will also be used for repayment of loans availed by the company and general corporate purposes.
VIJAYA DIAGNOSTICS IPO
The company’s public issue is entirely an offer for sale like CarTrade Tech. The OFS comprises the sale of over 35 lakh equity shares by the promoter S Surendranath Reddy and investors Karakoram Ltd and Kedraara Capital Alternative Investment Fund.
The initial share sale will see a stake dilution of 35 per cent by the promoter and existing shareholders.
AMI ORGANICS IPO
Speciality chemicals maker Ami Organics’ initial public offering comprises a fresh issue of equity shares worth Rs 300 crore and an OFS of just over 6 lakh equity shares by the promoter and existing shareholders.
The company will utilise Rs 140 crore from the IPO proceeds towards the repayment of certain debt and Rs 90 crore for funding working capital requirements.
It may be noted that Ami Organics is one of the leading R&D driven manufacturers of speciality chemicals with varied end usage, focused on the development and manufacturing of pharma intermediates for regulated and genetic APIs and new chemical entity and key starting material for agrochemical and final chemicals.
News Credit : India Today
