The capital markets regulator SEBI has given a green signal to four companies, namely Arkade Developers, CJ Darcl Logistics, Juniper Hotels, and Indo Farm Equipment to float their initial public offerings for fund raising.
Indo Farm Equipment received observation letter for its IPO papers on January 24, and CJ Darcl Logistics on January 31, while the SEBI issued the said letter to Arkade Developers and Juniper Hotels on January 29.
In SEBI parlance, the issuance of observation letter means the company can be ready to launch its IPO within one year from the receipt of the said letter.
The Mumbai-based real estate developer has filed the draft papers with the SEBI on August 31 last year, to raise Rs 430 crore through a public issue. This is entirely a fresh issue by the company.
Arkade may consider a pre-IPO placement of up to Rs 20 crore before the filing of red herring prospectus with the Registrar of Companies (ROC).
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The company will deploy Rs 270 crore of the net fresh issue proceeds for development of ongoing projects, and upcoming projects. And the remaining fresh issue money will be utilised for acquisition of yet-to-be identified land for real estate projects and general corporate purposes.
Unistone Capital is the sole book running lead manager to the issue.
The Mumbai-based hotel chain, which had filed draft papers in September last year, is planning to mobilise Rs 1,800 crore through its maiden public issue. The IPO comprises only a fresh issue by the company.
The Saraf and Hyatt-owned luxury hotel development and ownership company may also consider a pre-IPO placement of up Rs 350 crore, prior to filing of the red herring prospectus with the ROC.
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Juniper will utilise Rs 1,500 crore of the net fresh issue proceeds for repaying outstanding borrowings.
As of March 2023, the company and subsidiary MHPL had outstanding borrowings of Rs 2,045.6 crore, while its subsidiary CHPL (including CHHPL) had debt on its books at Rs 201.8 crore.
JM Financial, CLSA India, and ICICI Securities are acting as merchant bankers to the issue.
The Gurugram-based logistics company filed draft red herring prospectus with the capital markets regulator on September 27 last year. The IPO is a mix of fresh issuance of shares worth Rs 340 crore by the company and an offer-for-sale (OFS) of 54.31 lakh equity shares.
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Promoters Krishan Kumar Agarwal, Roshan Lal Agarwal, and Narender Kumar Agarwal along with other family members are the selling shareholders in the OFS.
CJ Darcl Logistics, in consultation with the merchant bankers, may consider issue of equity shares worth Rs 68 crore in a pre-IPO placement before the filing of the RHP with the RoC.
The company will spend Rs 240 crore of the fresh issue proceeds for repaying debts, and Rs 10 crore for capital expenditure requirements towards purchase of electric vehicles.
The book running lead managers to the issue are ICICI Securities, Axis Capital, and Mirae Asset Capital Markets (India).
The Chandigarh-based tractors, pick & carry cranes manufacturer is planning to come out with the public issue of 1.4 crore equity shares, which consists of a fresh issue of 1.05 crore equity shares and an OFS of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.
Further, the company and the promoter selling shareholder is also considering a pre-IPO placement of up to 19 lakh equity shares.
Indo Farm Equipment intends to utilise net fresh issue proceeds for setting up new dedicated unit for expansion of pick & carry cranes manufacturing capacity, repaying debts, and investment in NBFC subsidiary, Barota Finance, for financing the augmentation of its capital base to meet its future capital requirements.
Aryaman Financial Services is the sole book running lead manager to the issue.
Meanwhile, the SEBI has returned the draft papers filed by Kronox Lab Sciences and Shree Tirupati Balajee Agro Trading on January 23 and January 29 this year, respectively, while the issuance of observations with respect to Asirvad Micro Finance IPO has been kept in abeyance.
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