Belrise Industries and Paramesu Biotech have received approval from the capital market regulator Sebi to go ahead with their proposed IPO, while SFC Environmental Technologies and Advanced Systek withdrew their draft papers in February 2025.
As per Sebi’s update on March 4, the regulator issued observation letter on the IPO papers of Belrise Industries on February 25, and that of Paramesu Biotech on February 28. The issuance of observation letter means a company can float its initial public offering (IPO) within the next year from the date of the said letter.
The Maharashtra-based automotive component manufacturer, which has filed draft red herring prospectus with the SEBI on November 19 (2024), plans to raise Rs 2,150 crore through its maiden public issue. The IPO consists of solely fresh issue with no offer-for-sale.
The company may consider raising up to Rs 430 crore in a pre-IPO round. If it manages to close this fund raise, the fresh issue size will be reduced to the extent of such amount.
The IPO funds will be mainly utilised for repaying debt amounting to Rs 1,618.1 crore. Its total borrowings stood at Rs 2,588 crore till the end of September 2024.
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Owned by the Badve family, Belrise offers safety critical systems and other engineering solutions for automobile companies, including metal chassis systems, polymer components, suspension systems, body-in-white components and exhaust systems.
Axis Capital, HSBC Securities and Capital Markets (India), Jefferies India, and SBI Capital Markets are handling the Belrise public issue.
The maize-based speciality products maker had filed DRHP on November 7, 2024, looking to raise Rs 600 crore via initial share sale. The IPO comprises of fresh issuance of equity shares worth Rs 520 crore, and an offer-for-sale of Rs 80 crore worth of shares by promoter Unimark Business Solutions.
The Andhra Pradesh-based corporate may consider raising up to Rs 90 crore in the pre-IPO placement. The said amount, if raised, will be reduced from the fresh issue.
Paramesu Biotech offers diversified portfolio of maize-based speciality products, including native maize starch, modified maize starches, liquid glucose, maltodextrin powder, and co-products (germs, gluten, fiber, corn steep liquour and enriched fibre) intends to utilise Rs 330 crore out of the net fresh issue proceeds for setting up of new plant of 1,200 TPD at proposed facility in Mohasa – Babai, Madhya Pradesh.
Further, Rs 85 crore will be used for repayment of debt, and the remainder for general corporate purposes.
Pantomath Capital Advisors will act as a book running lead manager for the issue.
However, SFC Environmental Technologies as well as Advanced Systek have withdrawn their IPO papers on February 27.
Mumbai-based Wastewater treatment and solid waste treatment solutions provider SFC Environmental had filed preliminary papers with the SEBI on December 2 last year. The IPO was a mix of fresh issue of Rs 185 crore, and an offer-for-sale of 1.08 crore shares by existing shareholders.
Industrial automation solutions provider Advanced Systek had filed draft papers with the regulator on February 6, 2025. It was planning to raise Rs 115 crore via fresh issue and some more amount by selling 15.27 lakh shares via offer-for-sale.
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