Crizac, and Borana Weaves have received green signal from the capital markets regulator SEBI to float IPO for fund raising, as per the report on processing status of draft offer documents published on March 11.
The regulator has issued observation letter on the draft papers of Crizac and Borana Weaves on March 4 and March 7, respectively, allowing both companies to launch their initial public offerings (IPO) within the next one year.
The B2B education platform has filed draft red herring prospectus with the SEBI on November 18, 2024, to raise Rs 1,000 crore via maiden public issue. The IPO comprises of entirely an offer-for-sale by promoters Pinky Agarwal, and Manish Agarwal, with no fresh issue component.
Hence, the entire IPO proceeds will be received by these selling shareholders.
The Kolkata-based company offers international student recruitment solutions to global institutions of higher education in United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ), through agents.
Equirus Capital, and Anand Rathi Advisors will act as the book running lead managers to the issue.
Gujarat-based Borana Weaves, which filed draft papers for its IPO on November 16 last year, plans to float public issue of 70 lakh shares. It consists of solely fresh issue, hence all the IPO money (excluding offer expenses) will go to the company.
The textile manufacturer intends to utilise Rs 71.3 crore out of net fresh issue proceeds for establishing a new manufacturing unit to expand its production capabilities to produce grey fabric at Surat, and Rs 26.5 crore for incremental working capital requirements.
Beeline Capital Advisors will be the only merchant banker to the issue.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
