Four IPOs including JNK India, Entero Healthcare, Exicom Tele-Systems get SEBI approval for IPO launch

JNK India, Entero Healthcare, Exicom Tele-Systems IPOs get SEBI approval

The capital markets regulator SEBI has given its approval to five companies namely JNK India, Entero Healthcare Solutions, Exicom Tele-Systems, and Akme Fintrade to go ahead with the IPO plans.

Entero Healthcare Solutions received an observation letter from the market regulator on January 16, while JNK India and Akme Fintrade got the same letter on January 18. The SEBI issued the said letter to Exicom Tele-Systems on January 19.

As per the SEBI, the issuance of an observation letter means the company can launch its initial public offering within one year from the allotment date of the observation letter.

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Maharashtra-based JNK India filed preliminary papers with the regulator on August 22 last year. The IPO is a mix of fresh issuance of shares worth Rs 300 crore and an offer for sale (OFS) of 84.21 lakh equity shares by the existing shareholders including promoters.

Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters, and Mascot Capital and Marketing are the promoters, planning to sell more than 80 lakh shares in the OFS, and the rest of the shares will be sold by Milind Joshi.

Further, before the filing of the red herring prospectus (RHP) with the ROC, the heating equipment maker may raise Rs 60 crore in a pre-IPO placement.

JNK India intends to utilise Rs 275.72 crore of the net fresh issue proceeds for its working capital requirements, and the remaining for general corporate purposes.

IIFL Securities and ICICI Securities are the merchant bankers to the issue.

The Haryana-based healthcare products distribution platform is planning an IPO consisting of a fresh issuance of shares worth Rs 1,000 crore and an OFS of 85,57,597 equity shares by selling shareholders. It had filed draft papers for IPO on September 13, 2023.

A total of 19 shareholders will be selling stakes in the OFS of the company, including promoter Prabhat Agrawal, and corporate promoter OrbiMed Asia III Mauritius.

Further, Entero Healthcare, which is among the top three healthcare products distributors in India with a network of 81,400 retail pharmacies in FY23, may also consider fundraising of Rs 200 crore via private placement, before the filing of RHP with the ROC.

The book-running lead managers to the issue are ICICI Securities, DAM Capital Advisors, Jefferies India, JM Financial, and SBI Capital Markets.

The EV charging solutions company Exicom Tele-Systems filed draft papers on September 27 last year. Its initial public offering consists of a fresh issue of Rs 400 crore and an offer-for-sale of 74 lakh equity shares by promoter NextWave Communications.

It may also consider raising Rs 80 crore amount in a pre-IPO placement before the filing of RHP with the ROC.

Incorporated in 1994, the power management solutions provider operates in the electric vehicle supply equipment (EV charger) solutions business, and critical power solutions business.

Exicom intends to use Rs 151.47 crore of the net fresh issue proceeds for setting up production/assembly lines at the Telangana manufacturing facility, Rs 50.3 crore for repaying debts, Rs 69 crore for incremental working capital requirements, and Rs 40 crore for investment in R&D and product development.

Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services will act as merchant bankers to the issue.

The Rajasthan-based non-banking finance company had filed draft papers with the regulator in June 2023, for fundraising through a maiden public issue. The IPO consists of only a fresh issue of 1.1 crore equity shares by the company.

The fresh issue money will be utilised mainly for augmenting the company's capital base to meet future capital requirements.

The book-running lead manager to the issue is Gretex Corporate Services.

Meanwhile, the SEBI has returned the IPO papers to Stallion India Fluorochemicals on January 19. The company had filed the said draft papers in December last year.