IGI, Ecom Express, Smartworks Coworking, Trualt Bio, Ventive Hospitality,Carraro, Concord Enviro get SEBI nod to float IPOs

IPO Plans

International Gemological Institute of India, Ecom Express, Smartworks Coworking Spaces, Trualt Bioenergy, Carraro India, Concord Enviro System, and Ventive Hospitality have received approval from the capital markets regulator SEBI to launch their IPOs.

The regulator has issued observation letter on draft papers to Concord Enviro System on November 26, and Trualt Bioenergy on November 27, and Ecom Express and Carraro India on November 29, while International Gemological Institute of India, Smartworks Coworking Spaces, and Ventive Hospitality received observation letters on their IPO papers on November 28.

The receipt of observation letter from the regulator means the company can come out with its initial public offering (IPO) for fund raising within the next one year from the date of observation letter.

International Gemmological Institute of India IPO

Blackstone-owned International Gemmological Institute of India (IGI), which had filed preliminary papers with the SEBI on August 22, is planning to raise Rs 4,000 crore through an initial public offering.

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India's largest independent certification and accreditation services provider's IPO is a combination of fresh issuance of equity shares worth Rs 1,250 crore, and an offer-for-sale of shares worth Rs 2,750 crore by the sole promoter BCP Asia II TopCo Pte Ltd, an affiliate of funds managed and advised by affiliates of Blackstone.

IGI provides services of the certification and accreditation of natural diamonds, laboratory grown diamonds, studded jewellery and coloured stones as well as the offering of educational programs.

Ecom Express IPO

Ecom Express, which is backed by Warburg Pincus, Partners Group, and British International Investment, is looking to raise Rs 2,600 crore via initial share sale. It had filed draft papers with the regulator on August 15.

The IPO by the Gurugram-based B2C e-commerce logistics solutions provider comprises of fresh issue of shares worth Rs 1,284.5 crore and an offer-for-sale (OFS) of up to Rs 1,315.5 crore by promoters and investors.

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Smartworks Coworking Spaces IPO

Global asset manager Keppel-backed Smartworks Coworking Spaces had filed draft red herring prospectus (DRHP) with the regulator on August 14 to raise funds via IPO. Its initial share sale is a mix of fresh issuance of equity shares worth Rs 550 crore, and an offer-for-sale of 67.59 lakh equity shares by the existing equity shareholders.

Promoters NS Niketan LLP and SNS Infrarealty LLP, and investor Space Solutions India Pte will be the selling shareholders in the offer-for-sale by the Gurugram-based largest managed campus operator.

The company, which competes with Awfis Space Solutions, has a presence in 13 cities (including Bengaluru, Pune, Hyderabad, Gurugram, Mumbai, Noida and Chennai), comprising 41 centres with total SBA (super built-up area) of 8 million square feet as of March 2024.

TruAlt Bioenergy IPO

TruAlt Bioenergy, one of India’s largest biofuels producers, had approached SEBI on August 16 with preliminary papers for fund raising via IPO. Its initial public offering consists of fresh issue of shares worth Rs 750 crore, and an offer-for-sale of 36 lakh shares by promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani.

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Promoters hold 88.20 percent stake in the Bengaluru-based company and the remaining 11.8 percent stake is held by public shareholders including Chartered Finance and Leasing, and Vikasa India EIF I Fund.

Carraro India IPO

Italy's Carraro Group-owned Carraro India is also planning to raise funds via IPO as it had filed draft papers with the regulator on August 23.

Carraro India, which manufactures axles and transmission systems for agricultural tractors and construction vehicles, intends to mobilise Rs 1,811.65 crore via initial share sale which comprises of entirely an offer-for-sale by promoter Carraro International SE, a part of the Carraro S.p.A. Hence, the entire issue proceeds will go the selling shareholder, and the company will not receive any funds from the IPO.

Concord Enviro System IPO

Mauritius-based AF Holdings-backed Concord Enviro Systems had filed draft red herring prospectus with the SEBI on August 27. Its IPO is a combination of a fresh issuance of shares worth Rs 192.3 crore, and an offer-for-sale of 51.94 lakh equity shares by the existing shareholders.

AF Holdings, the only investor in the water and wastewater treatment solutions provider with 39.07 percent stake, will be selling 47.4 lakh equity shares via OFS, and the remaining 4.54 lakh shares will be offloaded by the Goel family. Promoter Goel family holds 60.93 percent shareholding in the Mumbai-based company.

Ventive Hospitality IPO

Pune-based Ventive Hospitality, a joint venture between Panchshil Realty and Blackstone, plans to raise Rs 2,000 crore via public issue. It had filed preliminary papers for its IPO with the SEBI on September 10.

The IPO is solely a fresh issue by the hospitality asset owner which focusses on luxury offerings across business and leisure segments, with no offer-for-sale component.

All of its hospitality assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere. Its portfolio comprises 11 operational hospitality assets in India and Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as of March 2024.

However, the SEBI has kept the issuance of observations on the IPO papers of JSW Cement in abeyance since September. The JSW Group-backed cement company is planning to raise Rs 4,000 crore via IPO.