Managed workplace solutions company IndiQube, agrochemical firm GSP Crop Science and FMCG player Ganesh Consumer Products have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday.
The three firms are looking to raise at least Rs 1,260 crore collectively through the initial share sale.
These firms filed their draft IPO papers with Sebi in December and obtained its observations during March 24-28, the update showed.
In Sebi's parlance, obtaining observation means its go-ahead to float the public issue.
Meanwhile, Sebi has returned the draft IPO papers of two firms — EAAA India Alternatives Ltd (EAAA), an Edelweiss subsidiary, and Neelkanth Realtors, as per the update.
Besides, GNG Electronics and Anlon Healthcare have withdrawn their IPO papers on March 24 and March 28, respectively, amid volatile equity markets. GNG Electronics and Anlon Healthcare approached Sebi with their draft papers in December and February, respectively.
As for the IndiQube issue, the Bengaluru-based company's proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 750 crore and an Offer for Sale (OFS) of equity shares aggregating up to Rs 100 crore, according to the Draft Red Herring Prospectus (DRHP).
The company proposes to utilise Rs 426.6 crore of the fresh issue towards funding capital expenditure, Rs 100 crore for payment of debt and balance towards general corporate purposes.
Led by co-founders Rishi Das and Meghna Agarwal, the company is backed by prominent venture capital firm, WestBridge Capital and renowned individual investor, Ashish Gupta.
Ahmedabad-based GSP Crop Science's IPO is a mix of fresh issue of shares worth Rs 280 crore and an OFS of 60 lakh equity shares by promoters. The offer also includes a reservation for a subscription by employees.
Proceeds from the fresh issue to the tune of Rs 200 crore will be used for payment of debt and a portion will be utilised for general corporate purposes.
Ganesh Consumer Products' proposed IPO comprises a fresh issue of shares worth up to Rs 130 crore and OFS of up to 1.24 crore equity shares by promoters and investors.
Proceeds from the fresh issue will be utilised to prepay debt by Rs 50 crore and for capital expenditure for setting up a new manufacturing unit in Darjeeling, West Bengal at Rs 50 crore, and for general corporate purposes.
Shares of these firms will be listed on the BSE and NSE.
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