Indira IVF, Rays Of Belief, Tempsens Instruments, and Jerai Fitness among eight Initial Public Offerings (IPOs) received approval from capital markets regulator SEBI this week, setting the stage to go ahead with further IPO plans. The regulator also approved IPO papers of Chartered Speed, Glass Wall Systems (India), Shriram Food Industry, and RKCPL.
The SEBI has issued observations on the Pre-Filed Draft Red Herring Prospectus (i.e. filed via confidential route) of Indira IVF, and Rays Of Belief on December 30 and 31, while Tempsens Instruments has received observations on its IPO papers from the regulator on December 26, Glass Wall Systems on December 29, Shriram Food Industry on December 30, RKCPL and Jerai Fitness on December 31, and Chartered Speed on January 2.
The issuance of observations on the draft document by the SEBI allows the company to launch its IPO for public subscription within the next one year, while the company that files IPO papers via confidential route gets 18 months to float its IPO after receiving observations on Pre-Filed DRHP as now it needs to file Updated DRHP with SEBI followed by RHP filing for IPO.
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Swedish investment giant EQT-backed top fertility clinic chain Indira IVF filed its draft document via confidential route with SEBI in July this year. Moneycontrol was the first to report in the said month that the company revived its IPO plans and would soon submit preliminary documents for a listing that may fetch Rs 3,500 crore ($408 million). It is expected to be a pure offer-for-sale with no fresh issue component.
Earlier, the company that backed by private equity firm EQT AB had filed draft papers with SEBI in February this year, which consequently was withdrawn in March.
Incorporated in 2017, Rays Of Belief, the parent company of child development and therapy organisation Mom's Belief founded by Nitin Bindlish, filed its confidential DRHP in August this year.
Meanwhile, all other six companies - Tempsens Instruments, Jerai Fitness, Chartered Speed, Glass Wall Systems, Shriram Food Industry, and RKCPL - filed their draft papers with SEBI in September this year.
Rajasthan-based thermal engineering and specialised cable manufacturer Tempsens Instruments has proposed to raise Rs 118 crore by issuing fresh shares, while existing shareholders including promoters will be selling 1.79 crore equity shares via offer-for-sale.
It intends to utilise fresh issue proceeds for capital expenditure towards electrical heating solutions and specialised cable solutions, repayment of certain borrowings, and general corporate purposes.
Mumbai-based Jerai Fitness, the cardiovascular fitness and strength training fitness equipments maker, approached capital markets mainly to carry out the offer-for-sale of up to 43.92 lakh shares, and achieve the benefits of listing the equity shares on the stock exchanges as its IPO is a pure offer-for-sale issue with no fresh issue component.
Gujarat-based passenger mobility company Chartered Speed filed preliminary papers with the capital markets regulator to raise funds up to Rs 855 crore via IPO for increasing the fleet size and debt reduction.
The IPO is a combination of fresh issuance of shares worth Rs 655 crore, and an offer-for-sale of Rs 200 crore worth shares by promoters.
Glass Wall Systems (India), the facade solutions provider, also filed its draft papers with the SEBI, primarily to offer exit to India Business Excellence Fund (IBEF) and Vistra ITCL, the only public shareholders in the company.
The company proposed to mop-up Rs 60 crore by issuing new shares, while the promoters and investors will be selling up to 4.02 crore equity shares via offer-for-sale.
Maharashtra-based rice exporter Shriram Food Industry's IPO consists of fresh issue of up to 2.12 crore shares, and an offer-for-sale of 52 lakh shares by promoters Orient Dealtrade, and Greta Industries.
RKCPL, the Gurgaon-based civil construction and infrastructure development company, has approached capital markets to raise funds up to Rs 1,250 crore via initial share sale.
Its IPO is a mix of fresh issuance of equity shares worth Rs 700 crore, while promoters Naresh Kumar, and Krishan Kumar Goyal will be selling their Rs 550-crore worth shares via offer-for-sale.
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