Innovatiview India, Runwal Enterprises and Park Medi World are among the five companies which have received approval from the SEBI to go ahead with their respective fund raising plans via initial public offerings (IPOs). The draft IPO papers filed by Advance Agrolife and Jinkushal Industries were also cleared by the regulator.
Their total IPOs size is expected to be more than Rs 4,500 crore.
The capital markets regulator had issued observation letters to all the above-mentioned companies in the week which ended on August 14.
The issuance of observation letter means the company can launch its IPOs within the next one year from the receipt of said letter.
Innovatiview India, the technology-driven company specialising in automated security and surveillance solutions for examinations, elections, and large-scale events across India, had filed preliminary papers with the SEBI in February this year to raise Rs 2,000 crore through its maiden public issue. The offer entirely comprises an offer-for-sale (OFS) by existing shareholders including promoters.
Mumbai-based real estate company Runwal Enterprises, which had approached SEBI with draft documents on March 31 this year, is looking to mobilise up to Rs 1,000 crore via its offering. The IPO consists solely of a fresh issue, whose proceeds will be used mainly for the debt reduction, and funding the acquisition of future real estate projects.
Park Medi World, the private hospital chain operator under the Park brand in North India, filed its draft papers with the regulator on March 28 this year. It plans to mobilise Rs 1,260 crore via initial public offering for expansion and debt reduction. The IPO is a combination of fresh issuance of shares worth Rs 960 crore, and an offer-for-sale of shares worth Rs 300 crore by promoter Ajit Gupta.
Advance Agrolife, the Jaipur-based B2B agrochemical products manufacturing company, which had filed its draft red herring prospectus with SEBI on March 31 this year, plans to tap capital markets to fund its working capital requirements. The IPO entirely comprises a fresh issue of up to 1.92 crore equity shares.
Jinkushal Industries, Chhatisgarh-based non-OEM construction machines exporter, which filed preliminary papers on April 30 this year, is also looking to raise funds for its working capital purpose. Its IPO is a mix of fresh issue of 86.5 lakh shares and an offer-for-sale of 10 lakh shares by promoters.
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