Inventurus Knowledge Solutions, Manjushree Technopack get green signal from SEBI to raise funds via IPO

IPO News

The draft papers filed by Inventurus Knowledge Solutions, and Manjushree Technopack for fund raising through IPO have received approval from the capital markets regulator Securities and Exchange Board of India (SEBI).

The regulator has issued observation letter on IPO papers of Inventurus Knowledge Solutions on November 4 and Manjushree Technopack on November 8.

The issuance of the observation letter means the company can launch its initial share sale within the next one year period.

Maharashtra-based healthcare solutions provider Inventurus Knowledge Solutions had filed draft red herring prospectus with the SEBI on August 12, 2024. Its IPO comprises solely of offer-for-sale of 2.8 crore equity shares the existing shareholders.

Promoters Ashra Family Trust and Aryaman Jhunjhunwala Discretionary Trust will be the selling shareholders, while Joseph Benardello, Gautam Char, and Parminder Bolina will be the individual selling shareholders. This means the entire issue proceeds will go to these shareholders and the company will not receive any money from the IPO.

Inventurus offers a care enablement platform assisting physician enterprises in the US, Canada and Australia, with a focus on the US markets. It is a leading partner for outpatient and inpatient care organisations.

In FY24, it had over 800 healthcare organisations as its clients, including health systems, academic medical centres, multi-specialty medical groups, single-specialty medical groups, ancillary healthcare organisations and other outpatient and inpatient healthcare delivery organisations. Some of its key clients include Mass General Brigham Inc, Texas Health Care PLLC, and The GI Alliance Management. It does not have comparable peer among listed entities.

ICICI Securities, Jefferies India, JM Financial, JPMorgan India, and Nomura Financial Advisory and Securities (India) are acting as the merchant bankers for the issue.

Manjushree Technopack, which had filed draft papers on August 20 this year, plans to raise Rs 3,000 crore through its IPO, which is a combination of fresh issuance of equity shares worth Rs 750 crore, and an offer-for-sale of Rs 2,250 crore worth shares by promoter AI Lenarco Midco.

The plastic packaging company may raise Rs 150 crore through a private placement before launching its IPO. If it completes the pre-IPO placement, the said amount will be reduced from its fresh issue component.

It will utilise Rs 500 crore out of net fresh issue proceeds for repaying debt, and the remainder funds for inorganic growth through acquisitions and other strategic initiatives, and general corporate purposes.

Manjushree, which competes with only listed peer Mold-Tek Packaging, is the largest rigid plastic packaging company in terms of installed capacity in India, with a diversified customer base of 964 customers in FY24. Varun Beverages, Dabur India, Marico, Honasa Consumer, Hershey India, Kansai Nerolac Paints, Pernod Ricard, and Parag Milk Foods are some of its key clients.

The book running lead managers handling the public offer are JM Financial, Avendus Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, and ICICI Securities.