Three companies Honasa Consumer, Indegene and Vishnu Prakash R Punglia have received approval from the capital markets watchdog Sebi, to go ahead with their IPO plans.
Digital-first beauty and personal care company Honasa Consumer, which owns the flagship brand Mamaearth, filed IPO papers with the Sebi in December last year. The initial public offering comprises a fresh issuance of shares worth Rs 400 crore and an offer for sale (OFS) of 4.68 crore shares by promoters and investors.
The company may consider fundraising of Rs 80 crore via pre-IPO placement before filing the IPO papers with the Registrar of Companies. If it undertakes the same, then accordingly the fresh issue size may get reduced by the amount raised.
The fresh issue proceeds will be utilised for advertisement expenses towards enhancing the awareness and visibility of brands, setting up new EBOs (exclusive brand outlets; investment in subsidiary Bhabani Blunt Hairdressing (BBlunt) for setting up new salons; and general corporate purposes.
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Honasa Consumer claimed to be the largest digital-first beauty and personal care company in India in terms of revenue from operations for FY22. Since the launch of Mamaearth in 2016, it had added five new brands to its portfolio, namely The Derma Co, Aqualogica, Ayuga, BBlunt and Dr. Sheth’s.
The Sebi issued an observation letter for its IPO draft papers on July 25, which generally means it is a green signal to go with the proposed initial share sale.
Life sciences commercialisation company Indegene, which also filed IPO papers in December last year, received an observation letter from Sebi on July 28. The IPO comprises a fresh issuance of shares worth Rs 950 crore, and an OFS of 3.63 crore shares from shareholders, including investors Vida Trustee, BPC Genesis Fund, and CA Dawn Investments.
The company will utilise fresh issue proceeds for repaying debts, capital expenditure, and acquisition of additional shares in DT Associates by subsidiary ILSL Holdings Inc, besides general corporate purposes and inorganic growth.
Also read: Three IPOs to hit Dalal Street tomorrow, total fund raising over Rs 1,600 crore
Indegene has client relationships with 19 of the 20 largest biopharmaceutical companies in the world by revenue for FY21, of which 19 customers contributed more than 70 percent to total revenue in FY22.
Engineering, procurement and construction company Vishnu Prakash R Punglia, which received an observation letter from Sebi on July 26, plans to come out with an initial public offering of 3.12 crore equity shares which comprises only a fresh issue.
The funds raised will be utilised for the purchase of equipment/machinery, working capital requirements, and general corporate purposes.
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