Milky Mist, Curefoods, Steamhouse, Kanodia Cement, Gaja Alternative get SEBI nod for IPOs; Sterlite Electric offer kept in abeyance

Upcoming IPOs

Milky Mist Dairy Food, Curefoods India, and Kanodia Cement are among the five companies that have received approval from the capital markets regulator SEBI to float their IPOs (initial public offering) last week. Steamhouse India, and Gaja Alternative Asset Management, which had preferred Confidential DRHP filing, also received nod from the regulator to go ahead with IPO plans.

As per the processing status of draft offer documents, the SEBI has issued observations on IPO papers of Milky Mist Dairy Food, and Curefoods India on October 24, and Kanodia Cement on October 20.

Gaja Alternative Asset Management and Steamhouse India have received observations on their Confidential Draft Red Herring Prospectus (DRHP) on October 20 and 14, respectively.

The issuance of observations means the company can go ahead with their IPO fund raising plan within the next one year by filing Red Herring Prospectus, while the company that prefers Confidential DRHP filing route have 18 months period to launch IPO. After the receipt of observation letter on Confidential draft document, it has to file Updated DRHP with the SEBI and RHP with the Registrar of Companies within the next one year.

Moneycontrol was the first to report on October 26 that Milky Mist Dairy Food, the Tamil Nadu-based maker of value-added dairy products, has received approval from the SEBI for its Rs 2,035-crore IPO.

The company, which had filed draft papers on July 21 this year, will issue fresh shares worth Rs 1,785 crore, while promoters will be offloading shares worth Rs 250 crore via offer-for-sale.

Bengaluru-based food services company Curefoods India, which is backed by the Alteria Capital, Iron Pillar, and Accel, had filed draft document with the SEBI on June 28 this year, planning to issue Rs 800 crore worth fresh shares. Further, investors and other selling shareholders will offload 4.85 crore shares via offer-for-sale.

Curefoods India provides food offerings through its delivery and non-delivery channels, comprising cloud kitchens, kiosks, and restaurants.

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Uttar Pradesh-based Kanodia Cement had filed draft papers on May 22 this year, for its IPO which comprises of entirely offer-for-sale of 1.49 crore equity shares by promoters with no fresh issue component.

Surat-based industrial steam and gas solutions provider Steamhouse India filed a confidential DRHP for its likely IPO size of Rs 500-700 crore in July, while private equity firm Gaja Alternative Asset Management filed confidential draft document for its expected Rs 500-600 crore IPO in June this year.

However, the SEBI has decided to keep the issuance of observations on the draft document of Sterlite Electric (erstwhile Sterlite Power Transmission) in abeyance. The Vedanta Group company filed DRHP with the SEBI on September 29 to raise funds via IPO of 1.55 crore equity shares which comprises of fresh issue of 77.93 lakh shares and an offer-for-sale of 77.95 lakh shares by promoter Twin Star Overseas, and others.