Kalpataru and Unimech Aerospace have received approval from the capital markets regulator Sebi to go ahead with their IPO plans, while the issuance of observations on the draft papers of Rs 4,000-crore JSW Cement offer remained in abeyance.
The regulator has issued observation letter on the preliminary papers of Unimech Aerospace and Manufacturing on November 21 and Kalpataru on November 22. The issuance of observation letter means the company can launch its initial share sale for fund raising, within the next one year.
Mumbai-based Kalpataru had filed draft red herring prospectus with the regulator on August 14. It plans to raise Rs 1,590 crore through its IPO which consists of entirely fresh issue. This means the entire issue proceeds (excluding offer expenses) will be received by the company.
The real estate developer may consider raising Rs 318 crore through pre-IPO placement before the IPO launch. If it undertakes the pre-IPO placement, the said amount will be reduced from the fresh issue.
The Munot family promoted company had completed 113 projects with more than 24.10 million square feet of developable area in Maharashtra (Mumbai, Thane, Panvel and Pune), Hyderabad, Indore, Bengaluru, and Jodhpur. As of March 2024, it had 25 ongoing projects, 10 forthcoming projects, and 5 planned projects.
Click Here To Read All IPO Related News
Kalpataru intends to utilise Rs 1,192.5 crore out of the net fresh issue proceeds primarily for repaying debt, and the reminder for general corporate purposes. It had total borrowings of Rs 10,747.7 crore as of June 2024.
ICICI Securities, JM Financial, Nomura Financial Advisory and Securities (India) are acting as the merchant bankers to the issue.
Meanwhile, Unimech Aerospace and Manufacturing, which had filed draft papers on August 19, plans to raise Rs 500 crore via initial public offering. The IPO is a combination of fresh issue and an offer-for-sale of Rs 250 crore each. Promoters will be selling shares in the offer-for-sale.
The book running lead managers handling the IPO are Anand Rathi Advisors, and Equirus Capital.
Unimech Aerospace is a precision engineering solutions company that specialises in manufacturing of complex products for the aerospace, defence, energy and semi-conductor industries. It is a leading manufacturer of complex tooling, mechanical assemblies, electro-mechanical turnkey systems and precision components, which are used in the aeroengine and airframe tooling for production, MRO and line maintenance activities.
The Bangalore-based company intends to utilise net fresh issue funds for purchase of machineries and equipment, working capital requirements, repaying debt, and general corporate purposes.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
