SEBI clears 5 IPOs including Molbio Diagnostics, Leap India, Foodlink F&B

Inox Clean Energy, and Sky Alloys and Power have decided to withdraw their IPO papers.

Molbio Diagnostics, Leap India, and Foodlink F&B Holdings (India) among five companies received green signal from the Securities and Exchange Board of India (SEBI) to go ahead with their IPO plans. The draft papers of Technocraft Ventures, and Eldorado Agritech are also cleared by the capital markets regulator. However, Inox Clean Energy, and Sky Alloys and Power have decided to withdraw their IPO papers.

The capital markets regulator has issued observations on the draft document of Molbio Diagnostics on December 1, followed by Leap India, and Eldorado Agritech on December 5, while the observations on the IPO papers of Technocraft Ventures, and Foodlink F&B Holdings (India) were issued on November 25 and 28, respectively.

As per the SEBI, the issuance of observations means the company can launch its initial public offering (IPO) within the next one year from the date of receipt of the observation letter, while in case of the confidential DRHP filing, the period is 18 months to float IPO as the company has to file its Updated Draft Red Herring Prospectus (DRHP) with the SEBI, followed by the filing of RHP with the Registrar of Companies to open its IPO for public subscription.

Temasek Holdings subsidiary-backed Molbio Diagnostics, the Goa-based point-of-care molecular diagnostics platform operator, filed preliminary papers with the SEBI in August this year.

It plans to issue fresh shares worth Rs 200 crore, while existing shareholders including V Sciences Investments, Exxora Trading, and India Business Excellence Fund will be selling up to 1.25 crore equity shares.

Incorporated in 2000, Molbio Diagnostics, which is also backed by the Motilal Oswal Private Equity, is the point-of-care (POC) diagnostics company, focussing on expanding access to rapid and cost-effective healthcare technologies to diagnose preventable diseases through its Truenat platform, which is a novel POC polymerase chain reaction (PCR) platform. It offers molecular testing for 30 diseases.

Global investment firm KKR-promoted supply chain solution and pallet rental company LEAP India, which has filed draft document with the SEBI in August, aims to raise Rs 2,400 crore via initial share sale.

The IPO is a combination of fresh issue of Rs 400 crore worth shares, and an offer-for-sale (OFS) of Rs 2,000 crore by promoters Vertical Holdings, and KIA EBT Scheme.

Mumbai-based luxury food services provider Foodlink F&B Holdings (India) has approached capital markets in June this year to raise funds via IPO for its expansion and debt reduction.

The company has proposed to issue fresh shares worth Rs 160 crore, while promoters and investors including Ankita Chugh, Trans Global Hotels, Arpit Khandelwal, V’Ocean Investments and Oaks Asset Management will be selling shares up to 1.19 crore via OFS.

Technocraft Ventures, the Uttar Pradesh-based sewerage and wastewater treatment solutions provider, filed draft papers with the SEBI in August to raise funds via IPO of 1.19 crore shares.

The IPO will be a mix of fresh issue of 95.05 lakh shares, and an offer-for-sale of 23.76 lakh shares by promoter Kartikey Constructions.

Telangana-based seeds and crop protection products maker Eldorado Agritech, a unit of Srikar Group, is planning to tap capital markets to raise Rs 1,000 crore via initial share sale as it has filed preliminary papers with the SEBI in September.

The company proposed to issue new equity shares worth Rs 340 crore, while shares worth Rs 660 crore will be sold by promoters through offer-for-sale.

However, Inox Clean Energy, as well as Sky Alloys and Power have decided to withdraw their IPO papers on December 5.

Uttar Pradesh-based solar modules and cell manufacturer Inox Clean Energy, which has filed draft red herring prospectus via confidential route with the SEBI in July, was likely to raise Rs 6,000 crore via IPO.

Chhattisgarh-based steel manufacturer Sky Alloys and Power had filed draft document with the SEBI in September to mobilise funds via IPO of 1.78 crore equity shares which is a combination of 1.6 crore fresh shares, and an offer-for-sale of 18.07 lakh shares by promoters.