Capital markets regulator SEBI has approved the draft papers of four companies - Aye Finance, BlueStone Jewellery and Lifestyle, GK Energy, and Anthem Biosciences -- allowing them to go ahead with their IPO plans.
As per the latest update from the regulator on April 8, it had issued observation letters on the draft documents of Aye Finance, GK Energy, and Anthem Biosciences on April 3, while BlueStone Jewellery and Lifestyle received the said letter on April 1.
In SEBI parlance, the issuance of observation letter on the draft document means that the company can launch its initial public offering (IPO) within the next one year.
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MSME lender Aye Finance, which is backed by marquee investors like Elevation Capital, CapitalG, British International Investment Plc, and Alpha Wave India, had filed draft red herring prospectus (DRHP) with the capital markets regulator on December 16, 2024, for raising funds up to Rs 1,450 crore via initial share sale.
The IPO will be a combination of fresh issuance of equity shares worth Rs 885 crore, and an offer-for-sale of Rs 565 crore worth shares by existing shareholders including A91 Emerging Fund I LLP, LGT Capital Invest Mauritius PCC, Alpha Wave India I LP, MAJ Invest Financial Inclusion Fund II K/S, and CapitalG International LLC.
In a pre-IPO round, it may also consider raising funds up to Rs 177 crore. If it successfully closes pre-IPO placement, the fresh issue size will be reduced to the extent of the said amount.
Professionally managed Aye Finance, a non-banking financial company – middle layer focused on providing loans to micro scale micro, small and medium enterprises (MSMEs) across India, intends to utilise fresh issue proceeds towards augmenting its capital base to meet future capital requirements arising out of growth of business and assets.
Axis Capital, IIFL Capital Services, JM Financial, and Nuvama Wealth Management will manage the public issue of Aye Finance.
GK Energy, which provides engineering, procurement and commissioning (EPC) services for solar-powered agricultural water pump systems, had filed draft papers with the regulator on December 13 last year. It plans to raise Rs 500 crore via fresh issue component of the IPO and the remaining amount through offer-for-sale of 84 lakh shares.
Promoters Gopal Rajaram Kabra, and Mehul Ajit Shah will be selling 84 lakh shares in the offer-for-sale.
The Pune-based company may raise up to Rs 100 crore in pre-IPO round. The fresh issue size will be reduced to the extent of said amount if it undertakes the pre-IPO placement.
The Rs 422.5 crore out of net fresh issue proceeds will be used mainly for its long term working capital requirements, and the remainder funds for general corporate purposes.
The book running lead managers handling the public issue will be IIFL Capital Services, and HDFC Bank.
The Bangalore-based contract research, development and manufacturing organisation (CRDMO) services provider plans to raise Rs 3,395 crore via IPO which will be comprised of solely offer-for-sale by existing shareholders. The IPO papers were filed on December 31 last year.
Promoters - Ganesh Sambasivam, and K Ravindra Chandrappa -, and investors - Viridity Tone LLP and Portsmouth Technologies LLC - will be amongst the selling shareholders in the IPO.
This means the entire net IPO proceeds will go to these selling shareholders and the company will not receive any money from the public issue.
Anthem Biosciences that competes with listed peers like Syngene International, Sai Life Sciences, Suven Life Sciences, and Divis Laboratories offers CRDMO services across the New Chemical Entity and New Biological Entity lifecycles. It also manufactures complex specialised fermentation-based active pharmaceutical ingredients (APIs), including probiotics, enzymes, peptides, nutritional actives, vitamin analogues and biosimilars.
JM Financial, Citigroup Global Markets India, JP Morgan India, and Nomura Financial Advisory and Securities (India) will act as merchant bankers for the issue.
BlueStone Jewellery and Lifestyle IPO
Another Bangalore-based company BlueStone Jewellery, which is backed by marquee investors like Accel India Saama Capital, Kalaari Capital Partners, and Sunil Kant Munjal, plans to raise funds via IPO for its working capital requirements. It had filed draft papers on December 11 last year.
The second largest digital-first omni-channel jewellery brand intends to raise Rs 1,000 crore via fresh issue, and the remaining funds through offer-for-sale of 2.39 crore equity shares by existing shareholders.
The company that competes with listed jewellery brands like Titan Company, Kalyan Jewellers India, Senco Gold, Thangamayil Jewellery, and PC Jeweller may consider raising funds up to Rs 200 crore in pre-IPO round.
Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company will handle the public issue of BlueStone Jewellery.
Meanwhile, the issuance of observations on the draft documents of office space provider WeWork India Management remained in abeyance.
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