SEBI clears ESDS Software Solution, BLS Polymers, Dhariwal Buildtech IPOs worth over Rs 1,700 crore

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ESDS Software Solution, BLS Polymers, and Dhariwal Buildtech have received approval from the Securities and Exchange Board of India (SEBI) for raising funds by launching their initial public offerings (IPO) worth more than Rs 1,700 crore.

The capital markets regulator has issued observations on the draft papers of these companies last week. Dhariwal Buildtech has received observations on its IPO document on December 15, BLS Polymers on December 16, and ESDS Software Solution on December 19, as per the processing status of draft offer documents published on December 23.

The issuance of observations means the company can go ahead with its fund raising plans via IPO within the next one year.

Maharashtra-based ESDS Software Solution, the cloud infrastructure and data center services provider, has refiled its Draft Red Herring Prospectus with the SEBI in March this year to raise Rs 600 crore via IPO. It will be entirely fresh issue with no offer-for-sale component. Earlier, in September 2021, it had draft papers for the IPO.

The company proposed to utilise Rs 480.7 crore of IPO proceeds for purchase and installation of cloud computing and other equipment infrastructure for its data centres, and the remainder funds for general corporate purposes.

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New Delhi-based polymer compounds maker BLS Polymers tapped capital markets in August this year by filing draft papers for its IPO, which will also comprise of solely fresh issue of 1.7 crore equity shares with no offer-for-sale component.

It has planned to use nearly Rs 70 crore of offer proceeds for expansion of existing manufacturing facility at Goa, Rs 75 crore for working capital requirements, and the balance amount for general corporate purposes.

Polymer compounds are used as an essential raw material for sheathing, jacketing and insulation of wires and cables used in power, telecommunication and railway industries as well as coating of underground oil, gas and water pipelines.

Dhariwal Buildtech, the Haryana-based infrastructure construction company, has approached capital markets to raise Rs 950 crore via IPO. It has filed draft document with the SEBI in September this year. Its IPO, too, will comprise of entirely fresh issue.

The company that specialises in the construction of roads, highways, bridges, as well as tunnels, rural infrastructure and other civil works intends to utilise Rs 474.2 crore of IPO proceeds for repayment of certain borrowings availed by itself and subsidiaries.

Further, Rs 203 crore will be used for purchase of construction equipment, and the remainder funds for general corporate purposes.