Six companies - Ivalue Infosolutions, Ather Energy, Oswal Pumps, Quality Power Electrical Equipments, Fabtech Technologies, and Schloss Bangalore - are ready to float IPOs as the capital markets regulator SEBI has cleared their draft papers last week.
The SEBI has issued observation letter on the draft papers of Ivalue Infosolutions, and Ather Energy on December 23, while the preliminary papers of Oswal Pumps received the said letter on December 24.
Further, the observation letter issued on IPO papers of Quality Power Electrical Equipments, and Fabtech Technologies on December 27, and Schloss Bangalore on December 26.
In SEBI parlance, the issuance of observation letter by the regulator is a green signal to the company to launch IPO within the next one year.
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The Bengaluru-based technology solutions company has filed draft papers with the SEBI on September 5 this year. The IPO comprises entirely an offer-for-sale of 1.87 crore equity shares by the existing shareholders, with no fresh issue component, which means the entire issue proceeds (excluding offer expenses) will be received by the selling shareholders.
On the assumption of full conversion of convertible securities, promoters hold 38.67 percent stake in Ivalue and 61.33 percent shares are owned by the public shareholders including Sundara (Mauritius).
The electric two-wheeler manufacturer had filed draft papers on September 9 with the intention to raise funds for establishment of E2W factory in Maharashtra, and debt reduction. The IPO will be a combination of fresh issue of equity shares worth Rs 3,100 crore, and an offer-for-sale of 2.2 crore equity shares by promoters and investors.
According to a Moneycontrol report in September, the total IPO size may be around Rs 4,500 crore. If the IPO gets launched, Ather Energy will be the second company listing on the bourses after its rival Ola Electric Mobility which had a debut in August.
Promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain will be selling 10 lakh shares each, while the remaining shares will be offloaded by investors including Caladium Investment, National Investment and Infrastructure Fund, Internet Fund, 3State Ventures, IITM Incubation Cell, and IITMS Rural Technology.
The Bangalore-based electric two-wheeler maker will utilise fresh issue proceeds for the establishment of E2W factory in Maharashtra, repaying debt, investment in research and development, marketing initiatives, and general corporate purposes.
The Haryana-based company that manufactures solar-powered and grid-connected submersible and monoblock pumps, and electric motors had filed draft red herring prospectus with SEBI on September 17 for its IPO which consists of fresh issuance of equity shares worth Rs 1,000 crore, and an offer-for-sale of 1.13 crore equity shares by promoter Vivek Gupta.
The turnkey solar pumping systems provider will utilise fresh issue proceeds for capital expenditure, and setting up of new manufacturing units at Karnal, Haryana. Further, it will repay debts through IPO funds, and the remaining money will be utilised for general corporate purposes.
Quality Power Electrical Equipments IPO
The high voltage electrical equipment and solutions provider, which had filed draft papers with SEBI on September 16, is 100 percent owned by Pandyan family.
The initial share sale of Quality Power Electrical Equipments will be a combination of fresh issuance of Rs 225 crore, and an offer-for-sale of 1.2 crore equity shares by promoter Chitra Pandyan.
Fabtech Technologies, which provides turnkey engineering solutions for the pharmaceuticals, biotech and healthcare industry, had filed preliminary papers with SEBI on September 14 this year for its IPO.
The Mumbai-based company's proposed initial public offering (IPO) is entirely a fresh issue of up to 1.20 crore equity shares. It may raise up to Rs 10 crore through the pre-IPO round, before the filling of red herring prospectus with the Registrar of Companies.
The company intends to utilise IPO proceeds for its working capital requirements, inorganic growth initiatives through acquisitions, and general corporate purposes.
Schloss Bangalore, the operator of palaces, hotels and resorts under The Leela brand, had filed its IPO papers on September 20 this year to raise Rs 5,000 crore. This is the biggest public issue amongst these six companies.
The luxury hospitality chain plans to raise Rs 3,000 crore via fresh issue and Rs 2,000 crore through an offer-for-sale. Promoter Project Ballet Bangalore Holdings (DIFC) is the selling shareholder in the offer-for-sale.
It may consider a pre-IPO round of preferential offer of Rs 600 crore, before the launch of IPO for public subscription.
The institutionally-owned Schloss Bangalore that competes with listed peers such as Indian Hotels, EIH, Chalet Hotels, and Juniper Hotels, will utilise Rs 2,700 crore out of the net fresh issue proceeds towards repaying debt. The remaining fresh issue funds will be used for general corporate purposes, while the offer-for-sale proceeds will go to the promoter.
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