Jaro Institute of Technology Management and Research, Credila Financial Services, and Sri Lotus Developers and Realty are among seven companies that received approval from the SEBI last week to float their IPOs. The capital markets regulator also cleared the draft papers of Caliber Mining and Logistics, Euro Pratik Sales, Gem Aromatics, and Jesons Industries, which are planning to raise funds via public issues.
As per the latest update with respect to processing status of draft offer documents, the SEBI has issued observation letter on draft papers of Caliber Mining and Logistics, and Gem Aromatics on May 13, Jesons Industries on May 14, and Sri Lotus Developers and Realty on May 16.
Further, the observation letter on draft red herring prospectus of Jaro Institute of Technology Management and Research, Credila Financial Services, and Euro Pratik Sales were issued by SEBI on May 15.
The issuance of observation letter by the SEBI means the company can float its fund raising plan via IPO within the next one year.
Caliber Mining and Logistics IPO
Ace investor Sunil Singhania's Abakkus Asset Managers Caliber Mining and Logistics, which had filed draft papers with the SEBI on December 30 last year, plans to raise Rs 600 crore via initial public offering (IPO).
The IPO will consist of fresh issuance of shares worth Rs 500 crore, and an offer-for-sale of Rs 100 crore worth shares by promoters.
The Maharashtra-based coal mining and logistics provider intends to spend Rs 175 crore out of fresh issue proceeds for repaying debt (against the total outstanding borrowings of Rs 767.65 crore till October 2024); Rs 200 crore for purchase of machinery; and the remainder funds for general corporate purposes.
Mumbai-based aromatic chemicals and oils maker Gem Aromatics had filed preliminary papers with the markets regulator on December 28 last year as it is planning to mop up funds via IPO.
Its maiden public issue will be a combination of fresh issue Rs 175 crore, and an offer-for-sale of 89.24 lakh shares by promoters and investor.
US-based doTerra Enterprises, being an investor since 2019, holds 25% stake in the company, while the 75% stake is owned by promoters (Parekh family).
The company will utilise Rs 140 crore out of fresh issue proceeds mainly for debt reduction, and the remainder funds for general corporate purposes.
Mumbai-based coating emulsions and adhesives maker Jesons Industries, which had filed DRHP on January 9 this year, is planning to approach capital markets to raise funds for repaying debt, and capital expenditure.
The proposed IPO will be a mix of fresh issuance of equity shares worth Rs 300 crore, and an offer-for-sale of 94.6 lakh shares by promoter Dhiresh Shashikant Gosalia.
Sri Lotus Developers and Realty IPO
Ace investor Ashish Kacholia-backed Sri Lotus Developers and Realty had filed preliminary papers with the SEBI on December 24 last year to float IPO. It intends to raise Rs 792 crore via public issue which comprises solely fresh issue.
The Mumbai-based real estate developer will utilise Rs 550 crore out of IPO proceeds for part-funding development and construction cost of ongoing projects, Amalfi, and The Arcadian and Varun through subsidiaries. And the remaining funds will be used for general corporate purposes.
Jaro Institute of Technology Management and Research IPO
Mumbai-based Jaro Institute of Technology Management and Research, which operates in the online higher education and upskilling space, had filed draft papers with the capital markets regulator on September 30 last year for raising Rs 570 crore through IPO.
The IPO will comprise of a fresh issuance of equity shares worth Rs 170 crore and an offer-for-sale of shares worth Rs 400 crore by promoter Sanjay Namdeo Salunkhe.
Jaro Education plans to allocate Rs 81 crore from the net proceeds of the fresh issue for marketing and brand building, Rs 48 crore for debt repayment, and the remainder for general corporate purposes.
Credila Financial Services IPO
Country's leading education loans financier Credila Financial Services, earlier known as HDFC Credila Financial Services, had filed pre-filed draft papers with the capital markets regulator in December to raise funds via maiden public issue.
Moneycontrol was the first to report in September this year that Credila has shortlisted five investment banks - Jefferies, Citi, Axis Capital, IIFL Capital and BofA Securites - as advisors for its upcoming big-bang initial public offer (IPO) worth more than Rs 5,000 crore in 2025.
Euro Pratik Sales IPO
Euro Pratik Sales, which sells decorative wall panels and decorative laminates, which had filed DRHP with SEBI on January 20 this year, plans to tap capital markets for raising Rs 730 crore via initial public offering.
The IPO will consist of entirely offer-for-sale by promoters, with no fresh issue component, as per the DRHP. As it is a complete offer-for-sale, the entire IPO proceeds will go to the selling shareholders.
Promoters own 87.97 percent stake in the company, and the remainder 12.03 percent shares are held by the public shareholders
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