Zinka Logistics, Standard Glass Lining Technology, NSDL IPOs get go ahead from SEBI

NSDL IPO

Market regulator SEBI, in its fresh update, said it has issued observation letters for the draft preliminary papers filed by three more companies - National Securities Depository, Zinka Logistics, and Standard Glass Lining Technology for their IPO plans.

NSDL IPO

National Securities Depository (NSDL), which had filed draft red herring prospectus in July last year, has received observation letter from the capital markets regulator on September 30. Its IPO solely consists of an offer-for-sale (OFS) by investors, with no fresh issue component.

The issuance of observation letter means the company can go ahead and launch its IPO within the next one year from the receipt date of observation letter.

IDBI Bank, National Stock Exchange of India, Union Bank of India, State Bank of India, HDFC Bank, and Administrator of the Specified Undertaking of the Unit Trust of India will be the selling shareholders in the NSDL OFS, offloading 5,72,60,001 equity shares.

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The professionally managed company is owned by 76 shareholders as per the DRHP, including IDBI Bank, National Stock Exchange of India, HDFC Bank (SS), Administrator of the Specified Undertaking of the Unit Trust of India, State Bank of India, Deutsche Bank AG, Citibank NA, The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank, Kotak Mahindra Life Insurance Company, Union Bank of India, and Canara Bank.

ICICI Securities, Axis Capital, HSBC Securities and Capital Markets, IDBI Capital Markets & Securities, Motilal Oswal Investment Advisors, and SBI Capital Markets are appointed as the merchant bankers for the public issue of the SEBI registered market infrastructure institution, offering a wide range of products and services to the financial and securities markets.

Zinka Logistics Solutions IPO

Zinka Logistics Solutions, which operates the business under the Blackbuck brand, had filed draft papers on July 5, 2024. The SEBI has issued observation letter to company on October 3.

As a part of IPO, the Flipkart-backed logistics startup targets to raise Rs 550 crore via fresh issue. The issue also includes an offer-for-sale of 2.16 crore equity shares by founders Rajesh Yabaji, Chanakya Hridaya, and Ramasubramanian Balasubramaniam.

Investors like Accel India, GSAM Holdings, Quickroutes International (Flipkart), International Finance Corporation, Sands Capital, and Internet Fund III will also be the selling shareholders in the offer-for-sale by the Bengaluru-based digital platform for truck operators.

The fresh issue proceeds will be utilised mainly for sales and marketing costs; investment in Blackbuck Finserve (NBFC subsidiary) for financing the augmentation of its capital base to meet its future capital requirements; funding of expenditure in relation to product development; and the remainder for general corporate purposes.

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The book running lead managers that appointed for handling the IPO are Axis Capital, Morgan Stanley India Company, JM Financial, and IIFL Securities.

Standard Glass Lining Technology IPO

The Hyderabad-based company had filed preliminary papers for fund raising via IPO on July 24 this year, while the SEBI issued its observation letter for these papers on October 1.

The IPO by Standard Glass Lining Technology is a mix of fresh issue of Rs 250 crore, and an offer-for-sale of 1.84 crore equity shares by the existing shareholders including promoters like S2 Engineering Services, Kandula Ramakrishna, Kandula Krishna Veni, Nageswara Rao Kandula, and Standard Holdings.

The company, which manufactures specialised engineering equipment for pharmaceutical and chemical sectors in India, plans to utilise fresh issue money for purchase of machinery and equipment; repaying debt, inorganic growth, and general corporate purposes.

IIFL Securities, and Motilal Oswal Investment Advisors will act as the merchant bankers for the issue.

Meanwhile, on Monday (October 7), the SEBI in its update had already said it has issued observation letter for Suraksha Diagnostic IPO papers on September 30, and Hero Motors has withdrawn its draft red herring prospectus on October 5.