The initial public offering (IPO) of seven companies, including retail chain Fabindia and Asianet Satellite Communications, have received approval from SEBI in the past week.
Nine companies had filed their preliminary IPO papers with SEBI between September 2021 and February 2022. Seven companies obtained SEBI’s “observations” during April 27-30, 2022, as per an update with SEBI.
The issuance of observations implies SEBI’s go-ahead to float IPO. SEBI is yet to issue observations for 49 IPO papers.
Inox Wind Ltd’s subsidiary — Inox Green Energy Services Ltd (IGESL) — has withdrawn its ₹740-crore IPO. Infinion Biopharma Ltd’s IPO papers have been returned on April 25, 2022, as per the update.
Seven cos get go-ahead
SEBI has given a go-ahead to float IPOs to Fabindia Ltd, Asianet Satellite Communications Ltd, Aether Industries Ltd, Syrma SGS Technology Ltd, Sanathan Textiles Ltd, Capillary Technologies India Ltd and Harsha Engineers International Ltd.
Fabindia Ltd plans to raise up to ₹4,000 crore through the IPO. The offer comprises a fresh issue of up to ₹500 crore and an offer for sale (OFS) of 25,050,543 equity shares by the existing investors/shareholders. The company’s promoters also plan to gift more than seven lakh shares to artisans and farmers.
Asianet Satellite Communications’ ₹765-crore IPO comprises fresh issue of equity shares aggregating up to ₹300 crore and an OFS aggregating up to ₹465 crore by the promoter Group Hathway Investments Private Ltd.
Surat-based speciality-chemicals maker Aether Industries Ltd plans to raise up to ₹1,000 crore through the IPO. The public issue consists of fresh issue of equity shares of the company aggregating to ₹757 crore, and an OFS of up to 27.51 lakh shares by Purnima Ashwin Desai, one of the promoters of the company.
Also, in its DRHP dated December 28, 2021, the company informed that it may consider pre-IPO placement by further issue of equity shares, through a preferential offer aggregating to ₹131 crore.
Syrma SGS Technology’s IPO includes a fresh issue of equity shares aggregating up to ₹926 crore and an OFS of up to 33,69,360 shares. The company may further consider a pre-IPO placement through a rights issue to existing shareholders of up to ₹ 180 crore. The fresh issue size will be reduced if the pre-IPO placement is completed, the company said in the draft papers.
The IPO of Sanathan Textiles comprises fresh issue of equity shares aggregating up to ₹500 crore and an OFS of up to 1,14,00,000 shares by promoters and the promoter group.
The ₹850-crore IPO of Capillary Technologies India Ltd, as per the draft papers, consists of fresh issue of equity shares aggregating up to ₹200 crore and an OFS aggregating up to ₹650 crore.
The company may also consider a pre-IPO placement of up to ₹40 crore. If the pre-IPO placement is completed, it will reduce the fresh issue size accordingly.
Harsha Engineers International Ltd, the Ahmedabad-based maker of precision bearing cages, will raise up to ₹755 crore through the IPO. The offer consists of a fresh issue of equity shares aggregating to ₹455 crore, and OFS of up to ₹300 crore by existing shareholders that include promoters and promoter groups.