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IndoStar Capital Finance is set to launch its initial public offering on May 9. It will close on May 11. The IPO, worth about ₹1,850 crore, including fresh capital of ₹700 crore, would be in a price band of ₹570-572 an equity share of face value ₹10 each.
The IPO comprises a fresh issue aggregating up to ₹700 crore and an offer-for-sale of up to two crore equity shares by the selling shareholders. While up to 1.85 crore shares would be offloaded by Indostar Capital (promoter selling shareholder) through OFS, up to 14.91 lakh shares would be sold by the other selling shareholders.
The company intends to primarily utilise the net proceeds of the fresh issue for augmenting its capital base to meet future capital requirements.
JM Financial, Kotak Mahindra Capital Company, Morgan Stanley India, Motilal Oswal Investment Advisors and Nomura Financial Advisory and Securities (India) are the book running lead managers to the offer. The registrar to the offer is Link Intime India Pvt Ltd.
GR Infraprojects files DRHP
Meanwhile, GR Infraprojects on Wednesday filed draft papers with SEBI. According to the red herring prospectus, the IPO comprises a fresh issue of shares worth up to ₹500 crore and an offer-for-sale of up to 1.12 crore shares by the existing shareholders, including promoters.
Among the selling shareholders are India Business Excellence Fund, an associate of Motilal Oswal Investment Advisors, Vinod Kumar Agarwal and Lokesh Builders.
Proceeds of the issue will be utilised for investment in certain subsidiaries of the company; repayment of loans; purchase of capital equipment for EPC business and for other general corporate purposes.
Lodha Developers
Last week, Lodha Developers had filed initial public offering papers. The company will sell new shares worth ₹3,750 crore in the IPO, while its shareholders will sell up to 1.8 crore shares, a regulatory filing showed. This could top ₹10,000 crore, making it the largest IPO so far this year.
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