IPOs of TBO Tek, Suraj Estate Developers, Macleods Pharmaceuticals approved

BL Mumbai Bureau | Updated on: May 23, 2022

SEBI issued observation letters for the three IPOs last week

The Securities and Exchange Board of India (SEBI) has approved the initial public offerings (IPOs) of three companies in the past week.

The market regulator has issued observation letters for the IPOs of Suraj Estate Developers Ltd, TBO Tek Ltd and Macleods Pharmaceuticals Ltd.

These companies had filed their draft papers between December 2021 and March 2022, while observation letters were issued during May 17-20. In SEBI parlance, issuance of an observation is a go-ahead to the company to float an IPO.

SEBI is yet to issue observations for 37 IPO papers.

The IPO of Suraj Estate Developers is an entirely fresh issue of equity shares aggregating to ₹500 crore, according to the draft red herring prospectus (DRHP) filed by the company with SEBI.

The ₹2,100-crore IPO of global travel distribution platform TBO Tek Ltd comprises fresh issue of ₹900 crore and an offer-for-sale of equity shares aggregating to ₹1,200 crore by the selling shareholders. The company is also looking to raise ₹180 crore via a pre-IPO placement.

Promoter selling shareholders include Gaurav Bhatnagar, Manish Dhingra and Lap Travel Pvt Ltd, who are looking to offload shares worth ₹78 crore, ₹21.95 crore and ₹100 crore, respectively, as part of the OFS. TBO Korea Holdings Ltd is looking to offload shares worth ₹361 crore, while Augusta TBO (Singapore) PTE Ltd will sell shares worth ₹636.6 crore.

The IPO of Mumbai-headquartered Macleods Pharmaceuticals Ltd is purely an offer-for-sale (OFS) of up to 60,482,040 equity shares by the promoter and promoter group.

Published on May 23, 2022
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