The initial public offerings (IPO) of Campus Activewear Ltd, Maini Precision Products Ltd (MPPL) and Sresta Natural Bioproducts Ltd have received Securities and Exchange Board of India (SEBI) approval in the past week.

As per an update with SEBI, the three companies that had filed their preliminary IPO papers with the regulator between December 2021 and January 2022 have obtained its “observations” during March 15-17, 2022. The issuance of observations in SEBI parlance is a go-ahead to float IPO. SEBI is yet to issue observations for 42 IPO papers.

The IPO of lifestyle-oriented sports and athleisure footwear company Campus Activewear comprises up to 51 million equity shares of face value ₹5 through a 100 per cent offer for sale (OFS), as per draft papers.

The size of the IPO has not been revealed in the DRHP. The company’s products are under ‘Campus’ brand, which enjoys about 15 per cent market share in the branded sports and athleisure footwear industry in India by value for fiscal 2020

Promoters Hari Krishna Aggarwal and Nikhil Aggarwal are looking to offload up to nine million and five million equity shares, respectively, of their current shareholding through the OFS.

The IPO of Bengaluru-based Maini Precision Products Ltd (MPPL), with a face value of ₹2 per equity share, consists of a fresh issue of equity shares aggregating to ₹150 crore, and an offer for sale of up to 2,54,81,705 equity shares. MPPL is an end-to-end solution provider engaged in process design, engineering, manufacturing, testing and supply of a variety of precision products.

As a part of the OFS, the company’s promoters will offload 60,20,765 equity shares.

The IPO of Sresta Natural Bioproducts Ltd, which promotes ‘24 Mantra’ organic brand comprises a fresh issue of equity shares aggregating up to ₹50 crore and an offer sale of up to 70.3 lakh equity shares by the shareholders, including 22.50 lakh shares by Peepul Capital Fund III.

Published on March 22, 2022