Adani Wilmar, Nykaa, Penna Cement get SEBI nod to launch IPO

The Securities and Exchange Board of India (SEBI) has given a go-ahead to six companies, including Nykaa, Adani Wilmar Star Health & Allied Insurance and Penna Cement to raise funds through the initial public offerings.

Latent View Analytics and Sigachi Industries have also received SEBI’s approval for its IPO.

These six companies had filed their preliminary IPO papers with SEBI between May and August.

Overall, SEBI approved six IPO papers in the past week.

Nykaa

The IPO of FSN E-Commerce Ventures Ltd, which runs online beauty and wellness products marketplace Nykaa, comprises a fresh issue of equity shares worth ₹525 crore and an offer for sale (OFS) of 43,111,670 equity shares by the promoter and existing shareholders.

Promoter Sanjay Nayar Family Trust and shareholders, Lighthouse India Fund III, Lighthouse India III Employee Trust, TPG Growth IV SF Pte Ltd, Yogesh Agencies & Investments, J M Financial and Investment Consultancy Services are among those selling the shares apart from some individual shareholders.

Adani Wilmar

Adani Wilmar plans to raise ₹4,500 crore via fresh issuance of equity.

AWL, a joint venture between Adani Enterprise and Asian agribusiness Wilmar International offers essential kitchen commodities for consumers, including edible oil, wheat flour, rice, pulses and sugar under a diverse range of brands across a broad spectrum.

The net proceeds from the IPO had been proposed to be used by AWL to fund capital expenditure for expansion of its existing manufacturing facilities and developing new manufacturing facilities. It also looked to repay or prepay its borrowings, fund strategic acquisitions and investments; and for general corporate purposes.

Star Health

The IPO of Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company comprises a fresh issue of equity worth ₹2,000 crore and an offer for sale of up to 6.01 crore shares by promoters and existing shareholders, according to the draft papers.

The selling shareholders included Safecrop Investments India LLP, Konark Trust and MMPL Trust (promoter and promoter group) and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai.

The public offer includes a reservation for eligible employees.

Latent View Analytics

The IPO of Latent View Analytics Ltd, a global digital analytics firm comprises a fresh issue of ₹474 crore and an OFS of up to ₹126 crore.

The company creates result-oriented analytics solutions for customers to help them operate more efficiently by predicting outcomes that drive digital transformation and sustainability. It provides business analytics including customer profiling, supply chain management, finance and risk management, marketing and HR functions.

Penna Cement Industries

Penna Cement Industries has received approval to proceed with its ₹1,550-crore IPO which includes a fresh issue of ₹1,300 crore and an offer for sale of up to ₹250 crore by its promoter PR Cement Holdings. Currently, P R Cement Holdings holds a 33.41 pc stake in the company.

It is planning to utilise part of the fresh capital raised for repayment of ₹550 crore of certain borrowings besides funding capital expenditure requirements of ₹105 crore for its KP Line II Project. About ₹80 crore will be used by the firm towards upgrading its raw grinding and cement mill in Talaricheruvu, ₹110 crore and ₹130 crore towards setting up a waste heat recovery plant in Talaricheruvu and Tandur, respectively, the DRHP said.

Sigachi Industries

The IPO of Sigachi Industries, a Hyderabad-based manufacturer comprises a fresh issuance of up to 76.95 lakh equity shares of face value of ₹10 each.

The company is engaged in the manufacturing of microcrystalline cellulose, the polymer that is widely used for finished dosages in the pharmaceutical industry.

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