Five firms get Sebi nod to raise IPOs
Five firms get Sebi nod to raise IPOs
New Delhi: As many as four companies, including medical technology platform Integris Medtech and Appl Containers, have secured Sebi’s approval to mobilise funds through initial public offerings, data with the markets regulator showed.
Alpine Texworld Ltd and Anjali Labtech were the others which have received Sebi’s nod to float IPOs.The four firms, which filed their preliminary IPO papers between September and October, obtained the market regulator’s observations between February 13-20.In regulatory parlance, receipt of observations allows companies to proceed with their public issues.
According to the draft red herring prospectus (DRHP), PE firm Everstone Capital-backed Integris Medtech’s IPO comprises a fresh issue of equity shares worth Rs 925 crore and an offer for sale of 2.16 crore equity shares by promoters.
As part of the OFS, Evercure Holdings Pte Ltd, Gurmit Singh Chugh, and Punita Sharma will offload their holdings.
According to industry sources, the issue size is between Rs 3,500 crore and Rs 4,000 crore. With this, the company, which manufactures and distributes cardiac stents, is eyeing a valuation of Rs 11,000-13,000 crore.
Proceeds of the fresh issue will primarily be used for payment of debt and general corporate purposes.They may consider a pre-IPO placement for up to Rs 185 crore. If such placement is completed, the fresh issue size will be reduced.
Co-founded by Gurmit Singh Chugh and Punita Sharma, the firm has expertise in developing, manufacturing, commercialising and selling a broad and integrated portfolio of medical devices and solutions. Its portfolio includes cardiovascular devices, clinical diagnostics, and scientific laboratory solutions.
Appl Containers’ proposed IPO is a mix of fresh issue of up to 12.5 lakh equity shares and an offer for sale of up to 25.6 lakh shares by promoters.
The company proposes to utilise the net proceeds from the fresh issue to fund its incremental working capital requirements, pre-payment or re-payment of debt and general corporate purposes.
