FabIndia, Syrma SGS, 5 others get SEBI approval to float IPOs
- FabIndia and 6 other companies have received SEBI’s approval to float IPOs
- FabIndia's IPO is expected to be worth around Rs 4,000 crore
- Aether Industries IPO is expected to raise Rs 1,000 crore
Asianet Satellite Communications, Sanathan Textiles, Harsha Engineers International, Syrma SGS Technology and Capillary Technologies India also received the go-ahead from the market regulator to raise funds through initial share sales, reported PTI.
These companies filed their preliminary IPO papers with SEBI from December 2021 to February 2022.
Ethnic wear and lifestyle retailer FabIndia filed its draft papers in January 2022 for its IPO that comprises a fresh issue of Rs 500 crore and an offer for sale (OFS) of 2.5 crore equity shares by promoters and investors. The company is backed by businessman Azim Premji’s investment firm Premji Invest (PI Opportunities Fund-1).
According to a PTI report, the company promoters also plan to gift over 7 lakh shares to artisans and farmers. FabIndia's IPO is expected to be worth around Rs 4,000 crore.
Capillary Technologies India, an artificial intelligence-based cloud-native software-as-a-solution (SaaS) products and solutions provider is looking to raise Rs 850 crore through the initial share sale. The company is backed by Warburg Pincus and Sequoia Capital.
The IPO comprises fresh issues of equity shares aggregating to Rs 200 crore and an OFS of Rs 650 crore by Capillary Technologies International Pte Ltd, which holds 98.06% shareholding in the company, reported PTI.
Harsha Engineers International, the manufacturer of precision bearing cages, had filed its preliminary papers in February this year to raise Rs 755 crore through its IPO.
The IPO consists of a fresh issue of equity shares of Rs 455 crore and an OFS of up to Rs 300 crore by promoters Rajendra Shah, Harish Rangwala, Pilak Shah, Charusheela Rangwala and Nirmala Shah.
The planned IPO of Aether Industries consists of a fresh issue of Rs 757 crore and an OFS of up to 2.57 million shares by existing promoter Purnima Ashwin Desai. The company may also consider raising Rs 131 crore by issuing equity shares through a preferential offer. The speciality chemical company is expected to raise Rs 1,000 crore through its IPO.
Asianet Satellite Communications is looking to raise Rs 765 crore through the initial share sale. The IPO comprises fresh issuance of shares worth Rs 300 crore, and an OFS of Rs 465 crore by promoter Hathway Investments.
Electronic manufacturing services firm Syrma SGS Technology's IPO consists of a fresh issue of shares worth Rs 926 crore, and an OFS of up to 33.69 lakh equity shares by Veena Kumari Tandon. The company plans to raise funds between Rs 1,000 crore and Rs 1,200 crore.
Yarn manufacturer Sanathan Textiles is planning to raise funds in the range of Rs 1,200-1,300 crore from the primary market. The offer comprises a fresh issue of Rs 500 crore and an offer for the sale of 1.14 crore equity shares by the Dattani Family.
The equity shares of these companies will be listed on BSE and NSE.
With this, a total of 59 companies have received SEBI’s approval to launch IPOs. So far, eight companies have launched their IPOs including Adani Wilmar, Vedant Fashions, Campus Activewear, Rainbow Children's Medicare and Veranda Learning Solutions. Life Insurance Corporation of India’s (LIC) IPO will open for subscription on May 4.