Capital markets regulator Securities Exchange Board of
India (SEBI) has approved the Initial Public Offerings (IPOs) of three
companies including Federal Bank’s subsidiary Fedbank Financial Services,
airport service aggregator platform Dreamfolks Services and speciality marine
chemical manufacturer Archean Chemical Industries.

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These companies filed their preliminary IPO papers with
SEBI in January and February and received an observation letter from the
regulator during May 9-13, according to an update with the SEBI shown on

In SEBI’s language, observation means the company
concerned has received the approval to launch the IPO.

According to the draft papers, the IPO of Fedbank
Financial Services Ltd (FedFina) comprises a fresh issue of equity shares worth
up to Rs 900 crore and an Offer For Sale (OFS) of up to 1,64,97,973 equity
shares by Federal Bank and up to 2,92,16,313 equity shares by True North Fund

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The company will utilize the net proceeds from the fresh
issue towards augmenting its Tier – 1 capital base to meet its future capital
requirements arising out of the growth of business and assets.

The IPO of Dreamfolks Services is entirely an OFS of up
to 2,18,14,200 equity shares by promoters Liberatha Peter Kallat, Dinesh Nagpal
and Mukesh Yadav. The public offer will include 41.75% of the post-offer
paid-up equity share capital of the company.

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Archean Chemical Industries’ IPO comprises a fresh issue
of equity shares amounting to Rs 1,000 crore and an OFS of up to 1.9 crore
shares by the promoter and investors, including India the India Resurgence
Fund, a joint venture between Piramal Group and Bain Capital.

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According to a PTI report, the company is expected to
raise anywhere between Rs 2,000 crore and Rs 2,200 crore through the initial
share sale. The company plans to utilize the net proceeds from the fresh issue
for the redemption of non-convertible debentures issued by it.

The equity shares of the three companies will be listed
on the BSE and NSE.