IPO news: This week, the IPOs of Indira IVF, Rays of Belief, Tempens Instruments and Jerai Fitness have been approved by the capital market regulator SEBI. Due to which the way has been cleared for these companies to move forward with their IPO plans. Apart from this, SEBI has also approved the IPO papers of Chartered Speed, Glass Wall Systems (India), Shriram Food Industry and RKCPL.
SEBI has issued observations on the pre-filed draft red herring prospectuses (ie filed through the confidential route) of Indira IVF and Rays of Belief on December 30 and 31, while Tempens Instruments received observations on its IPO papers from the regulator on December 26. Apart from this, Glass Wall Systems got observations on December 29, Shriram Food Industries on December 30, RKCPL and Jerai Fitness on December 31 and Chartered Speed on January 2.
Let us tell you that with SEBI issuing observations on the draft document, the company can launch its IPO for public subscription within the next one year. Whereas a company that files IPO papers confidentially gets 18 months to launch its IPO after receiving observations on the pre-filed DRHP. The reason for this is that such a company has to file an updated DRHP with SEBI, after which the RHP filing is done for the IPO.
Indira IVF, a top fertility clinic chain with investment from Swedish investment company EQT had filed its draft document confidentially with SEBI in July this year. Moneycontrol was the first to report in the month of July that the company has restarted its IPO plans and will soon submit initial documents for listing. Rs 3,500 crore ($408 million) can be raised through this IPO. It is expected that this IPO will be completely offer-for-sale, with no fresh issue.
The company, invested by private equity firm EQT AB, had earlier filed draft papers with SEBI in February this year, which were later withdrawn in March.
Rays of Belief, founded by Nitin Bindlish in 2017 had filed its confidential DRHP in August this year. Let us tell you that Rays of Belief is the parent company of child development and therapy organization Moms Belief.
Apart from these, the remaining six companies had submitted their draft papers with SEBI in September this year. in these Tempens Instruments, Jerai Fitness, Chartered Speed, Glass Wall Systems, Shriram Food Industries and RKCPL Are included.
Tempens Instruments, a thermal engineering and specialized cable manufacturing company from Rajasthan. It proposes to raise Rs 118 crore by issuing fresh shares, while existing shareholders including promoters will sell 1.79 crore equity shares through offer-for-sale. The company will use the proceeds from the fresh issue to fund capital infusion for electrical heating solutions and specialized cable solutions, repay debt and for general corporate purposes.
IPO of Mumbai’s Jerai Fitness There will be a complete offer for sale under which 43.92 lakh shares will be offered for sale. It is a company manufacturing cardiovascular fitness and strength training fitness equipment. There will be no fresh issue in this IPO. The company is coming to the market to avail the benefits of listing equity shares on the stock exchange.
Gujarat’s passenger mobility company Chartered Speed IP Will raise Rs 855 crore through this. This IPO will be a mix of fresh issue and offer for sale. This IPO will include fresh issue of new shares worth Rs 655 crore and offer-for-sale of shares worth Rs 200 crore. The company will use the money raised from the fresh issue to increase its fleet size and reduce debt.
Facade Solutions Providing Company Glass Wall Systems (India) has also filed its draft papers with SEBI. Its main objective is to provide an exit route to the company’s sole public shareholders India Business Excellence Fund (IBEF) and Vistra ITCL. Through this IPO, the company plans to raise Rs 60 crore by issuing new shares. Whereas promoters and investors will sell 4.02 crore equity shares through offer-for-sale.
IPO of Maharashtra based rice exporting company Shriram Food Industry There will be a fresh issue of 2.12 crore shares. Along with this, the company’s promoters Orient Dealtrade and Greta Industries will also present an offer-for-sale of 52 lakh shares.
Gurgaon based civil construction and infrastructure development company RKCPL has applied to SEBI to raise up to Rs 1,250 crore through IPO. Its IPO will be a mix of fresh issue and offer for sale. The size of its fresh issue will be Rs 700 crore and the size of offer for sale will be Rs 550 crore.
Veegaland Developers is bringing ₹250 crore IPO, draft deposited; Only new shares will remain