MedPlus Health Services, RateGain, 4 other cos get Sebi approval for IPOs

Six companies, including pharmacy retail chain MedPlus Health Services, RateGain Travel Technologies and microlender Fusion Micro Finance, have received Sebi's go ahead to raise funds through IPOs

Six companies, including pharmacy retail chain MedPlus Health Services, travel technology services firm RateGain Travel Technologies and microlender Fusion Micro Finance, have received markets regulator Sebi's go ahead to raise funds through IPOs.

The other firms that have received the approval to float their Initial Public Offerings (IPOs) are retail wealth management firm Prudent Corporate Advisory Services, private market intelligence platform Tracxn Technologies and real estate developer Puranik Builders.

These six companies, which filed their preliminary IPO papers with Sebi between August and September, obtained observations letter from the regulator during November 16-18, an update with the markets watchdog showed on Monday.

In Sebi parlance, issuance of observations letter implies its go-ahead for an IPO.

Going by the draft papers, MedPlus Health Services' Rs 1,639-crore IPO comprises fresh issuance of equity shares worth 600 crore and an Offer For Sale (OFS) of equity shares to the tune of Rs 1,038.71 crore by the promoters and existing shareholders.

The OFS comprises equity shares aggregating up to Rs 450 crore by Lone Furrow Investments, equity shares worth up to Rs 500 crore by PI Opportunities Fund I and equity shares aggregating up to Rs 88.71 crore by other selling shareholders.

Proceeds of the fresh issue will be used for funding working capital requirements of the company's subsidiary Optival.

The initial share sale of RateGain Travel Technologies consists of a fresh issue of equity shares, aggregating up to 400 crore and an OFS of up to 2.26 crore shares by promoters and existing shareholders.

The OFS comprises a sale of 1.71 crore equity shares by Wagner Limited, up to 40.44 lakh shares by Bhanu Chopra and up to 12.94 lakh shares by Megha Chopra and up to 1.52 lakh shares by Usha Chopra.

Proceeds from the fresh issue will be used for payment of debt availed by RateGain UK -- one of the subsidiaries -- from Silicon Valley Bank, payment of deferred consideration for the acquisition of DHISCO and strategic investments, acquisitions and inorganic growth.

Also, the funds will be invested in technology innovation, artificial intelligence and other organic growth initiatives, the purchase of certain capital equipment for the data centre and general corporate purposes.

Fusion Micro Finance's IPO comprises fresh issuance of equity shares worth Rs 600 crore and an OFS of 2.19 crore equity shares by promoters and existing shareholders.

Those selling shares in the OFS are Devesh Sachdev, Honey Rose Investment, Creation Investments Fusion LLC, Oikocredit Ecumenical Development Co-operative Society U.A and Global Financial Inclusion Fund.

Fusion Micro Finance, which is backed by global private equity major Warburg Pincus, proposes to utilise net proceeds of the fresh issue to augment the capital base of the microfinance firm.

The initial share-sale of Prudent Corporate Advisory Services is entirely an OFS of 85,49,340 equity shares.

As part of the OFS, Wagner Ltd, an entity of TA Associates, will offload 82,81,340 equity shares and Shirish Patel, Whole Time Director and Chief Executive Officer of Prudent, will sell up to 2.68 lakh equity shares.

Puranik Builders' IPO comprises fresh issue of shares worth Rs 510 crore and an OFS of up to 9.45 lakh equity shares by the company's promoters group.

As a part of the offer for sale, Ravindra Puranik and Gopal Puranik will offload up to 4,72,500 equity shares each.

Proceeds from the issue will be utilised towards repayment of loan and other general corporate purposes.

Tracxn Technologies' initial share sale will be an OFS of 3.86 crore equity shares by promoter and investor selling shareholders.

The OFS will see sale of up to 76.62 lakh shares each by promoters -- Neha Singh and Abhishek Goyal -- up to 12.63 lakh shares each by Flipkart founders -- Binny Bansal and Sachin Bansal -- up to 1.09 crore shares by Elevation Capital, up to 40.2 lakh shares by Accel India IV Mauritius, and 21.81 lakh shares by SCI Investments V among others.

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