Security and Intelligence Services get Sebi nod for IPO

The public issue is expected to raise Rs 500 crore, according to sources

The Security and Intelligence Services has received market regulator Sebi’s go ahead to raise an estimated Rs 500 crore through an initial public offering (IPO).

The firm provides security solutions and business support services to a wide range of customers across India and Australia.

The company had filed a draft prospectus with Sebi in September and the markets regulator issued final ‘observation’ on the IPO papers on January 12, which is necessary for every company to launch public offers.

The IPO comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 6,518,876 shares by the existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

According to sources, the public issue is expected to raise Rs 500 crore. Proceeds of the issue will be utilised towards repayment of loans, funding working capital requirements and for general corporate purposes.