Avenue Supermarts,Continental Warehousing get Sebi nod for IPO

Avenue Supermarts and Continental Warehousing Corporation have received markets regulator Sebi's approval to float initial public offerings.
These firms had filed their draft offer documents with Securities and Exchange Board of India (Sebi) in September.
The markets regulator issued its final 'observations' on the IPOs of Avenue Supermarts and Continental Warehousing on December 6 and December 16, respectively, on the draft offer documents, which is necessary for any company to launch the public offer.
Avenue Supermarts, which owns and operates supermarkets retail chain D-Mart, is looking to raise Rs 1,870 crore through the public issue. The firm, which is valued at Rs 18,000 crore, is an emerging national supermarket chain, with a focus on value-retailing.

The funds raised through the IPO would be utilised towards construction and purchase of fit-outs for new stores and loan repayment.
The public issue of Continental Warehousing comprises fresh issue of shares worth Rs 418.80 crore and an offer for sale of up to one crore shares by Warburg Pincus and 36,76,820 shares by Abraaj, according to Draft Red Herring Prospectus.

Proceeds of the fresh issue will be used to retire debt, purchase of equipment and construction of warehouses at Ahmedabad and Panipat.
Continental Warehousing Corp, an integrated multimodal logistics company, owns and operates cargo handling and storage facilities. It also provides express logistics and third-party logistics services.

The companies shares will be listed on the BSE and the National Stock Exchange.
So far this year, 21 companies including ICICI Prudential Life Insurance Company, RBL Bank, Larsen & Toubro Infotech and Mahanagar Gas got listed on stock exchanges.