Apollo Micro Systems and Newgen obtained Sebi's "observations" on November 13 and November 17, respectively. The two firms had filed their draft papers with the regulator in September.
The "observations" from the Securities and Exchange Board of India (Sebi) are very important for any company to launch public offers.
Going by the draft papers, Newgen's IPO comprises fresh issue of shares aggregating up to Rs 95 crore and an offer for sale of 1,34,53,932 scrips by existing shareholders, including Ascent Capital and Pandara Trust.
Proceeds from the fresh issue will be utilised towards purchase and furnishing of office premises near Noida-Greater Noida Expressway in Uttar Pradesh and for other general corporate purposes.
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ICICI Securities and Jefferies India are global coordinators and book running lead managers, while IDFC Bank is the merchant banker to the issue.
Newgen is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.
The public issue of Apollo Micro Systems comprises sale of equity shares aggregating up to Rs 156 crore.
Aryaman Financial Services is the sole book running lead manager to the issue.
The Hyderabad-based company is in the business of designing, development and manufacturing of electronics and electro-mechanical systems including software.
As per the draft papers, the company designs, develops and specialises in the production of ruggedised custom built hardware and software solutions for the aerospace, defence, space, railways, automotive and home land security sectors.