Schloss Bangalore, Ather Energy, 4 others get Sebi's nod to float IPO

Sebi has cleared proposals of six companies, including Leela Palace parent firm Schloss Bangalore, EV player Ather Energy and Oswal Pumps, to launch their initial public offerings.

The six companies filed their draft IPO papers with Sebi from September 10 to 23 and obtained the regulator's observations on December 23-27, an update with the markets regulator showed on Monday. The companies are Ivalue Infosolutions Ltd, Ather Energy, Oswal Pumps, Quality Power Electrical Equipments, Fabtech Technologies and Schloss Bangalore Ltd.

In Sebi's parlance, obtaining observations means its go-ahead to float public issues. 

 

The Rs 5,000-crore proposed IPO of Schloss Bangalore Ltd, which operates Leela Palaces Hotels & Resorts, is a combination of a fresh issue of equity shares worth Rs 3,000 crore and an offer for sale (OFS) of stocks valued at Rs 2,000 crore by promoter Project Ballet Bangalore Holdings (DIFC) Pvt Ltd.

This could be the country's largest IPO in the hospitality sector.

Schloss Bangalore, which is backed by Brookfield Asset Management, said proceeds of the fresh issue will be used for repayment of loan availed by the company and its subsidiaries and for general corporate purposes.

Schloss Bangalore, known for its luxurious hotels and resorts under "The Leela" brand, had a portfolio of 3,382 keys across 12 operational hotels.

As of May 31, 2024, its portfolio includes The Leela Palaces, The Leela Hotels, and The Leela Resorts, located across 10 destinations in the country.

Electric two-wheeler maker Ather Energy's proposed IPO is a combination of a fresh issue of equity shares worth Rs 3,100 crore and an Offer For Sale (OFS) of 2.2 crore equity shares by promoters and investors shareholders.

Those selling shares in the OFS are Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, 3State Ventures Pte Ltd, IITM Incubation Cell and IITMS Rural Technology and Business Incubator among others.

Proceeds from the fresh issue will be used for capital expenditure to establish an electric two-wheeler factory in Maharashtra, investment in research and development, marketing initiatives, repayment of loan and for general corporate purposes.

This will be the second electric two-wheeler company looking to go public after Ola Electric Mobility which floated its Rs 6,145-crore IPO in August. This was also the first issue by an automaker in the country in more than 20 years.

Ather Energy is a pure-play EV company that designs all its products ground up in India. Since its inception in 2013, the company has focused on product and technology development in India in order to build an E2W ecosystem.

Haryana-based Oswal Pumps initial public offering is a mix of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta.

Proceeds from the fresh issue will be used for funding certain capital expenditures of the company, investment in wholly-owned subsidiary, Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and for general corporate purposes.

Oswal Pumps commenced its operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded its operations to manufacture grid-connected high-speed monoblock pumps, grid-connected submersible pumps, and electric motors.

Fabtech Technologies -- a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry proposed IPO is entirely a fresh issue of up to 1.20 crore equity shares.

The offer also includes a reservation for a subscription by eligible employees.

Fabtech Technologies, part of the Fabtech Group, offers comprehensive start-to-finish solutions encompassing designing, engineering, procurement, installation and testing of select pharmaceutical equipment for a wide range of customers.

Private equity firm Creador-backed iValue Infosolutions proposed initial share sale is completely Offer for Sale (OFS) of up to 1.87 crore equity shares by promoters and investor shareholders, according to the Draft Red Herring Prospectus (DRHP).

Under the OFS, Sundara (Mauritius) Ltd, an affiliate of Creador will offload 1.11 crore equity shares.

iValue Infosolutions is an enterprise technology solutions specialist, offering comprehensive, purpose-built solutions for securing and managing digital applications and data.

As per the draft papers of Quality Power Electrical Equipments, an energy transmission equipment and power technologies company, comprises a fresh issue of equity shares aggregating up to Rs 225 crore and an offer for sale (OFS) of up to 1.2 crore equity shares. Promoter Chitra Pandyan will offload the shares though the OFS.

The Pandyan family holds 100 per cent stake in Sangli-based Quality Power.