 "Sebi approves IPO of Akums Drugs, Ceigall India, Orient Tech, Gold Plus")
The Securities and Exchange Board of India (Sebi) has approved four initial public offers (IPOs), a mix of fresh issue and offer for sale, of Akums Drugs and Pharmaceuticals, Ceigall India, Orient Technologies, and Gold Plus Glass Industry.
The market regulator has, however, kept the Rs 2,200 crore public offer by non-banking financial company SK Finance in abeyance. The regulator puts any IPO on hold if information sought from the company or other regulatory bodies is not received on time or if there is pending regulatory investigation.
Akums Drugs plans to raise over Rs 680 crore through the fresh issue and constitutes an offer for sale (OFS) of 18.6 million shares by promoters Sanjeev Jain and Sandeep Jain, and existing investor Ruby QC Investment Holdings.
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The proceeds from the fresh issuance will be deployed for debt repayment, working capital requirements, and other growth initiatives, including those through acquisitions.
Ceigall India, a Ludhiana-based infrastructure firm, is eyeing Rs 618 crore fund raise through fresh issuance and will have up to 14.3 million equity shares for sale as promoters and an individual investor will divest their stake.
Premji Invest-backed Gold Plus Glass Industry aims to raise Rs 500 crore through the fresh issuance and an OFS of 15.7 million shares. The selling shareholders include promoters Suresh Tyagi and Jimmy Tyagi, Kotak Special Situations Fund, and PI Opportunities Fund, owned by Premji Invest.
Delhi-based Gold Plus manufactures float glass and filed its DRHP in February this year.
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Information technology solutions provider Orient Technologies, which filed its draft red herring prospectus in February this year, also received the Sebi nod on July 2.
The company’s public offer comprises fresh issuance worth Rs 120 crore and an OFS of up to 4.6 million equity shares by promoter selling shareholders. From the fresh issuance, nearly Rs 79 crore will be utilised for capital expenditure and Rs 10.35 crore for acquisition of office premises in Navi Mumbai.
The IPO pipeline in India has swelled with several new approvals as the regulator earlier this month approved SoftBank-backed Unicommerce eSolutions, FirstCry parent Brainbees Solutions, Interarch Building Products, and Gala Precision Engineering.