Four companies get Sebi's approval to raise funds by launching IPOs

Entero Healthcare Solutions, JNK India, Exicom Tele-Systems and Akme Fintrade (India) have received markets regulator Sebi's approval to raise funds through initial public offerings.

However, the Securities and Exchange Board of India has returned the IPO papers of Stallion India Fluorochemicals.

As per the processing status of draft offer documents till January 19, the watchdog has approved the initial public offering (IPO) of the four companies.

These four firms, which had filed their preliminary papers with the markets watchdog between June and October, obtained observation letters on January 16-19, an update with the Securities and Exchange Board of India (Sebi) showed on Thursday.

In Sebi's parlance, obtaining observation letters means its go-ahead to launch an IPO.

Going by the draft papers of Entero Healthcare Solutions, the IPO comprises a fresh issue of equity shares worth up to Rs 1,000 crore and an Offer For Sale (OFS) component of up to 85.57 lakh equity shares.

Those selling shares in OFS are promoters Prabhat Agrawal, Prem Sethi, and OrbiMed Asia III Mauritius Ltd, and other shareholders Chethan MP, Deepesh T Gala, Hemant Jose Barros, Hemant Jaggi, KRVS Varaprasad, K E Prakash and Lavu Sahadev.

Entero Healthcare Solutions was founded in 2018 by Prabhat Agarwal and Prem Sethi.

The public issue of JNK India consists of a fresh issue of equity shares worth up to Rs 300 crore and an OFS of up to 84.21 lakh equity shares by promoters and an existing shareholder.

Under the OFS, promoters -- Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters Co Ltd and Mascot Capital and Marketing Pvt Ltd -- and shareholder Milind Joshi will offload shares of the Mumbai-based company.

The Udaipur-based Akme Fintrade (India) Ltd's initial share sale comprises fresh issuance of 1.1 crore equity shares with no offer for sale (OFS) component.

Proceeds of the issue are proposed to be used to augment the capital base of the company.

The IPO of Exicom Tele-Systems Ltd comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer-for-sale component of up to 74 lakh equity shares by promoter NextWave Communications.

At present, NextWave Communications owns a 71.45 per cent stake in the company.

Proceeds of the fresh issue will be used towards setting up production lines at the manufacturing facility in Telangana, investment in research & development and product development, and payment of debt to support working capital requirements and general corporate purposes.

The equity shares of these four companies are proposed to be listed on bourses --BSE and NSE.