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Sebi gives nod to IPOs of Varindera Constructions and two others

The engineering, procurement, and construction company Varindera Constructions plans to raise Rs 1,200 crore through the issue

Sebi

Sebi | Photo: Bloomberg

Khushboo Tiwari Mumbai

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The Securities and Exchange Board of India (Sebi) has approved the initial public offerings (IPOs) of Varindera Constructions, Ellenbarrie Industrial Gases, and Sambhv Steel Tubes. The observation letters for each were sent last week.
 
The engineering, procurement, and construction company Varindera Constructions plans to raise Rs 1,200 crore through the issue, of which Rs 900 crore is a fresh issue, while Rs 300 crore is from an offer for sale (OFS) by existing promoter members.
 
The IPO of Sambhv Steel Tubes comprises a fresh issue of Rs 440 crore and an OFS of Rs 100 crore by existing shareholders.
 
 
Ellenbarrie Industrial Gases’ IPO is also a combination of a fresh issue and an OFS, comprising Rs 400 crore and 14.4 million shares.
 
Denta Water gains 18% on debut
 
Denta Water and Infra Solutions, an infrastructure projects firm, saw its market value rise 18 per cent during its trading debut on Wednesday. Shares of the company ended at Rs 346, up Rs 52, or 18 per cent, over its issue price of Rs 294.
 
The company’s maiden share sale had garnered nearly 222 times more demand than the shares on offer. At the last close, the company was valued at Rs 925 crore. Denta’s Rs 220-crore initial public offering (IPO) was entirely a fresh fundraise.
 
Set up in 2016, Denta is a water and infrastructure solutions provider engaged in designing, installing, and commissioning water management infrastructure projects, with expertise in groundwater recharge. 
Dr. Agarwal IPO subscribed 7% on day one
 
The initial public offering (IPO) of Dr Agarwal’s Health Care, an eye-care firm, garnered 7 per cent subscription on Wednesday, the opening day of the issue.
 
A day earlier, the company had allotted shares worth Rs 875 crore to anchor investors at Rs 402 per share. The company’s Rs 3,027-crore IPO comprises a Rs 300-crore fresh fundraise.
 
For 2023-24, the company posted a net profit of Rs 95 crore on revenues of Rs 1,332 crore.
 
At the top end of the price band, Dr Agarwal’s is valued at almost Rs 12,700 crore.
 
NAV Capital launches India-focused AIF
 
Dubai-based NAV Capital has announced the launch of its first India-focussed, close-ended alternative investment fund (AIF Category II), named the NAV Bharat Investment Opportunities Fund.
 
This new fund aims to invest in pre-initial public offering (pre-IPO) companies and small and medium enterprises (SMEs) with high growth potential across various sectors.
 
NAV Capital plans to raise Rs 500 crore in the first round of fundraising, which will be deployed over 18 months.  Arkade gains 8% after Mumbai land buy 
Shares of Arkade Developers jumped 8 per cent on Wednesday after the realty firm bought a land parcel in Mumbai with projected revenues of Rs 2,000 crore.
 
The Mumbai-based developer acquired a four-acre land parcel in Goregaon West for Rs 165 crore from Asen Properties and Kamanwala Housing Construction. The land is currently leased to film studio Filmistan.
 
"The project will foresee a modern luxury development with an approximate saleable area exceeding 5 lakh square feet, contributing an estimated revenue of Rs 2,000 crore," Arkade said in a release.
     

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First Published: Jan 29 2025 | 4:23 PM IST

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