Seven companies, including lifestyle retail brand FabIndia and specialty chemical company Aether Industries, have received capital markets regulator Sebi’s go-ahead to raise funds through initial share sales.
Syrma SGS Technology, Asianet Satellite Communications, Sanathan Textiles, Capillary Technologies India, and Harsha Engineers International too received the watchdog’s nod to float Initial Public Offerings (IPOs).
These companies, which filed their preliminary IPO papers with Sebi during December 2021 and February 2022, obtained observations during April 27-30, an update with the regulator showed on Monday.
In Sebi’s parlance, its observation implies the company concerned has received the approval to launch the IPO.
Seven cos get go-ahead
SEBI has given a go-ahead to float IPOs to Fabindia Ltd, Asianet Satellite Communications Ltd, Aether Industries Ltd, Syrma SGS Technology Ltd, Sanathan Textiles Ltd, Capillary Technologies India Ltd, and Harsha Engineers International Ltd.
Fabindia Ltd plans to raise ₹4,000 crores through the IPO. The offer comprises a fresh issue of up to ₹500 crores and an offer for sale (OFS) of 25,050,543 equity shares by the existing investors/shareholders. The company’s promoters also plan to gift more than seven lakh shares to artisans and farmers.
Asianet Satellite Communications’ ₹765-crore IPO comprises a fresh issue of equity shares aggregating up to ₹300 crores and an OFS aggregating up to ₹465 crores by the promoter Group Hathway Investments Private Ltd.
Surat-based specialty-chemicals maker Aether Industries Ltd plans to raise ₹1,000 crores through the IPO. The public issue consists of a fresh issue of equity shares of the company aggregating to ₹757 crores, and an OFS of up to 27.51 lakh shares by Purnima Ashwin Desai, one of the promoters of the company.
Also, in its DRHP dated December 28, 2021, the company informed that it may consider pre-IPO placement by the further issue of equity shares, through a preferential offer aggregating to ₹131 crores.
Syrma SGS Technology’s IPO includes a fresh issue of equity shares aggregating up to ₹926 crores and an OFS of up to 33,69,360 shares.
The company may further consider a pre-IPO placement through a rights issue to existing shareholders of up to ₹ 180 crores. The fresh issue size will be reduced if the pre-IPO placement is completed, the company said in the draft papers.
The IPO of Sanathan Textiles comprises a fresh issue of equity shares aggregating up to ₹500 crores and an OFS of up to 1,14,00,000 shares by promoters and the promoter group.
The ₹850-crore IPO of Capillary Technologies India Ltd, as per the draft papers. It consists of a fresh issue of equity shares aggregating up to ₹200 crores and an OFS aggregating up to ₹650 crores.
The company may also consider a pre-IPO placement of up to ₹40 crores. If the pre-IPO placement is completed, it will reduce the fresh issue size accordingly.
Harsha Engineers International Ltd, the Ahmedabad-based maker of precision bearing cages, will raise ₹755 crores through the IPO. The offer consists of a fresh issue of equity shares aggregating to ₹455 crores, and OFS of up to ₹300 crores by existing shareholders that include promoters and promoter groups.
