Capital markets regulator Securities and Exchange Board of India (SEBI) has given its approval to four companies– JNK India, Entero Healthcare Solutions, Exicom Tele-Systems, and Akme Fintrade to go ahead with the launch of initial public offerings (IPOs).
Entero Healthcare Solutions received an observation letter from the market regulator on January 16, while JNK India and Akme Fintrade got the same letter on January 18. SEBI issued the said letter to Exicom Tele-Systems on January 19. Additionally, the market regulator has returned IPO papers to Stallion India Fluorochemicals on January 19. The company had filed draft papers last month.
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Entero Healthcare Solutions
The IPO of the Haryana-based healthcare products distribution platform will consist of a fresh issuance of shares worth ₹1,000 crore and an offer for sale (OFS) of 85,57,597 equity shares by selling shareholders. The company had filed draft papers for the public issue on September 13, 2023.
Around 19 shareholders will be selling stakes in the OFS of the company, including promoter Prabhat Agrawal, and corporate promoter OrbiMed Asia III Mauritius. The book-running lead managers to the issue are ICICI Securities, DAM Capital Advisors, Jefferies India, JM Financial, and SBI Capital Markets.
Entero Healthcare, which is among the top three healthcare products distributors in India with a network of 81,400 retail pharmacies in FY23, may also consider fundraising of ₹200 crore through a private placement.
JNK India
The Maharashtra-based company filed preliminary papers with the market regulator on August 22, 2023. The public issue is a mix of fresh issuance of shares worth ₹300 crore and an OFS of 84.21 lakh equity shares by the existing shareholders including promoters.
JNK India intends to utilise ₹275.72 crore of the net fresh issue proceeds for its working capital requirements, and the remaining for general corporate purposes. Goutam Rampelli, Dipak Kacharulal Bharuka, JNK Heaters, and Mascot Capital and Marketing are the promoters, planning to offload over 80 lakh shares in the OFS, and the remaining shares will be sold by Milind Joshi.
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Akme Fintrade
The Rajasthan-based non-banking finance company (NBFC) had filed draft papers with the market regulator in June 2023, for raising funds through a public issue. The IPO consists of only a fresh issue of 1.1 crore equity shares by the company. The funds will be utilised mainly for augmenting the company’s capital base to meet future capital requirements.
Exicom Tele-Systems
The company had draft papers with SEBI on September 27, 2023. The initial public offering consists of a fresh issue of ₹400 crore and an OFS of 74 lakh equity shares by promoter NextWave Communications. The power management solutions provider operates in the electric vehicle supply equipment solutions business, and critical power solutions business.
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Published: 25 Jan 2024, 05:30 PM IST