SEBI Clears 6 More Companies to Launch Their IPOs

The Indian IPO (Initial Public Offering) market is witnessing a stellar run as more and more companies continue to go public this year. Recently, the Zomato IPO caught investors’ attention and ended up getting listed on the Bombay Stock Exchange (BSE). Now, six more companies are bound to launch their IPO. 

The Securities and Exchange Board of India (SEBI) has approved the applications of six more companies to launch their IPO. These companies are Ami Organics, Aptus Value Housing Finance, CarTrade Tech, Krsnaa Diagnostics, and Supriya Lifescience. 

The market regulator had received applications from these companies in May and June 2021. The IPO bound companies had their observations done between July 19th and July 23rd after filing their preliminary IPO papers.

Ami Organics is a speciality chemicals producing company, and its IPO consists of shares worth nearly Rs 300 crore. The company intends to use about Rs 140 crore of the IPO proceeds to service its debt, while Rs 90 crore would be utilised to meet working capital requirements. 

The IPO of Aptus Value Housing Finance would comprise equity shares worth about Rs 500 crore, and 64 lakh equity shares would be available on offer for sale. The proceeds of the IPO will be utilised to enhance the capital base. The company is anticipating raising to Rs 3,000 crore with the IPO. The IPO of CarTrade Tech is entirely going to be an offer for sale. It consists of more than 12 lakh equity shares. 

The IPO of Supriya Lifescience will comprise a fresh issue of shares worth nearly Rs 200 crore. Promoter’s shares will be on offer fr sale, and it amounts to up to Rs 1,000 crore. The company has planned to utilise the IPO proceeds to augment capital and servicing debt and other commercial purposes. 

The IPO of Krishna Diagnostics will make equity shares worth nearly Rs 400 crore available for investors, and up to 94 lakh shares will be on offer for sale from the existing stakeholders. The company plans to use the IPO proceeds to set up diagnostic centres in Himachal Pradesh, Karnataka, Maharashtra and Punjab. 

The Vijaya Diagnostics’ IPO is similar to CarTrade Tech, in which the IPO will entirely be an offer for sale. The offer for sale will comprise more than 35 lakh shares held by the promoter and investors. This is expected to dilute the stakes of the promoter and existing investors by 35%. 

For any clarifications/feedback on the topic, don’t hesitate to get in touch with the writer at vineeth.nc@cleartax.in

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