Four companies receive Sebi approval for initial public offerings

Markets regulator Sebi has given its nod for the proposed initial public offerings of four companies -- BIBA Fashions Ltd, Keystone Realtors Ltd, Plaza Wires Ltd and Hemani Industries Ltd.

These companies have received their respective observation letters from Sebi, according to an update on the regulator's website as on October 14.

In Sebi's parlance, issuance of the observation letter implies the go-ahead from the regulator for the proposed IPO.

Ethnic wear fashion label Biba Fashion, which is backed by Warburg Pincus and Faering Capital, had filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.

The proposed IPO comprises fresh issuance of equity shares worth Rs 90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and existing investors, as per the draft papers.

In June, Rustomjee group company Keystone Realtors has filed the preliminary papers to raise Rs 850 crore through an IPO. It consists of fresh issue of equity shares aggregating up to Rs 700 crore and an OFS worth Rs 150 crore by promoters, according to the DRHP.

Agrochemical manufacturer Hemani Industries Ltd filed the DRHP to raise Rs 2,000 crore through an initial share sale in March.

The IPO comprises fresh issue of equity shares aggregating up to Rs 500 crore and an OFS of equity shares worth up to Rs 1,500 crore by its promoters.

In May, Plaza Wires filed the DRHP for the share sale involving a fresh issue of 1,64,52,000 equity shares. The Delhi-based company is into the business of manufacturing, marketing and selling of wires, aluminium cables and fast moving electrical goods.