Security and Intelligence Services files IPO papers with Sebi

Security and Intelligence Services on Wednesday filed their draft papers with market regulator Sebi to raise an estimated Rs 500 crore through an initial public offering (IPO).

The firm provides security solutions and business support services to a wide range of customers across India and Australia.

The IPO comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 6,518,876 by the existing shareholders, as per Draft Red Herring Prospectus (DRHP).

According to sources, the public issue is expected to raise Rs 500 crore.

Proceeds of the issue will be utilised towards repayment of loan, funding working capital requirements and for general corporate purposes.

Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital Company are global coordinators and book running lead managers to the issue. Also, SBI Capital Markets, IDBI Capital Markets & Securities and Yes Securities (India) Ltd are merchant bankers to the issue.

So far this year, 21 companies have hit the capital market to launch their IPOs.