Five cos approach Sebi with IPO plans

Five firms including Catholic Syrian Bank and Dilip Buildcon have filed draft papers with capital markets regulator Sebi for raising at least Rs 2,000 crore from initial public offers (IPO).
Apart from Catholic Syrian Bank and Dilip Buildcon, three companies -- Navkar Corporation, Prabhat Dairy and MM Auto Industries have approached Sebi with their IPO proposals, as per draft documents uploaded by the capital markets regulator on its website today.
These firms will launch IPOs after getting clearances from the Securities and Exchange Board of India.
Together, these companies plan to mop-up at least Rs 2,000 crore through public offers.

The proceeds of the issue would be utilised for expansion plans and meeting working capital requirements.
The total number of companies filing their initial papers with Sebi this year has reached 12, looking to garner at least Rs 4,000 crore.

Individually, Catholic Syrian Bank plans to raise up to Rs 400 crore through initial share sale programme, while Navkar Corporation filed IPO documents to garner Rs 600 crore.
Dilip Buildcon's IPO would comprise fresh issue of equity shares worth up to Rs 650 crore and offer for sale of up to 1.49 crore equity shares by its existing shareholders.
Prabhat Dairy has approached Sebi to raise up to Rs 300 crore by issuing fresh equity shares and offer for sale of up to 1.47 crore equity scrips, while MM Auto plans to come out with an public issue of 53 lakh equity shares.

Analysts expect a spurt in IPO activities this year because many firms which have already received Sebi's approval may launch public offers in the coming months.
Moreover, seven companies including UFO Moviez India, Sadhbhav Infrastructure Projects, VRL Logistics and Shree Pushkar Chemicals and Fertilizers had obtained green signal from Sebi so far this year, to float their IPOs.
Three firms - Inox Wind, Adlabs Entertainment and Ortel Communications - had launched their public issues last month.