Sebi seeks clarification from 3 firms on IPO plans

Capital markets regulator Sebi has sought clarifications from merchant bankers of three firms -- RBL Bank, Infibeam Incorporation and Paranjape Schemes (Construction) Ltd -- regarding their proposed initial public offers (IPOs).
Without disclosing the details of clarifications sought, Securities and Exchange Board of India (Sebi) has said that it is awaiting response from 'Lead Managers' for the proposed public offers.
According to the latest weekly update on the processing status of draft offer documents filed with Sebi, the markets regulator has said clarifications were awaited on the IPO of these three companies as on August 7, 2015.
The next update would be uploaded on Sebi's website on August 17.

The capital market watchdog said it might issue observations on draft offer documents within 30 days, after receiving satisfactory reply from the lead merchant bankers regarding the clarification or additional information sought from them.
RBL Bank (formerly know as Ratnakar Bank) and online shopping portal Infibeam had filed their respective draft offer document with Sebi in June this year, while the same for real estate developer Paranjape Schemes was filed last month.

Sebi had sought clarification from RBL Bank earlier also.
The firms plan to utilise IPO proceeds for business expansion plans, working capital requirements and to pay off debt.

As per the draft papers, RBL Bank intends to raise at least Rs 1,100 crore through public offer and Infibeam plans to mop-up an estimated Rs 450 crore.
Paranjape Schemes is planning to raise up to Rs 600 crore through initial share sale programme.
Since the beginning of the year, 24 companies have already filed draft papers with Sebi, while some others, including GVK Airport are in the process to file their initial papers.
So far in 2015, nine firms have mobilised nearly Rs 4,400 crore through IPOs, higher than funds raised in the preceding two years, while IPO of Power Mech Projects is underway.

A total of six IPOs had hit the market in 2014 and together garnered just Rs 1,261 crore, while in 2013, three companies raked in Rs 1,284 crore through initial share plans.