Three companies file draft papers with Sebi to raise funds via IPOs

Three companies -- Indo Farm Equipment Ltd, Vibhor Steel Tubes Ltd, and Saraswati Saree Depot Ltd -- have filed preliminary papers with capital markets regulator Sebi to raise funds through Initial Public Offerings (IPOs).

Shares of these companies will be listed on the BSE and the NSE, as per draft papers filed with the Securities and Exchange Board of India (Sebi) on September 28 and 29.

The proposed IPO of Indo Farm Equipment comprises fresh issue of 1.05 crore equity shares and an Offer For Sale (OFS) of 35 lakh equity shares by promoter Ranbir Singh Khadwalia.

Proceeds from the fresh issue will be used to set up new dedicated unit for expansion of the company's pick and carry cranes manufacturing capacity, payment of debt, investment in the company's NBFC subsidiary Barota Finance.

Indo Farm Equipment manufactures tractors, pick and carry cranes, and other farm equipment.

Vibhor Steel Tubes' maiden public issue is entirely a fresh issue of equity shares worth Rs 66.47 crore. The funds mobilised through the issue will be used to fund working capital requirements and for general corporate purposes.

The company is engaged in the business of manufacturing, exporting and supplying steel pipes and tubes to various heavy engineering industries in the country.

Saraswati Saree Depot's IPO comprises fresh issue of 72.45 lakh equity share and an OFS of 35.55 lakh equity shares by promoters.

Those selling shares in the OFS are Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani.

Funds collected through the fresh issue will be used to support working capital requirements and for general corporate purposes.

Saraswati Saree Depot is a key player in the sarees wholesale segment. The company is also engaged in the wholesale business of other women's apparel wear such as kurtis, dress materials, lehengas, and bottoms.