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EaseMyTrip, realty firm Puranik Builders and 2 others get nod for IPO

The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019

Press Trust of India  |  New Delhi 

EaseMyTrip

As many as four companies, including online travel firm and realty firm Puranik Builders, have received regulator Sebi's go-ahead to float initial public offerings.

Construction firm Montecarlo and manufacturer of pharmaceutical chemicals Chemcon Speciality Chemicals are the other companies that obtained clearance from Sebi.

The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019.

According to latest update with the watchdog, and obtained Sebi's "observations" on January 28, while the same for Montecarlo and Chemcon Speciality Chemicals was obtained on January 31.

Sebi's observations are necessary for any company to launch public issues such as initial public offer, follow-on public offer and rights issue.

Going by the draft papers, com plans to float a Rs 510 crore initial public offering (IPO), through which the company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of Rs 255 crore through offer-for-sale mechanism.

EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.

The of consists of fresh issue of shares worth Rs 810 crore, besides an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders.

According to market sources, the size could be estimated at Rs 1,000 crore.

Montecarlo filed fresh papers with Sebi in September 2019 to launch an comprising fresh issuance of shares worth Rs 450 crore, besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust.

According to market sources, Montecarlo's IPO size is estimated to be Rs 550 crore.

In May 2018, Montecarlo had approached Sebi with draft prospectus seeking its approval to raise funds through initial share-sale and secured the market regulator's nod in August last year to float the public issue. However, the company did not launch the IPO.

Chemcon Speciality Chemicals' IPO comprises of fresh issue of shares worth Rs 175 crore and an offer for sale of 43 lakh equity shares from the promoters.

Sources pegged the company's IPO size at Rs 350 crore.

First Published: Mon, February 03 2020. 20:40 IST
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