Kalpataru, Unimech Aerospace get Sebi's nod to raise funds through IPOs

Real estate firm Kalpataru Ltd and Unimech Aerospace and Manufacturing Ltd have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Monday.

Kalpataru and Unimech Aerospace are aiming to raise Rs 1,590 crore and Rs 500 crore, respectively, through their initial share sale offers.

The two companies, which filed their preliminary papers with the markets regulator in August, obtained observations during November 21-22, the update showed.

In Sebi's parlance, obtaining the observations means its go-ahead to launch the public issues.

According to the draft papers, Mumbai-based Kalpataru's IPO comprises a fresh issue of shares aggregating up to Rs 1,590 crore.

 

It would use Rs 1,192.5 crore for payment of debt.

Kalpataru Ltd is part of the Kalpataru group. Other companies in the group are Kalpataru Projects International Ltd, Property Solutions (India) and Shree Shubham Logistics Ltd.

Bengaluru-based Unimech Aerospace's proposed IPO is a combination of a fresh issue of equity shares worth Rs 250 crore and an offer of sale (OFS) of up to Rs 250 crore by promoter and the promoter group, as per the draft red herring prospectus (DRHP).

The offer also includes a reservation for a subscription by eligible employees.

Funds raised from the fresh issue will be used for expansion through the purchase of machinery and equipment, funding working capital requirements, investment in its material subsidiary, payment of debt and general corporate purposes.

Unimech Aerospace is a high-precision engineering solutions company specialising in complex manufacturing solutions for the aerospace, defence, energy and semiconductor industries.

Shares of the two companies will be listed on the BSE and NSE. 

First SM Reit to open public offer on Dec 2 

Property Share Investment Trust (PSIT), India’s first registered small and medium real estate investment trust (SM Reit), filed an offer document for an initial public offering (IPO) of PropShare Platina, the first scheme under PSIT. The offering aggregating up to Rs 353 crore is entirely a fresh issue.

 

The price band for the issue is Rs 10 lakh to Rs 10.5 lakh per unit, and it will open for subscription on December 2, 2024. The minimum bid size is 1 unit.

 

There will be no offer for sale (OFS) component. As per a statement by the SM Reit, the offer proceeds are proposed to be utilised primarily for the acquisition of Prestige Tech Platina asset by the Platina SPVs (Special Purpose Vehicles) and general corporate purposes.

 

As per the statement, PropShare Platina comprises 246,935 square feet of office space in Prestige Tech Platina, a LEED Gold office building located at Outer Ring Road (ORR), Bengaluru, developed by the Prestige group. It is proposed to be fully leased to a US-based tech company through a fresh nine-year lease with a 4.6-year weighted average lock-in period and 15 per cent rent escalation every three years.

 

Further, the scheme offers investors a projected distribution yield of 9.0 per cent for the financial year 2026 (FY26), 8.7 per cent for FY27, and 8.6 per cent for FY28.

 

Kunal Moktan, director at Property Share, said, “We believe SM REITs like PropShare Platina provide investors with an alternative asset class with hybrid returns in the form of regular rental yields and capital appreciation of the underlying real estate. With PropShare Platina, we are proud to be the first firm to bring this product to the Indian financial markets.” 

Enviro Infra subscribed 12.51 times on Day 2

 

The initial public offering (IPO) of Enviro Infra Engineers, which is involved in the development of turnkey projects of sewage treatment plants and sewerage system, got subscribed 12.51 times on the second day of subscription on Monday. 

 

The initial share sale received bids for 38,52,17,131 shares against 3,07,93,600 shares on offer, according to NSE data. The

Qualified Institutional Buyers (QIBs) part received 2.58 times subscription.