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Capital markets regulator Securities and Exchange Board of India (Sebi) has issued observation letters to five companies, effectively clearing their IPO proposals, according to an update on the Sebi website on Wednesday.
Security and surveillance solutions provider Innovatiview India, and Park Medi World, a hospital chain under the Park brand, have secured regulatory approval to raise funds through initial public offerings (IPOs). Additionally, real estate company Runwal Enterprises, construction machine exporter Jinkushal Industries and agrochemical firm Advance Agrolife also received Sebi's go-ahead to launch their maiden public issues.
These five companies had filed their draft IPO papers with Sebi between February and April this year.
Capital markets regulator Securities and Exchange Board of India (Sebi) has issued observation letters to five companies, effectively clearing their IPO proposals, according to an update on the Sebi website on Wednesday.
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Security and surveillance solutions provider Innovatiview India and Park Medi World, a hospital chain under the Park brand, have secured regulatory approval to raise funds through initial public offerings (IPOs). Additionally, real estate company Runwal Enterprises, construction machine exporter Jinkushal Industries and agrochemical firm Advance Agrolife also received Sebi's go-ahead to launch their maiden public issues.
These five companies had filed their draft IPO papers with Sebi between February and April this year.
Noida-based Innovatiview India plans to raise around ₹2,000 crore through an IPO consisting entirely of an offer for sale (OFS). The OFS comprises ₹800 crore each from Ashish Mittal and Ankit Agarwal, ₹320 crore from Vishal Mittal, and ₹80 crore from Abhishek Agarwal.
Hospital chain Park Medi World aims to raise ₹1,200 crore through a combination of fresh issuance worth ₹900 crore and OFS worth ₹300 crore by promoter Ajit Gupta. The company plans to use the fresh issue proceeds for payment of debt, funding capital expenditure for the development of a new hospital and the expansion of an existing hospital by its subsidiaries, according to DRHP.
Mumbai-based real estate player Runwal Enterprises plans to raise ₹1,000 crore through a fresh issue. The company plans to use the net issue proceeds for expansion and repayment of debt.
Jinkushal Industries has also received Sebi approval for its maiden public issue. It is an exporter of construction machinery with a strong presence in the UAE and the US. The offering comprises a fresh issue of up to 8.65 million shares and an OFS of up to 1 million shares, with a face value of ₹10 each. The Chhattisgarh-based company proposes to utilise the proceeds from the fresh issue towards funding the working capital requirements and for general corporate purposes.
Advance Agrolife, a Jaipur-based agrochemicals company, has received approval for a fresh issue of 19.3 million equity shares. The company manufactures a wide range of agrochemical products and plans to list on both NSE and BSE. It proposes to use the funds for funding working capital requirements and general corporate purposes.
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