The capital markets regulator Sebi has returned the draft prospectus documents for Vishal Mega Mart, the education-focused NBFC Avanse Financial Services, Sai Life Sciences backed by private equity firm TPG Capital, and BMW Ventures.
On the other hand, the markets regulator has approved the IPOs of four companies: PN Gadgil Jewellers, KRN Heat Exchanger, Ecos India Mobility, and Premier Energies. Sebi has issued observation letters to these companies, which signifies its approval.
PN Gadgil Jewellers, which submitted a draft prospectus in March this year, plans to issue new shares worth ₹850 crore and conduct an offer for sale (OFS) of ₹250 crore. In the OFS, promoter SVG Business Trust will sell a portion of its equity.
The funds raised from the IPO will be used to finance the establishment of 12 new stores in Maharashtra, repay debt, and cover other general corporate expenses.
As of January 2024, PN Gadgil Jewellers ranks as the second-largest organized jewellery retailer in Maharashtra by the number of stores. It is also the fastest-growing jewellery brand among major organized players in India, based on revenue growth from FY21 to FY23.
KRN Heat Exchanger’s initial share sale consists entirely of a fresh issue of 1.6 crore equity shares with no offer-for-sale (OFS) component. The IPO funds will be invested in its wholly-owned subsidiary, KRN HVAC Products, to establish a new manufacturing facility in Neemrana, Alwar, Rajasthan. KRN Heat specializes in manufacturing fin and tube-type heat exchangers for the HVAC and refrigeration industry.
Eco Mobility’s offer includes an OFS of up to 18,000,000 equity shares (face value ₹2 each), with Rajesh Loomba selling up to 9,900,000 shares and Aditya Loomba selling up to 8,100,000 shares. The company has provided chauffeured car rentals (CCR) and employee transportation services (ETS) to corporate clients, including Fortune 500 companies, for over 25 years.
Hyderabad-based Premier Energies’ IPO comprises a fresh issue of equity shares amounting to ₹1500 crore and an OFS of up to 28,200,000 shares by the selling shareholders. The company plans to use the net proceeds from the fresh issue to invest ₹1,168 crore in its subsidiary, Premier Energies Global Environment, to help finance the establishment of a 4 GW Solar PV TOPCon Cell and a 4 GW Solar PV TOPCon Module manufacturing facility in Hyderabad, Telangana, with the remainder allocated for general corporate purposes.
