As many as 10 companies, including Gemini Edibles Fats India, Defense supplier Data Patterns India Ltd, and Digital mapping company MapMyIndia, have received Markets Regulator Sebi's approval to raise funds through IPOs.
The companies that received the approval to float the initial public offerings IPOs are AGS Transact Technologies, Electronics Mart India, India 1 Payments, Healthium Medtech, VLCC Health Care, Metro Brands and Godavari Biorefineries.
These 10 companies, which submitted their preliminary IPO papers with Sebi between August and September, obtained observation letters from the regulator during November 22 -- 26, an update with the markets watchdog on Monday. The issuance of an observation letter implies that there is a go-ahead for the IPO, according to the Sebi parlance.
According to the draft papers, edible oil company Gemini Edibles Fats India is looking to raise Rs 2,500 crore through its IPO, which is an offer for sale OFS by the company's promoter and existing shareholders.
The IPO of Data Patterns India, which supplies electronic systems to defense and aerospace sector, has a fresh issue of Rs 300 crore and OFS of 60,70, 675 equity shares by promoters and individual selling shareholders.
According to market sources, the initial public offering IPO is expected to raise Rs 600 -- 700 crore.
The company intends to use net proceeds from the new issue to repay the debt, increase its working capital and expand its existing facilities for general corporate purposes as well as increase and expansion of its existing facilities.
The IPO of MapMyIndia, which powers Apple maps, is an offer for the sale of up to 75,47, 959 equity shares by existing shareholders and promoter.
MapMyIndia, also known as CE Info Systems, is backed by global wireless technology company Qualcomm and Japanese digital mapping company Zenrin. AGS Transact Technologies intends to raise 800 crore through its initial share-sale, which is purely an OFS of equity shares by the promoter and other selling shareholders.
Equity shares are being sold to the tune of 500 crore in consumer durables retail chain Electronics Mart India's IPO.
The company intends to use the net proceeds to fund its capital expenditure and incremental working capital requirements, debt payment, and general corporate purposes.
A new offering of equity shares worth 150 crore and an OFS of 10,305, 180 equity shares by promoters and investors is part of the initial share-sale of India 1 Payments Limited formerly known as BTI Payments. Proceeds from the fresh issue will be used to repay debt, funding capital expenditure requirements of the company, setting up ATMs in India and general corporate purposes.
The IPO of Healthium Medtech includes the issuance of equity shares worth Rs 390 crore and the sale of 3.91 crore equity shares by the promoter and existing shareholder.
The company's subsidiaries, Sironix, Clinisupplies, and Quality Needles, and Rs 58 crore will be used to acquire other strategic initiatives, as proceeds from the new issue will be used to repay debt.
The IPO of VLCC Health Care comprises issuance of equity shares worth Rs 300 crore and the sale of 89.22 lakh equity shares by the promoter and existing shareholders.
The shares raised through the new issuance of shares will be used to set up VLCC Wellness Clinics in India as well as the Gulf Cooperation Council GCC region and VLCC Institutes in India.
In addition, proceeds would be used for refurbishment of certain existing VLCC Wellness Clinics in India and the GCC region. Funds will be used for brand development, investment in digital and information technology infrastructure, and payment of debt.
The IPO of Footwear retailer Metro Brands Ltd consists of issuance of equity shares worth Rs 250 crore and the sale of 21,900, 100 equity shares by selling shareholders.
The proceeds of the new issue will be used to spend on opening new stores of the company, under Metro Mochi Walkway and Crocs? Rakesh Jhunjhunwala, a company backed by the ace investor, is an Indian footwear retailer targeting the economy, mid and premium segments in the footwear market.
The IPO of Godavari Biorefineries consists of the issuance of equity shares worth Rs 370 crore and OFS of 65,58, 278 equity shares by promoters and investors.
Proceeds from the new issue will be used to pay debt, fund capital expenditure for sugarcane crushing expansion, support capital expenditure for the potash unit, and general corporate purposes.
The shares of these 10 companies will be listed on the BSE and NSE.