SEBI Approves IPOs Worth Rs 1,918 Crore

The Securities and Exchange Board of India has approved four initial public offerings of Akums Drugs and Pharmaceuticals Ltd., Ceigall India Ltd., Orient Technologies Ltd. and Gold Plus Glass Industry Ltd., totaling Rs 1,918 crore.

These companies filed their preliminary IPO papers with SEBI in February. However, the approval was obtained between June 29 and July 2, according to an update released on Friday. Shares of these four companies will be listed on the BSE and NSE.

Akums Drugs plans to raise over Rs 680 crore through a combination of a fresh issue and an offer-for-sale of 1.86 crore shares by promoters and existing investors. Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte. Ltd. will be selling shares as part of the offer-for-sale.

Proceeds from the fresh issue will be used to repay debt, fund the working capital requirements of the company, pursue inorganic growth initiatives through acquisitions, and for general corporate purposes.

The company offers a comprehensive range of pharmaceutical products and services in India and overseas.

The IPO of Ceigall India is a combination of a fresh issue of Rs 618 crore and an OFS of up to 1.43 crore equity shares by the promoters and an individual selling shareholder.

The offer by the Ludhiana-based infrastructure firm includes a reservation for subscription by eligible employees.

Ceigall India has experience undertaking specialised structural work such as elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways and runways. The company's order book as of January 2024 stood at Rs 9,206.42 crore, with NHAI contributing 82% of the order book.

The public offer of IT solutions provider Orient Technologies comprises a combination of a fresh issue of Rs 120 crore and an OFS of up to 46 lakh equity shares by promoters. Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah will be offloading shares for the issue.

From the issue, Rs 79 crore will be used for capital expenditure and Rs 10.35 crore will be used to acquire office premises in Navi Mumbai.

The public issue of float glassmaker Gold Plus Glass Industry plans to raise up to Rs 500 crore through fresh issuance and an OFS of up to 1.56 crore shares by Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I and Kotak Special Situations Fund.

The Premji Invest-backed company is one of the leading float glassmakers in India, with a 22% share of manufacturing capacity as of September 2023.

The company had filed draft papers with SEBI in April to raise funds through an IPO. The Delhi-based firm received the regulator's nod to float the issue but didn't launch it.

On the other hand, the market regulator has put on hold the proposed initial share sale of vehicle finance and business loan-focused non-bank lender SK Finance worth Rs 2,200 crore.