The Securities and Exchange Board of India approved the initial public offerings of Ahmedabad-based Senores Pharmaceuticals Ltd. and Bengaluru-based Sagility India Ltd.
The IPOs have been issued observation letters. In SEBI's parlance, obtaining its observation means going ahead to launch public issues.
Senores Pharma IPO
Senores Pharma filed papers with SEBI in July to raise funds via an initial public offering. The offer contains a fresh issue of up to Rs 500 crore and an offer for the sale of 27 lakh equity shares.
The selling shareholders in the OFS include promoter entities Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot, and Sangeeta Mukur Barot, and non-promoter investor Prakash M. Sanghvi, according to the IPO's draft red herring prospectus. The promoter's stake in the company is 66.67%.
The proceeds from the fresh issue of Rs 107 crore will be used to set up a manufacturing facility for the production of sterile injections in the company's Atlanta facility in the US via Havix Group, Inc.
Moreover, Rs 93 crore will be used to repay debt, with the rest going towards working capital requirements and funding inorganic growth through acquisitions and other strategic initiatives.
Sagility India IPO
Sagility India also applied for an IPO in July. The company proposed to sell 98.44 crore shares held by the promoter Sagility BV, an affiliate of EQT Private Capital Asia. Since it is an OFS, the company will not receive any proceeds from the public issue, and the entire fund will go to the selling shareholder.
The company offers technology-driven services to both payers—such as U.S. health insurance companies that finance and reimburse healthcare costs—and providers, which include hospitals, physicians, and companies in the diagnostic and medical devices sectors.
JSW Cement IPO
Meanwhile, the SEBI continued to keep the JSW Cement Ltd. IPO worth Rs 4,000 crore on hold. The JSW Group company filed its preliminary papers with the market regulator to raise funds through an initial public offering in August. The proposed public offering consists of a fresh issue of Rs 2,000 crore and an offer for sale of the same amount.
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