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SEBI approved IPO proposals of ICICI Prudential AMC, Powerica, Technocraft Ventures, and one more company
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ICICI Prudential AMC's IPO involves sale of 1.76 crore shares by promoter, raising about Rs 10,300 crore
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Powerica's IPO will raise Rs 1,400 crore via fresh issue and offer for sale by promoters
The Securities and Exchange Board of India has approved the initial public offering proposals of four companies, including ICICI Prudential Asset Management Co.
The regulator issued its 'observation letters' to the IPOs, which means final approval.
The companies will now issue their red herring prospectus for the IPO. Details regarding IPO period, price band, allotment and listing dates, etc, will be announced via a public advertisement.
ICICI Prudential AMC IPO
UK-based promoter Prudential Corp. has offered to sell over 1.76 crore equity shares via the IPO in ICICI Prudential AMC. The face value of the share is Rs 1. There is no fresh issue component and all the proceeds from the IPO will go to the selling promoter.
The offering could raise as much as $1.2 billion or around Rs 10,300 crore and value the company at around $12 billion, Bloomberg News has reported. The IPO could be the country’s second-biggest offering this year behind HDB Financial Services Ltd..
ICICI Prudential AMC is India's largest asset manager in terms of assets managed under active mutual fund schemes, equity and equity-oriented schemes and for domestic non-corporate discretionary portfolio management service, as per the draft red herring prospectus.
Powerica IPO
Powerica Ltd. filed its preliminary papers with the capital markets regulator SEBI in August. The public offer will include a mix of fresh issue of shares worth Rs 700 crore and an offer for sale up to Rs 700 crore by promoter selling shareholders.
The Mumbai-based company is an integrated power solution provider with specialisation in diesel generator sets for both primary and standby applications.
Proceeds from the fresh issue worth Rs 525 crore will be used for repayment or prepayment of certain outstanding borrowings. The remaining funds will be used for the general corporate purposes.
Technocraft Ventures IPO
Technocraft Ventures Ltd. filed offer documents with SEBI in August. The IPO is a book build issue of 1.19 crore equity shares consisting of a fresh issue of upto 0.95 crore equity shares and an offer for sale (OFS) of upto 0.24 crore equity shares.
The company is a public infrastructure development company that undertakes turnkey Engineering, Procurement, and Construction (EPC) projects.
It works across multiple infrastructure sectors, delivering projects mainly for state governments and government agencies in northern India, including Uttar Pradesh, Uttarakhand, Rajasthan, and the National Capital Territory of Delhi.
The net proceeds from the fresh issue to the tune of Rs 138 crore will be utilised to fund the working capital requirements of the company and the balance for general corporate purposes, according to the draft papers.
Annu Projects IPO
Annu Projects Ltd. IPO will consist solely of fresh issue of upto 2.2 crore equity shares. The company is engaged in the design, development, implementation, operations and maintenance of essential overhead and underground utilities infrastructure across telecom infrastructure, sewerage infrastructure vertical and gas pipeline vertical.
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