The Securities And Exchange Board of India approved the initial public offerings of Clean Max Enviro Energy Solutions and NephroCare Health Services on Monday.
The firms had filed the draft red herring prospectus for their IPOs for fundraising purposes in August and July, respectively. The IPO documents of 64 companies are still under SEBI review.
The date of receipt for Clean Max was on Aug. 19 and on Aug. 12 for NephroCare Health. Both IPOs consist of a fresh issue along with an offer for sale.
ICICI Securities Ltd. is the coordinating lead manager for NephroCare, while Axis Capital Ltd. was the LM for Clean Max.
Clean Max Enviro Energy Solutions IPO Details
Clean Max Enviro Energy Solutions consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale up to Rs 3,700 crore by promoter selling shareholders. The firm aims to raise Rs 5,200 crore via its IPO.
Kuldeep Jain, BGTF One Holdings Ltd. and KEMPINC LLP are the promoters of the company offloading shares in the offer for sale. The other investors that will be offloading shares are Augment India I Holdings and DSDG Holding APS.
Proceeds from the fresh issue worth Rs 1,125 crore will be used for repayment of debts. The remaining funds will be used for the general corporate purposes.
NephroCare Health Services IPO Details
NephroCare Health Services' IPO consists of a fresh issue of shares worth Rs 353.4 crore and an offer for sale up to Rs 1.28 crore by promoter selling shareholders. The firm aims to raise Rs 354.68 crore via its IPO.
Investcorp Private Equity Fund II, Healthcare Parent Ltd., Investcorp Growth Opportunity Fund and Edoras Investment Holdings Pte. Ltd. are the promoters of the company offloading shares through the OFS.
The other selling shareholders include Investcorp India Private Equity Opportunity Ltd., International Finance Corp., 360 One Special Opportunities Fund- Series 9 and 360 One Special Opportunities Fund Series 10.
The company will use the proceeds of the fresh issue worth Rs 129.1 crore for the opening of a new dialysis clinic and Rs 136 crore for pre-payment or scheduled repayment of borrowings availed by the company.
The rest of the funds raised will be used for general corporate purposes
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