The Securities and Exchange Board of India has approved the initial public offerings of Ather Energy Ltd., Oswal Pumps Ltd., Quality Power Electrical Equipments Ltd. and Schloss Bangalore Ltd.
All of these companies propose to list their shares both on the BSE and the National Stock Exchange.
Ather Energy
After Ola Electric Mobility Ltd., this will be the second public issue from an Indian electric vehicle manufacturer in the two-wheeler space.
The offer will include a fresh issue of shares worth Rs 3,100 crore, while the offer-for-sale component will have 2.2 crore equity shares. Each equity share will have a face value of Re 1 each.
In the OFS component, promoters Tarun Sanjay Mehta and Swapnil Babanlal Jain will be offloading 10 lakh shares each. Among the corporates, Caladium Investment Pte. will be selling 1.05 crore shares, while the National Investment and Infrastructure Fund II will offload 46.2 lakh shares. Other corporates that will offload their equity shares include Internet Fund III Pte, 3State Ventures Pte., IITM Incubation Cell and IITMS Rural Technology and Business Incubator.
Out of the total proceeds, the company will use Rs 927.2 crore to establish an electric two-wheeler factory in Maharashtra. With Rs 378.2 crore, Ather 450X will repay or pre-pay, in full or part, certain borrowings that it had availed.
Investment in research and development will take up Rs 750 crore of the funds garnered through the IPO, while Rs 300 crore will go towards expenses incurred in marketing initiatives, and the rest will be used in general corporate purposes.
Axis Capital Ltd., HSBC Securities and Capital Markets India Pvt., JM Financial Ltd., and Nomura Financial Advisory and Securities India Pvt. will be the book-running managers for Ather's IPO. Link Intime India Pvt. will be its registrar.
Schloss Bangalore
The operator of the Leela group of hotels will issue shares of a total Rs 5,000 crore, each with a face value of Rs 10. The public issue will include fresh equity shares of Rs 3,000 crore, while its OFS component will total Rs 2,000 crore. Project Ballet Bangalore Holdings (DIFC) Pvt. will be the promoter, which will take part in the OFS sale.
Of the proceeds, the company will use Rs 2,700 crore towards repayment, prepayment, or redemption, in full or in part, of certain outstanding borrowings availed by it, as well as its subsidiaries Schloss Chanakya, Schloss Chennai, Schloss Udaipur and TPRPL. This will be done through investment in such subsidiaries. The rest will go towards general corporate purposes.
JM Financial Ltd., BofA Securities India Ltd., Morgan Stanley India Co., JP Morgan India Pvt., Kotak Mahindra Capital Co., Axis Capital Ltd., Citigroup Global Markets India Pvt., IIFL Securities Ltd., ICICI Securities Ltd., Motilal Oswal Investment Advisors Ltd., SBI Capital Markets Ltd. will be among the book-running lead managers for the issue, while KFin Technologies Ltd. will its registrar.
Oswal Pumps
The manufacturer of solar pumps, submersible pumps and electric motors will have a fresh issue totalling Rs 1,000 crore and as part of the OFS component, will offload 1.13 crore equity shares, each of which will have a face value of Re 1. In the OFS component, promoter Vivek Gupta is the sole shareholder.
Out of the proceeds, Rs 89.4 crore will go towards funding certain capital expenditure of the company. Part of it will be invested in its wholly owned subsidiary Oswal Solar in the form of debt or equity. These funds will be used for setting up new manufacturing units at Karnal in Haryana, according to the company's draft red herring prospectus filed with SEBI.
It will also invest another Rs 26 crore in Oswal Solar in the form of debt or equity, for repayment or prepayment of borrowings, in full or part. The company will use Rs 235 crore towards pre-payment or repayment, in part or full, of certain outstanding borrowings availed by it, while the rest of the IPO proceeds will go towards general corporate purposes.
IIFL Securities Ltd., Axis Capital Ltd., CLSA India Pvt., JM Financial Ltd., and Nuvama Wealth Management Ltd. will be the book-running managers for the issue, while Link Intime India Pvt. will be its registrar.
Quality Power Electrical Equipments
The manufacturer of electrical power equipment like transformers, reactors and capacitor banks will have a fresh issue of Rs 225 crore, while its OFS tranche will include 1.2 crore equity shares, each with a face value of Rs 10 each. Promoter Chitra Pandyan will be offloading equity shares via the OFS.
Of the proceeds, Rs 117 crore will be used to pay the purchase consideration for the acquisition of Mehru Electrical and Mechanical Engineers Pvt. Nearly Rs 26.8 crore will go towards fulfilling the company's capital expenditure requirements like purchase plant and machinery.
The rest of the amount will be used to fund the company's inorganic growth through unidentified acquisitions and other strategic initiatives, as well as for general corporate purposes.
Pantomath Capital Advisors Pvt. is the book-running manager of the public issue, while Link Intime India Pvt. will its registrar.
RECOMMENDED FOR YOU
Karnataka Government Targets 745 MW Solar Generation Through Kusum-C Scheme
Jul 04, 2025
CG Power Launches Rs 3,000 Crore QIP, Announces Floor Price
Jun 30, 2025
SEBI Probes Pump And Dump Scam; Finds Incriminating Evidence
Jun 27, 2025
Stock Market Today: Nifty, Sensex Take Breather After Four-Day Rally; Infosys, TCS Lead
Jun 10, 2025
POPULAR