Aye Finance, GK Energy, Two Others Get SEBI Approval For IPO
The four companies applied for IPO in December last year.
Anthem Biosciences Ltd., Aye Finance Ltd., BlueStone Jewellery and Lifestyle Ltd., and GK Energy Ltd. have received approval from the Securities and Exchange Board of India to raise funds through an initial public offering.
The market regulator on Tuesday issued observations to the draft IPO papers filed by these companies. In SEBI's parlance, obtaining the observations means its go-ahead to float the public issue.
The four companies applied for IPO in December last year.
Bengaluru-based Anthem Biosciences aims to sell shares worth Rs 3,395 crore via an offer for sale by promoters, investors and other selling shareholders, according to a Draft Red Herring Prospectus (DRHP).
Since the IPO is entirely an OFS, the company will not receive any funds from the issue, and the proceeds will go to the selling shareholder. The company is a contract manufacturer of pharmaceutical products.
Aye Finance is planning an IPO comprising a fresh issue of shares worth Rs 885 crore and an OFS of Rs 565 crore by corporate and individual selling shareholders. The proceeds from the fresh issue will be utilised to augment the non-banking financial company's capital base and for general corporate purposes.
BlueStone Jewellery and Lifestyle is also planning an IPO, which includes a fresh issue of shares worth Rs 1,000 crore and an OFS of 2.4 crore equity shares by selling shareholders.
The selling shareholders include Kalaari Capital Partners II, LLC, Saama Capital II, Ltd, and Sunil Kant Munjal (and other partners of Hero Enterprise Partner Ventures), among others.
BlueStone Jewellery and Lifestyle offers contemporary lifestyle diamond, gold, platinum, and studded jewellery under its flagship brand 'BlueStone'.
GK Energy's IPO consists of a fresh issue of Rs 500 crore and an OFS of 84 lakh shares. The company is a pure play provider of engineering, procurement and commissioning services for solar-powered agricultural water pump systems.
Besides, SEBI has kept the IPO of WeWork India Management Ltd. under review.
