Varindera Constructions, Sambhv Steel Tubes, Ellenbarrie Industrial Get IPO Approval

Varindera Constructions Ltd., Sambhv Steel Tubes Ltd., and Ellenbarrie Industrial Gases Ltd. have received approval from the Securities and Exchange Board of India on Wednesday to raise funds through an initial public offering.

The proposed IPOs will consist of a mix of newly issued equity shares and an offer-for-sale of shares by existing shareholders.

The companies had filed their draft papers with the SEBI between September and October 2024.

The companies received observation letters between Jan. 21 and 23, according to an update on SEBI's website on Wednesday. An observation letter signifies clearance for a company to proceed with the launch of its IPO.

Varindera Constructions

Varindera Constructions' IPO is a mix of fresh issue of equity shares valued at Rs 900 crore and an offer for sale of shares worth Rs 300 crore by promoters, according to the draft papers.

Varinder Kumar Garg and Sushma Garg will offload shares worth Rs 201 crore and Rs 99 crore, respectively under the OFS.

Proceeds from the fresh issue will be utilised for the purchase of equipment, to support the working capital requirements of the company, payment of debt and for general corporate purposes.

Varindera Constructions is an integrated engineering, procurement and construction company, with experience in the construction of building projects, including residential units, and office complexes, as well as undertaking infrastructure projects, such as metro depot and aircraft hangar.

Sambhv Steel Tubes

Sambhv Steel Tubes' IPO comprises a fresh issue of equity shares valued at Rs 440 crore and an OFS of shares worth Rs 100 crore by promoters, the draft papers showed.

Proceeds from the fresh issue will be utilised for payment of debt and for general corporate purposes.

Sambhv Steel Tubes is one of the key manufacturers of Electric Resistance Welded steel pipes and structural tubes (hollow section) in India in terms of installed capacity.

Ellenbarrie Industrial Gases

The Kolkata-based Ellenbarrie Industrial Gases' IPO is a mix of fresh issue of equity shares valued at Rs 400 crore and an OFS of up to 1.44 crore equity shares by promoters, according to the draft red herring prospectus.

The OFS consists of the sale of 72 lakh equity shares each by promoters — Padam Kumar Agarwala and Varun Agarwal.

Proceeds from the fresh issue to the tune of Rs 176.8 crore will be used for payment of debt, Rs 130 crore will be utilised for setting up an air separation unit at Uluberia-II plant and the remaining funds will be used for general corporate purposes.

Ellenbarrie is one of the oldest operating industrial gas companies in India. The company manufactures and supplies industrial gases, including oxygen, carbon dioxide, nitrogen, helium, hydrogen and nitrous oxide, as well as synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas and speciality gases catering to a wide range of end-use industries.