SEBI Approves IPOs Of M&B Engineering, Lumino Industries, Sunshine Pictures

The Securities and Exchange Board of India approved the initial public offerings of M&B Engineering Ltd., Lumino Industries Ltd. and Sunshine Pictures Ltd. on Tuesday.

M&B Engineering submitted its draft papers in February, while Lumino Industries and Sunshine Pictures presented their draft papers in January, according to a circular from the capital markets regulator.

SEBI has kept the IPO of WeWork India Management Ltd. on hold.

M&B Engineering submitted draft papers in February with a total IPO size of Rs 650 crore.

The IPO will be a mix of both fresh issue and offer for sale of equity shares worth Rs 275 crore and Rs 375 crore respectively. The proceeds from the fundraise will be utilised to purchase equipment and machinery, building works, solar rooftop grid and transport vehicles at its manufacturing facilities.

It will also invest the funds in IT software upgradation, and re-payment or pre-payment of term loans.

Equirus Capital Pvt. and DAM Capital Advisors Ltd. are the book running lead managers for the issue. MUFG Intime India Pvt. is the registrar to the offer.

Lumino Industries Ltd. filed its draft papers in January to raise Rs 1,000 crore through the IPO, which is a mix of both fresh issue and an OFS up to Rs 600 crore and Rs 400 crore respectively.

A part of the fresh issue, amounting to Rs 420 crore, will be used for the prepayment/repayment of the company's outstanding borrowings.

Additionally, Rs 15.1 crore will be utilised to acquire equipment and machinery, civil works and interior advancement at an existing manufacturing facility. The remaining funds will be utilised for general corporate purposes.

Motilal Oswal Investment Advisors Ltd., JM Financial Ltd. and Monarch Networth Capital Ltd. are the book-running lead managers for the issue and MUFG Intime India Pvt. Bigshare Services Ltd. will be the registrar of the issue.

Sunshine Pictures will launch its IPO consisting of both fresh issue of 50 lakh shares and an OFS of 33.75 lakh shares at a face value of Rs 10 each.

Following the fund raise, the company's shares will be listed on both BSE and National Stock Exchange.