- Leap India, Eldorado Agritech, and Molbio Diagnostics received SEBI approval for IPOs in early December
- Leap India plans to raise Rs 2,400 crore through fresh issue and offer for sale of shares
- Eldorado Agritech aims to raise Rs 1,000 crore with a mix of fresh issue and promoter share sale
Leap India Ltd., Eldorado Agritech Ltd. and Molbio Diagnostics Ltd. were all given approval by the Securities and Exchange Board of India in the first week of December for going public.
The regulator issued its 'observation letters' to the initial public offerings, which means final approval. The companies will now issue their red herring prospectus for the IPO. Details regarding IPO period, price band, allotment and listing dates, etc, will be announced via a public advertisement.
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At the same time, two companies — Inox Clean Energy Ltd. and Sky Alloys and Power Ltd. — have withdrawn their preliminary papers for their IPOs.
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Leap India IPO
Leap India filed a draft red herring prospectus with SEBI on Sept. 2 to raise Rs 2,400 crore from the primary market. Its initial offer comprises both the fresh issue and offer for sale.
Leap India is offering shares worth Rs 400 crore as fresh issue, while promoters are offloading shares worth Rs 2,000 crore as offer for sale. The face value of each share is Re 1.
Vertical Holding II Pte. and KIA EBT Scheme 3 are the promoters that are selling their stakes worth Rs 1,998 crore and Rs 1.4 crore, according to data on the DRHP.
JM Financial Ltd., Avendus Capital Pvt., IIFL Capital Services Ltd. and UBS Securities India Pvt. are the leading book running manager for the issue.
Leap India is intending to use Rs 300.2 crore from the IPO proceeds to pay off their debt. The company will utilise the rest for general corporate purposes. As of May 31, Leap India has Rs 837.8 crore outstanding borrowing, the company revealed in the DRHP.
Eldorado Agritech IPO
Eldorado Agritech filed its preliminary papers with the capital markets regulator SEBI on Sept. 4 to raise funds via an initial public offering. The public offer will include a mix of fresh issues of shares worth Rs 340 crore and an offer for sale up to Rs 660 crore by promoter selling shareholders.
The equity shares are proposed to be listed on the National Stock Exchange of India Ltd and BSE Ltd. Srinivasa Rao Linga and Usha Rani Papineni are the promoters of the company offloading shares in the offer for sale.
Anand Rathi Advisors Ltd. and Equirus Capital Pvt. are the book-running lead managers for the issue and Bigshare Services Pvt. will be the registrar of the issue.
Proceeds from the fresh issue worth Rs 245 crore will be used for repayment or prepayment of certain portion of outstanding borrowings. The remaining funds will be used for the general corporate purposes.
Molbio Diagnostics IPO
Molbio Diagnostics filed draft papers for a fresh issue of up to 200 crore shares and an offer for sale of 1.25 crore shares.
Promoters, including Exxora Trading LLP and Chandrasekhar Bhaskaran Nair, will be offloading shares through the OFS. While investors selling stake include V Sciences Investments Ltd., India Business Excellence Fund III and Gopalkrishna Mangalore Kini.
While the company will not be receiving any proceeds from the OFS portion of the issue, the proceeds from the fresh issue are set to be used for various purposes.
The fresh issue is set to fund capital expenditure towards the setting up of infrastructure for research and development facilities, center of excellence and connected office space.
The proceeds will also fund capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit.
Kotak Mahindra Capital Company, IIFL Capital Services, Jefferies India, and Motilal Oswal Investment Advisors will be the lead book-running managers of the issue. KFin Technologies Ltd., is the registrar for the IPO, according to the DRHP.
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