The Securities and Exchange Board of India has approved the IPO offer documents of Symbiotec Pharmalab Ltd., Vishvaraj Environment Ltd., and SAEL Industries Ltd. The market regulator issued its 'observation letter' to the filings, which means final nod in SEBI parlance, during the week ending March 27. In addition, Jindal Supreme India Ltd. has withdrawn its IPO plan.
Shah Investor's Home Ltd., Prasol Chemicals Ltd. and NoPaperForms Solutions Ltd. IPO also received nod from SEBI.
There are currently 26 draft IPO offer documents under review by SEBI, including SBI Funds Management Ltd., Deepa Jewellers Ltd., and Moneyview Ltd.
Symbiotec Pharmalab
Drug maker Symbiotec Pharmalab had filed preliminary papers to raise Rs 2,180 crore through its initial public offering (IPO). The company's maiden public offering will be a combination of a fresh issue of shares worth Rs 150 crore, along with an offer for sale (OFS) of Rs 2,030 crore by a promoters and existing investors, according to the draft red herring prospectus (DRHP).
Proceeds of the fresh issue will be used for debt payment and general corporate purposes.
The Indore-based Symbiotec is a research and development-driven, pharmaceutical and biotechnology company with capabilities across three platforms-organic chemistry, biotechnology and complex injectables.
Vishvaraj Environment
Vishvaraj Environment, a leading developer of water utility and wastewater management projects with a focus on the recycling of treated sewage water for industrial had filed for Rs 2250 crore IPO.
The company's initial public offering comprises a fresh issue of up to Rs 1,250 crores and an OFS aggregating up to Rs 1,000 crores by the promoter selling shareholder, Premier Financial Services Ltd.
The company plans utilize its net proceeds from the fresh issue to repay or prepay borrowings of its subsidiaries amounting to Rs 545 crore. The company will also use the proceeds to fund capex of three projects and to build phase 3 of a UF RO technology based advanced water treatment plant.
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SAEL Industries
SAEL Industries, a company that converts agricultural waste into clean energy is looking to raise Rs 4,575 crore through an IPO.
The IPO comprises a fresh issue of shares worth Rs 3,750 crore and an offer for sale (OFS) of shares valued at Rs 825 crore by its investor shareholder, Norfund. The company may also consider a pre-IPO placement of shares aggregating up to Rs 750 crore.
SAEL plans to utilise Rs 2,812.5 crore from the IPO proceeds to invest in its subsidiaries for the repayment or prepayment of certain borrowings, while the remaining funds will be used for general corporate purposes.
Prasol Chemicals
Specialty chemicals manufacturer Prasol Chemicals had filed preliminary papers with capital markets regulator to raise Rs 500 crore through an IPO. The IPO comprises a fresh issue of equity shares worth Rs 80 crore and an offer for sale (OFS) of equity shares valued at Rs 420 crore by promoters.
Proceeds from the fresh issue would be utilised towards payment of debt and general corporate purposes.
NoPaperForms Solutions
SaaS-based enrolment automation solution provider NoPaperForms had filed preliminary papers via a confidential route for raising funds through an IPO.
Founded in 2017 by Naveen Goyal and funded by Infoedge, NoPaperForms aims to build a unified, vertically-focused technology platform covering the whole spectrum of running an educational organization from student acquisition, student lifecycle, to student success and outcomes.
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