SEBI Approves IPOs Of Rite Water, Veeda Clinical, Others
SEBI has also lifted the abeyance on WeWork India Management's IPO.
As many as five companies, including Rite Water Solutions (India) Ltd. and Veeda Clinical Research have received SEBI's go-ahead to raise fund through initial public offerings, an update with markets regulator showed on Tuesday. Others that received regulatory nod are -- LCC Projects Ltd, Shringar House of Mangalsutra Ltd and Seedworks International Ltd.
The five companies, which filed preliminary IPO papers with SEBI between January and February, obtained the regulator's observations during July 3-4, the update showed. In SEBI's parlance, obtaining its observations means its go-ahead to float the public issue.
Meanwhile, SEBI has lifted the abeyance on WeWork India Management's IPO. In March, SEBI placed the premium flexible workspace operator's IPO in abeyance.
The Embassy Group-promoted firm's proposed IPO is entirely an Offer for Sale of equity shares of up to 4.37 crore equity shares, according to the draft red herring prospectus.
As for clean-tech firm Rite Water Solutions issue, it is looking to raise Rs 745 crore through IPO.
The IPO comprises a fresh issue of equity shares of up to Rs 300 crore with an offer-for-sale component of shares aggregating to Rs 445 crore by the promoters and investor selling shareholder, the draft papers stated.
Proceeds from the fresh issue amounting to Rs 225 crore, will be utilised to fund the company's working capital requirements and general corporate purposes.
The company is supported by the Water Access Acceleration Fund SLP (W2AF) organised and existing under the laws of France and managed by Incofin Investment Management in Belgium.
Clinical research organisation Veeda Clinical Research's IPO is a combination of a fresh issue of shares worth Rs 185 crore and an offer-for-sale of 1.3 crore equity shares by a promoter and other selling shareholders.
The Gujarat-based firm stated that proceeds from the fresh issue will be used for procurement of equipment and machinery for the company, investment in its subsidiary, and payment of debt.
EPC company LCC Projects is looking to mobilise Rs 320 crore through issuance of fresh equity shares. Besides, promoters would sell 2.29 crore shares under the OFS.
Proceeds of the fresh issue will be used for purchase of equipment, payment of debt and general corporate purposes.
Jewellery brand Shringar House of Mangalsutra's IPO is entirely a fresh issue of 2.43 crore equity shares with no OFS component. Funds fom the IPO to the tune of Rs 250 crore will be utilised for supporting working capital requirements of the company; and for general corporate purposes.
SeedWorks International's IPO consists entirely of an OFS of up to 5.19 crore equity shares.
All these companies will list their shares on the BSE and NSE.
