The primary markets may soon be buzzing with two new initial public offerings as the Securities and Exchange board of India has approved offerings of Sherni Shares Ltd. along with SRIT India Ltd. In addition it approved the pre-filing of PGP Glass Ltd. and AGS Health Ltd.
The market regulator issued its 'observation letter' to the draft documents of the IPOs, which means final approval in SEBI parlance.
These companies, which filed their preliminary IPO papers between February and March, obtained SEBI's observation during June 16-19.
Shreni Shares is set to offer up to 15.1 million shares, each having a face value of Rs 10. It consists of fresh issue of up to 6.9 million new equity shares and an offer for sale of up to 8.2 million shares. The company plans to list its shares on the NSE and BSE stock exchanges.
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The company plans to use the funds for the working capital requirements, repayment or pre-payment, in full or part, of certain borrowings availed by the company and for general purposes.
Srit India IPO comprises of entirely fresh issue of 1.68 crore equity shares by the company. The Bengaluru-based software solutions company will spend Rs 15.3 crore of IPO proceeds for modernisation of existing products and redevelopment, and Rs 124 crore for funding its working capital requirements.
The company offers digital solutions and automations of systems for healthcare, electronic governance, and telecommunications and broadband verticals.
Glass packaging manufacturer PGP Glass IPO is expected to be around Rs 4,580 crore, according to media reports. PGP Glass, formerly Piramal Glass, makes containers for cosmetics and perfumery, specialty food and spirits, and pharmaceuticals.
AGS Health IPO is expected to be in similar lines of 4500 million, said media reports. The proposed IPO is expected to include a mix of primary shares and secondary sales by existing investors.
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