The Securities and Exchange Board of India on Friday approved three IPO proposals including spirit maker Neolite ZKW Lightings Ltd., Aspri Spirits Ltd., SS Retail Ltd.
The market regulator issued its 'observation letter' to the draft documents of the IPOs, which means final approval in SEBI parlance.
Neolite ZKW Lightings
Neolite ZKW Lightings is a manufacturer and global supplier of automotive lighting products and components for OEMs. The company's initial public offering aggregates up to Rs 600 crore and comprises a fresh issue of equity shares aggregating up to Rs 400 crore by the company and an offer for sale of equity shares aggregating up to Rs 200 crore.
The shareholders looking to offload stake are Rajesh Jain, Neokraft Global Pvt. and ZKW Group GmbH.
The net proceeds from the fresh issue are proposed to be utilised towards setting up a new greenfield manufacturing facility at Kancheepuram, Tamil Nadu, amounting to Rs 152.51 crore and purchase of plant and machinery and electronic expansion at existing manufacturing facilities amounting to Rs 79.08 crore. The proceeds will also be used for repayment and/or pre-payment of certain outstanding borrowings aggregating to Rs 65 crore. The balance proceeds, if any, will be deployed towards general corporate purposes.
Aspri Spirits
Aspri Spirits, an alco-beverage distribution entity, is looking to raise funds through an initial public offering (IPO), which comprises a fresh issue of shares worth Rs 140 crore. Apart from the fresh issue of shares, there will be an offer for sale (OFS) of 50 lakh shares by promoters and other shareholders such as Emerald Electronics and Whiteline Impex.
Proceeds from the fresh issue will support debt payment for the company and its subsidiaries -- Vinspri Distributors, P M Marketing, Asdis Drinks India, and Aspri Spirits FZE and general corporate purposes.
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Aspri may pursue a pre-IPO placement of up to Rs 28 crore, which, if undertaken, would accordingly adjust the fresh issue size.
SS Retail
Mobile retail company SS Retail is looking to raise Rs 500 crore through its initial public offering. The company's maiden public offering will be a combination of fresh issue of shares worth Rs 300 crore, along with an offer for sale of Rs 200 crore by promoters and other shareholders, according to the draft red herring prospectus.
Proceeds of the fresh issue will be used to fund capital expenditure for fit outs towards setting up of new stores in fiscal 2027 and fiscal 2028; working capital requirements; and general corporate purposes.
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