Jaikumar Constructions has received SEBI’s go-ahead to float an initial public offering. The IPO will see sale of 79 lakh shares of the company, the draft red herring prospectus with the regulator showed.
The company, which filed draft papers with SEBI in June, obtained its observations on September 10.
Proceeds of the IPO will be used for development of phase 1 of residential project Parksyde Nest in Nashik, further investment in subsidiary for part-financing the construction of “Parksyde Business Avenue”, repayment of outstanding unsecured loans and general corporate purposes.