The initial public offering (IPO) of LE Travenues Technology, which operates artificial intelligence-based travel app ixigo along with Keventer Agro Limited and Sahajanand Medical Technologies Ltd have received approval from the Securities and Exchange Board of India.
These three companies had filed their preliminary IPO papers with SEBI between August and September. These companies obtained SEBI’s “observations” during December 16-17, as per an update with SEBI.
Market regulator is yet to issue observations for 32 IPO papers.
LE Travenues’ ₹1,600-cr IPO
The ₹1,600-crore IPO of LE Travenues comprises fresh issue of equity shares worth ₹750 crore and an offer for sale (OFS) of shares up to ₹850 crore. The company will use ₹540 crore from the net proceeds for organic and inorganic growth initiatives.
Keventer Agro
The IPO of Keventer Agro consists of fresh issue of shares worth ₹350 crore and an OFS of 1.077 crore shares by Mandala Swede SPV. The net proceeds from the fresh issue are proposed to be utilised towards repayment and/or pre-payment (in full or part), of certain borrowings availed by the company, funding capital expenditure requirements and for general corporate purposes.
Sahajanand Medical Tech
The Sahajanand Medical’s IPO comprises fresh issue of ₹410.33 crore and an OFS of ₹1,089.67 crore. Samara Capital will be offloading shares to the tune of ₹635.56 crore as part of the OFS while ₹320.36 worth sahres will be sold by Nphea Sparkle Holding BV. Besides, Dhirajkumar S Vasoya, who will be selling shares worth up to ₹100 crore, while shares aggregating up to ₹33.75 crore will be sold by Shree Hari Trust.
The company will utilise the proceeds from the fresh issue to pay debt, to fund the working capital requirements of the company’s indirect foreign subsidiary, Vascular Innovations Co. Ltd, and for general corporate purposes.