Four companies get Sebi approval for public listings
2 min read . Updated: 05 Apr 2023, 10:37 PM IST
PremiumThe companies filed their draft papers with the regulator between July 2022 and January 2023
MUMBAI : Healthvista India, which runs home healthcare business Portea Medical, and Cyient DLM, a unit of IT services firm Cyient, are among the four companies that have received approval from the Securities and Exchange Board of India (Sebi) to raise funds through initial public offerings (IPOs).
Rashi Peripherals and fintech firm Zaggle Prepaid Ocean Services are the other two companies, according to a Sebi update on Wednesday. The companies filed their draft papers with the regulator between July 2022 and January 2023, and received approval during 29-31 March.
Since January, 44 Indian companies have launched IPOs worth ₹22,245.3 crore.
Healthvista is planning a fresh issue of equity shares to raise up to ₹200 crore and an offer for sale (OFS) of about 56.25 million shares by selling shareholders, according to its draft red herring prospectus. Venture capital and private equity investors such as Accel Partners, Ventureast, Qualcomm Asia, MEMG CDC Ventures, a joint fund of British International Investment and Manipal Education and Medical Group, and Sabre Partners will offload shares in the IPO.
Net proceeds from the fresh issue will be used for working capital needs of unit Medybiz Pharma Pvt. Ltd and debt repayment among other purposes.
Cyient DLM, a wholly-owned unit of listed IT services firm Cyient, filed draft papers in January to raise ₹740 crore via an IPO. The offer will solely comprise a fresh issue and the entire funds, excluding issue expenses, will be utilized by the company. The electronic manufacturing services and solutions provider may also consider a pre-IPO placement of up to ₹148 crore, which will reduce the IPO size.
Mumbai-based Rashi Peripherals, which also filed for an IPO in January, plans to raise ₹ 750 crore in a fresh issue. The company plans to use ₹400 crore from the IPO proceeds to repay debt and ₹200 crore to meet working capital needs. The public issue is a fresh issue of shares with no OFS component. The company may consider a private placement of equity shares for up to ₹150 crore.
The IPO of fintech firm Zaggle Prepaid Ocean Services will consist of a fresh issue of equity shares worth ₹490 crore, as well as an OFS of over 10.5 million shares. Those offering shares in the OFS include promoters Raj P Narayanam and Avinash Ramesh Godkhindi, and its investors VentureEast Investment Advisors and GKFF Ventures.