2024-07-30 13:39:33
New Delhi: Market regulator SEBI has approved the IPO of four companies PN Gadgil Jewelers, KRN Heat Exchanger, Ecos India Mobility and Premier Energies. But the regulator has also returned the IPO documents of four companies. These include Vishal Mega Mart, education centric NBFC Avanse Financial Services, private equity major TPG Capital promoted Sai Life Sciences and BMW Ventures. The regulator has returned the draft prospectus documents of these companies.
PN Gadgil Jewellers, which filed a draft prospectus in March this year, is offering fresh shares worth Rs 850 crore and a sale of shares worth Rs 250 crore. Under the OFS, promoter SVG Business Trust will sell partial equity through the issue. The funds raised through the IPO will be used to fund expenditure on opening 12 new stores in Maharashtra, repaying debt and for other general corporate purposes. PN Gadgil Jewellers is the second largest jewellery company in Maharashtra in terms of number of stores as of January 2024. The company is also the fastest growing jewellery brand among major organised jewellery companies in India, based on revenue growth between FY21 and FY23.
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Which companies got approval
Meanwhile, KRN Heat Exchanger’s initial share sale is entirely a fresh issue of 1.93 crore equity shares with no OFS. The company will use the funds raised from the IPO to set up a new manufacturing facility at Neemrana, Alwar, Rajasthan. KRN Heat manufactures fin and tube-type heat exchangers for the ventilation, air conditioning and refrigeration industries.
Eco’s mobility offer comprises an OFS of up to 18,000,000 equity shares. This will see Rajesh Loomba selling up to 9,900,000 equity shares and Aditya Loomba selling up to 8,100,000 equity shares. The company has been providing chauffeur car rental (‘CCR’) and employee transportation services (ETS) services to corporate customers, including Fortune 500 companies in India for over 25 years. Hyderabad-based Premier Energies’ IPO comprises a fresh issue of equity shares aggregating up to Rs 1500 crore and an OFS of up to 2,82,00,000 shares by the selling shareholders.