New IPOs Alert: Eight Companies Receive SEBI Approval To Launch Public Issues

Securities and Exchange Board of India has approved initial public offerings of eight companies, clearing the way for them to launch public issues and list their shares on the NSE and the BSE.

These upcoming IPOs include InCred Holdings, Elevate Campuses, Laser Power and Infra, Ardee Industries, SEDEMAC Mechatronics, Aarvee Engineering Consultants, Shankesh Jewellers and Armee Infotech.

These companies had filed their draft red herring prospectuses between September and November last year and received SEBI’s observations between February 2 and February 6. In regulatory terms, receipt of observations allows issuers to proceed with their public offerings.

Key IPO Details

InCred Holdings filed its draft papers through the confidential route. The proposed IPO size is estimated at ₹3,000 crore to ₹4,000 crore, according to people familiar with the matter cited by PTI.

Elevate Campuses plans to raise ₹2,550 crore through a fresh issue of equity shares, with no offer-for-sale component. The company intends to use the proceeds for acquisitions in the K-12 segment, debt repayment and general corporate purposes.

Laser Power and Infra is looking to raise ₹1,200 crore through a combination of a ₹800 crore fresh issue and a ₹400 crore offer for sale by promoters. The company plans to use the fresh issue proceeds for loan repayment and general corporate purposes.

SEDEMAC Mechatronics aims to raise between ₹800 crore and ₹1,000 crore through an offer for sale of up to 80,43,300 equity shares by promoters and selling shareholders.

Ardee Industries has proposed a public issue comprising a ₹320 crore fresh issue and an offer for sale of 3.76 crore equity shares. The fresh capital will be used for working capital needs, debt repayment and general corporate purposes.

Armee Infotech IPO plans to raise ₹250 crore through a fresh issue of equity shares. The proceeds will be used to meet working capital requirements, repay borrowings and for general corporate purposes.
Aarvee Engineering Consultants aims to raise ₹202.5 crore through a fresh issue, along with an offer for sale of 67.5 lakh shares by a promoter.

Shankesh Jewellers has proposed an IPO comprising three crore fresh equity shares and an offer for sale of one crore shares. The fresh issue proceeds will be used for debt repayment, working capital requirements and general corporate purposes.