The market watchdog Sebi has approved four businesses’ planned initial public offerings: BIBA Fashions Ltd., Keystone Realtors Ltd., Plaza Wires Ltd., and Hemani Industries Ltd. Observation letters from Sebi have been sent to these entities, according to an update posted on the regulator’s website on October 14.
According to Sebi jargon, the regulator’s approval for the planned initial public offering is implied by the issue of the observation letter. The Warburg Pincus and Faering Capital-backed ethnic fashion label Biba Fashion filed the Red herring Draft Prospectus (DRHP) for an initial public offering in April. According to draught papers, the planned initial public offering consists of a fresh issuance of equity shares valued at Rs 90 crore and an offer for sale (OFS) of equity shares valued at Rs 2.77 crore by the promoter and current investors.
Keystone Realtors, a member of the Rustomjee group, submitted preliminary paperwork in June to raise Rs 850 crore via an IPO. According to the DRHP, it comprises of an OFS by the founders for Rs 150 crore and a fresh issuance of equity shares with a maximum value of Rs 700 crore. Hemani Industries Ltd, a manufacturer of agrochemicals, filed the DRHP in March to raise Rs 2 billion via an initial share offering.
The initial public offering consists of a fresh issuance of equity shares with a maximum value of Rs 500 crore and an OFS by its founders with a maximum value of Rs 1,500 crore. The DRHP for the sale of shares involving a fresh issuance of 1,64,52,000 shares of capital was filed by Plaza Wires in May. The Delhi-based firm manufactures, trades, and sells wire, aluminium cable, and high-demand electrical products.