As many as six companies, including Sanathan Textiles, Syrma SGS Technology, Aether Industries, Capillary Technologies, Asianet Satellite Communications and Harsha Engineers, have received capital markets regulator Sebi's nod to raise funds through initial public offerings (IPOs).
These companies, which filed their draft papers with Sebi between December 2021 and April 2022, obtained the regulator's observations during April 27-30, an update with Sebi showed on Monday.
In Sebi's parlance, the issuance of observation is equivalent to the regulator's approval.
Mumbai-based Sanathan Textiles’ Rs 1300 crore public issue comprises of fresh issue of equity shares aggregating up to Rs 500 crore (The “Fresh Issue”) and an offer for sale of up to 11,400,000 equity shares (The “Offer for Sale”) by Dattani Family.
Sanathan Textiles Limited was incorporated in 2005. Its business is divided into three separate yarn business verticals, consisting of Polyester yarn products; Cotton yarn products; and Yarns for technical textiles and industrial uses, manufactured at its Silvassa facility.
The IPO of Syrma SGS Technology, provider of electronic design and manufacturing services for global & domestic Original Design and equipment manufacturers (ODMs and OEMs), comprises of fresh issue of shares worth Rs 926 crore, and an offer for sale (OFS) up to 3,369,360 equity shares by Veena Kumari Tandon.
Promoted and led by Sandeep Tandon and Jasbir Singh Gujral, Syrma SGS, is a technology-focussed engineering and design company engaged in turnkey electronics manufacturing services (“EMS”) specialises in precision manufacturing.
The initial share sale of Surat-based Aether Industries, a speciality chemical manufacturer in India consists of a fresh issue of equity shares aggregating to Rs. 757 Crores, and an offer for sale of up to 27,51,000 equity shares by existing shareholders.
The offer for sale comprises up to 27,01,000 equity shares by Purnima Ashwin Desai, up to 25,000 equity shares by Ashwin Jayantilal Shah, and up to 25,000 equity shares by Rohan Ashwin Desai.
Aether is led by its Promoters comprising of their Managing Director, Ashwin Desai (B. Chem. Engg, UDCT Mumbai), and Executive (Whole Time) Directors, Purnima Desai, Rohan Desai and Dr. Aman Desai (B. Tech. UDCT Mumbai, PhD Michigan State Univ. USA, ex-Dow Chemical USA), who have a combined experience of over 125 years in the chemical industry.
According to draft papers, Capillary Technologies plans to raise Rs 200 crore through fresh issue of shares and an offer for sale of Rs 650 crore by Capillary Technologies International Pte Ltd.
Capillary Technologies (India) Limited, offers artificial intelligence (“AI”)-based cloud-native Software-as-aSolution (“SaaS”) products and solutions to develop loyalty of their consumers and channel partners was founded in 2012 by Aneesh Reddy Boddu and Krishna Mehra.
The Rs 765 crore IPO of Kerala-based Asianet Satellite Communications comprises of a fresh issue of equity shares aggregating to Rs 300 crore, and an offer for sale of up to Rs 465 crore by Hathway Investments Private Limited.
Asianet Satellite is one of the leading internet service providers (“ISP”) offering broadband internet service and multi system operator (“MSO”) offering digital cable television services, predominantly present in Kerala.
Harsha Engineers’ IPO comprises of a fresh issue of equity shares aggregating to Rs 455 crore, and an offer for sale of up to Rs 300 crore by existing shareholders.
The offer of sale comprises up to Rs 66.75 crore by Rajendra Shah, up to Rs 75 crore by Harish Rangwala, up to Rs 16.50 crore by Pilak Shah, up to Rs 75 crore by Charusheela Rangwala, up to Rs 66.75 crore by Nirmala Shah. The offer also includes a reservation for subscription by eligible employees.
The shares of these companies will be listed on the BSE and NSE.