Market regulator on Monday cleared the draft papers of Knack Packaging, Shivalaya Construction, Varmora Granito and Behari Lal Engineering to launch an initial public offering. However, Infifresh Foods withdrew its prospectus, according to an update from SEBI.
These four companies collectively plans to launch IPOs worth ₹1,400 crore .
The Rajkot-based Varmora Granito’s IPO is a combination of a fresh issue worth ₹400 crore and OFS of 5.24 crore shares by promoters and an investor, Kastura Investments. The net proceeds from the fresh issue will be utilised for repayment or prepayment of borrowings and general corporate purposes.
JM Financial Ltd, Goldman Sachs (India) Securities Private Ltd, and SBI Capital Markets Ltd are the book-running lead managers to the issue.
According to the draft papers, Knack Packaging’s IPO comprises a fresh issue worth ₹475 crore, and an offer for sale (OFS) of 70 lakh shares by promoters and an existing shareholder.
The company is one of the leading, integrated, innovation-oriented, export-led and sustainable-oriented packaging solutions providers, offering a diverse range of printed and laminated woven polypropylene bags and PLWPP Pinch Bottom bags.
It plans to use ₹435 crore from the fresh issue for setting up a new manufacturing facility at Borisana, Kadi in Mehsana, Gujarat, while the balance will be earmarked for general corporate purposes. Systematix Corporate Services Limited, IDBI Capital Markets & Securities Limited and Pantomath Capital Advisors Private Limited are the Book Running Lead Managers for the Offer.
Shivalaya Construction’s IPO is also a combination of a fresh issue (₹450 crore) and an OFS of 2.48 crore shares by promoters. The company will utilise ₹340 crore from the fresh issue to pay debt, and the remaining for general corporate purposes.
The New Delhi-based Shivalaya Construction Ltd, in consultation with the book-running lead managers, may consider a pre-IPO placement, aggregating up to ₹90 crore. If the pre-IPO placement is completed, the fresh issue size will be reduced.
The Punjab-based Behari Lal Engineering’s IPO is a mix of a fresh issue of shares worth ₹ 110 crore and an OFS of 78.54 lakh shares by promoters, and an investor shareholder, SG Tech Engineering.
Proceeds from the fresh issue will be deployed for funding capital expenditure requirements, repayment or prepayment of borrowings, and general corporate purposes.
Infifresh Foods filed its DRHP with SEBI in August using the confidential route to raise about ₹1,700 crore.