Capital markets regulator SEBI has cleared five initial public offerings to raise about ₹2,100 crore from the market.
However, it has put the IPO proposal of Vedanta Group company Sterlite Electric (erstwhile Sterlite Power Transmission) in abeyance. The Vedanta Group company filed DRHP with the SEBI in September to raise funds via IPO of 1.55 crore equity shares which comprises of fresh issue of 77.93 lakh shares and an offer-for-sale (OFS) of 77.95 lakh shares by promoter Twin Star Overseas and others.
In one of the largest IPOs in the dairy sector, Milky Mist Dairy Food will raise ₹2,035 crore by offering new equity shares valued at ₹1,785 crore and an offer for sale of ₹250 crore, according to its draft red herring prospectus.
Of the money raised, about ₹750 crore will be used for debt repayment, ₹415 crore for expansion and modernisation of the Perundurai Manufacturing facility, ₹129 crore for deployment of visi coolers, ice cream freezers and chocolate coolers and the rest for general corporate purposes.
Gaja Alternative Asset Management, which filed DRHP through confidential route, plans to raise ₹500-600 crore through the country’s first IPO by a private equity firm.
Earlier this year, Gaja Capital appointed former SEBI Chairman UK Sinha as its Non-Executive Chairman. In June, the company raised ₹125 crore in a pre-IPO placement led by HDFC Life, SBI Life, Akash Bhanshali and Jagdish Master, at a valuation of ₹1,625 crore.
Steamhouse India, the country’s first company dedicated to centralised steam supply for industrial clients, plans to raise ₹500-700 crore through IPO. The company had earlier filed its Confidential Draft Red Herring Prospectus with SEBI. While the issue size was not disclosed in the public intimation in July, sources suggest that the offering is expected to be in the range of ₹500–700 crore.
Bengaluru-based cloud kitchen operator Curefoods, which runs EatFit, CakeZone and Krispy Kreme, has received SEBI approval for ₹800 crore IPO.
The IPO will comprise a fresh issue and an offer-for-sale (OFS) of up to 4.85 crore shares, giving several early investors an opportunity to partially or fully exit. Founder and CEO Ankit Nagori will not be selling any shares in the public issue.
Of the ₹800 crore primary issue, Curefoods plans to deploy Rs 152 crore to set up new cloud kitchens and expand infrastructure, and ₹127 crore for repayment of borrowings.