Capital market regulator SEBI has cleared three initial public offerings of construction company Dhariwal Buildtech, cloud infrastructure and data centre services provider ESDS Software Solution and BLS Polymers.
The companies had filed IPO papers with SEBI between April and September and received the regulator’s observations during December 15-19, the update showed.
All three IPOs will comprise entirely fresh issues, with no offer-for-sale (OFS) component.
Dhariwal Buildtech’s public offering consists of a fresh issue of equity shares worth ₹950 crore. The company intends use the IPO proceeds to repay debt of ₹300 crore, purchase construction equipment for ₹203 crore and ₹174 crore for repayment of borrowings, with the balance earmarked for general corporate purposes.
ESDS Software IPO
ESDS Software Solution plans to raise ₹600 crore fresh issue for purchasing cloud equipment, working capital and brand building. The company has built a comprehensive cloud platform that manages cloud service and end-to-end cloud requirement.
Their cloud platform consists of a well-architected cloud infrastructure that reduces the cost and provides safety to your customers.
BLS Polymers’ issue
BLS Polymers will issue fresh equity shares of 1.7 crore to raise capital for manufacturing expansion, working capital and general corporate purposes. The company manufacturers multiple grades of custom-formulated polymer compounds, serving a wide range of critical industries including telecommunications, power, railways, water, and oil and gas distribution.
These polymer compounds play a vital role as raw materials in the sheathing, jacketing and insulation of wires and cables used across the power, telecommunication and railway sectors. They are also used for coating underground oil, gas, and water pipelines to protect infrastructure from corrosion and adverse environmental conditions.