Upcoming IPOs: Vikram Solar, Shreeji Shipping and 3 other companies get SEBI go-ahead for public offer
Upcoming IPOs: The Securities and Exchange Board of India (SEBI) has recently given the green light to five firms for their initial public offerings (IPOs), indicating a strong pipeline in the Indian capital markets. These approvals cover a variety of industries, such as renewable energy, financial services, steel production, specialty chemicals, jewelry, and logistics.
Vikram Solar, a manufacturer of solar modules, is launching an IPO that consists of a fresh share issuance of up to ₹ 1,500 crore and an offer for sale (OFS) of approximately 17.45 million equity shares from promoters and the promoter group.
The company intends to utilize the proceeds of ₹ 793.36 crore for capital investments via its wholly-owned subsidiary, VSL Green Power Pvt Ltd, to establish a 3,000-MW facility dedicated to solar cell and module production.
Moreover, ₹ 602.95 crore has been allocated for the enhancement of the current solar module manufacturing facility, increasing its capacity from 3,000 MW to 6,000 MW, along with funds designated for general corporate needs.
According to the draft documents, Shreeji Shipping Global Ltd's initial public offering, which offers shipping and logistics solutions for dry bulk cargo, consists solely of a new issuance of 2 crore equity shares.
The firm intends to allocate ₹ 289.4 crore from the IPO proceeds to acquire supramax dry bulk carriers in the secondary market and plans to use an additional ₹ 19.5 crore for debt repayment.
Dorf-Ketal Chemicals India plans to launch an IPO worth ₹ 5,000 crore, consisting of a fresh issuance of equity shares totaling up to ₹ 1,500 crore and an Offer for Sale (OFS) of shares valued at ₹ 3,500 crore by the Menon Family Holdings Trust, according to the draft documents.
The fresh issue's proceeds, amounting to ₹ 829 crore, will be utilized to reduce the company's debt, while ₹ 333 crore will be invested in its subsidiary, Dorf Ketal Chemicals FZE, to settle or prepay its existing borrowings, and the remaining funds will be allocated for general corporate needs.
A-One Steels India aims to raise ₹ 600 crore by issuing new equity shares, while the promoters plan to divest shares worth ₹ 50 crore through an Offer for Sale (OFS).
The company intends to allocate the net proceeds from the fresh issue towards investing in its subsidiary, Vanya Steels Pvt Ltd, for the acquisition of machinery and equipment, expanding its manufacturing facilities, and investing in Group captive power for solar energy procurement.
Additionally, A-One Steels will use the funds to settle debts and for general corporate needs.
Shanti Gold International, a manufacturer of gold jewellery, is launching its first public offering, which comprises solely a fresh issue of 1.8 crore equity shares, according to the draft documents.
The funds raised from the fresh issue amounting to ₹ 45.83 crore will be dedicated to establishing the facility in Jaipur; ₹ 190 crore is designated for meeting the company's increased working capital needs; ₹ 20 crore will go towards debt repayment, and a portion will be allocated for general corporate purposes.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
15 minutes ago
- Indian Express
For a $5 trillion economy, India must embrace cutting-edge tech
The Indian economy is on the threshold of crossing another milestone and becoming the fourth-largest in the world. It is a commendable achievement for a country that began its journey as an independent nation in 1947 with a meagre $33-billion economy. Decades of British exploitation left it significantly weakened and poor. The Jawaharlal Nehru government's Soviet-style central planning, while promoting heavy industries and the public sector, led to low economic growth of 3-4 per cent, pejoratively described as the 'Hindu rate of growth'. In 40 years, it could only reach the $266 billion mark. The first major leap came in 1991 when the Narasimha Rao government introduced economic liberalisation and unleashed the potential of Indian entrepreneurs. The opportunity offered by the digital revolution with the introduction of the internet was quickly seized by some of India's brightest tech entrepreneurs. The Indian economy grew manifold in the next two decades on the strength of its services economy, which contributed 60 per cent of the nation's GDP. The economy crossed $2 trillion by the time the Narendra Modi government came to power. The last 10 years have seen the Modi government giving greater emphasis to faster economic growth through programmes like Stand-Up India, Start-Up India and Make in India. The results are there to see. IMF data from May has projected that the Indian economy will overtake Japan this year, reaching the $4.19 trillion mark. Japan was once a $5.8 trillion economy but has shrunk to $ 4.18 trillion due to stagnation and slow growth rates since the 1990s. As India demonstrated promising growth, naysayers rushed forward to raise the hollow bogey of per capita income. Per capita income is determined by factors like the size of the population. India is the world's most populous country. As a result, whatever may be the size of GDP, its per capita figures are bound to remain low. No country's growth can be measured on the criterion of per capita income alone. Although the US is the world's largest economy with a $28 trillion GDP, it ranks seventh in per capita. China, the second-largest economy with $18 trillion, ranks 69. The per capita argument is worthless because even if India becomes the world's largest economy with $30 trillion, it will still be ranked 55th in terms of per capita. The only merit of this argument is that the country should be able to provide better living standards to all its citizens. In democracies, the fruits of economic growth percolate to all sections of society. This is reflected in the consumption patterns. Surveys indicate that the monthly per capita expenditure (MPCE) has increased in India by more than 2.5 times in the last 10 years. Interestingly, most of this expenditure was on travel, health and education, indicating healthy growth parameters. Tourism has seen remarkable growth in the last 10 years. China still occupies the first rank in the number of domestic and international travellers. India lagged in this sector for decades due to a lack of disposable income and tourism infrastructure. But today, with the incomes of the middle class growing substantially, Indians have started travelling more. Data indicates about 2.5 billion domestic tourist visits last year. Figures for 2024 indicate that almost 29 million Indians travelled abroad marking a 30 per cent growth. All this indicates healthy economic growth, which has led to the near eradication of baseline poverty and the creation of a strong middle class with disposable income. The Modi government aspires to take the economy to further heights with targets ranging from $ 5 trillion in 2027 to $10 trillion in 2035. The current impressive growth is a result of corrective measures taken by the government. It removed parallel economy, allowed proper distribution of wealth and encouraged greater consumption. But the path from here needs to be calibrated carefully. Economies grow on the strength not just of consumption but also trade and technology. Quality, quantity and speed are the main determining factors. India and China were leading economies until the middle of the 18th century. But when the industrial revolution occurred first in England and later in America, those two countries surged ahead and became leading economic powers by the dawn of the 20th century. When automation and digitisation progressed in the last decades of the last century, China moved ahead of the curve, emerging as the second-largest economy by 2008. We are now in the post-manufacturing and post-digital era. Growth in frontier technologies will determine a country's economic future. A country of India's size and capability cannot just think perpetually in terms of catching up with the developed West and the rest. It has to, instead, think in terms of moving ahead of the curve. We missed the first two industrial revolutions as we were a slave nation at that time. We benefitted partially from the third, digital revolution of the 1980s and '90s and became a leader in sectors like IT services. But the Fourth Industrial Revolution, led by Artificial Intelligence (AI), quantum technologies, robotics, space, defence, crypto and bio-engineering calls for new thinking and new priorities. The impressive growth of the Indian economy in the last decade was largely due to the unleashing of its basic potential. The trajectory from here should be more strategic, with greater emphasis on deep-tech R&D, an area in which we lag. It is important to create a climate of hassle-free access to investments in these areas. Only then can India aspire to achieve its goal of becoming a $10 trillion economy in the next 10 years. The writer, president, India Foundation, is with the BJP
The Hindu
29 minutes ago
- The Hindu
India, U.S. trade talks extended as deadline looms for interim deal, sources say
Trade talks between Indian and U.S. officials have been extended into next week as both sides seek consensus on tariff cuts in the farming and auto sectors, aiming to finalise an interim deal before a July 9 deadline, government sources said. A U.S. delegation led by senior officials from the Office of the United States Trade Representative (USTR) held two days of discussions in the national capital with trade officials headed by chief negotiator Rajesh Agrawal, the sources said. Also Read | India-U.S. trade deal in 'not too distant future': U.S. Commerce Secretary Lutnick "The two countries are actively engaged in focused discussions to facilitate greater market access, reduce tariff and non-tariff barriers, enhance supply chain resilience and integration," one Indian government official with direct knowledge of the talks, said. Negotiators, who had initially aimed to wrap up talks by Friday, will now continue discussions on Monday and Tuesday to resolve outstanding differences, a second official said. U.S. President Donald Trump and Prime Minister Narendra Modi had agreed in February to conclude a bilateral trade pact by fall 2025 and more than double trade to $500 billion by 2030. The current talks are part of efforts to hammer out a limited trade agreement that could lead the Trump administration to revoke 26% reciprocal tariffs on Indian goods - tariffs that have been paused along with those on several other U.S. trading partners for 90 days, the second official said. "Many Indian exporters have held back shipments to the U.S. in the last two weeks, fearing cargos may not reach before the July 9 deadline,' the official added. India's exports to the U.S. jumped nearly 28% year-on-year to $37.7 billion in the January–April period, driven by front-loading of shipments ahead of tariff hikes in April, while imports rose to $14.4 billion, widening the trade surplus in India's favour, according to US government data. Centre approved a licence for Elon Musk's Starlink to launch commercial operations, ignoring his public spat with Mr. Trump, Reuters reported on Friday. India is opposing U.S. demands to open up its agricultural and dairy markets, another Indian official said, citing the impact on millions of poor farmers who cannot compete with heavily subsidised American products. Indian officials have also made it clear New Delhi could pursue its complaint at the World Trade Organisation against the U.S. tariff hikes on steel and aluminium, while aiming to work out a bilateral agreement, the source added.
Hindustan Times
44 minutes ago
- Hindustan Times
RBI slashes policy rate by 50 bps to accelerate growth
Singles would have done the job, but the Reserve Bank of India decided to hit a six while chasing its monetary easing target . There are now various possible upsides to domestic growth. If the banks also expedite the transmission of interest rate cuts from RBI, mortgage payments could fall and cushion household budgets. This will add to the disposable income tailwinds from the upwards revision in income tax slabs, which have kicked in from April. A good monsoon is expected to boost rural incomes. That all this is happening in what is expected to be a benign inflationary environment – 2025-26's inflation forecast has been brought down from 4% to 3.7% -- only makes things better. The quarterly inflation projections beginning June 2024 are 2.9%, 3.4%, 3.9% and 4.4%. The policy rate in this case is the repo rate at which the RBI lends money to banks, making it the anchor of all other interest rates in the economy. CRR is the mandated share of deposits which banks have to keep in cash, either themselves or with the RBI. A reduction in CRR, therefore, frees more money for credit creation (roughly ₹2.5 lakh crore in this case). After Friday's decision, the MPC has already reduced the repo rate by a percentage point in this easing cycle of five months, taking it to the lowest level since August 2022 when it was 5.4%. The rationale for the aggressive action came from RBI governor Sanjay Malhotra . 'I must also add that while price stability is a necessary condition, it is not sufficient to ensure growth. A supportive policy environment is vital', he said in unambiguous terms in his post-MPC written statement. The message behind the action was best described by Madhavi Arora, lead economist at Emkay Global. ' RBI appears to have front-loaded all policy actions, be it higher-than-expected rate cuts or infusing durable albeit staggered liquidity via lower CRRs. All of that now implies that the ball is in the banks' court to transmit easier financial conditions faster,' she said. 'It is imperative to continue to stimulate domestic private consumption and investment through policy levers to step up the growth momentum. This changed growth-inflation dynamics calls for not only continuing with the policy easing but also frontloading the rate cuts to support growth. Accordingly, the MPC voted to reduce the policy repo rate by 50 basis points to 5.50 per cent', the Governor said in his statement while adding that there would likely be no more rate cuts in the immediate future. 'After having reduced the policy repo rate by 100 bps in quick succession since February 2025, under the current circumstances, monetary policy is left with very limited space to support growth. Hence, the MPC also decided to change the stance from accommodative to neutral', governor Malhotra added. All of this raises the hope that the Indian economy could finally see its private investment cycle getting kick-started. Stock markets cheered this possibility, closing 0.9% higher than Thursday, making it the best inter-day gain since May 23. To be sure, RBI does not expect the economy to do better than its April projection of 6.5%. The quarterly growth projections now stand at 6.5%, 6.7%, 6.6% and 6.3% respectively. But Friday's measures could have compensated for persisting, and perhaps strengthening headwinds to economic growth from the ongoing international turbulence. That RBI's decision came a day after the public spat between US President Donald Trump and Elon Musk – the two have gone from being friends to enemies over Trump's fiscal plans – only underlines the volatility of the global economic environment, even as the government tries to work multiple trade deals including with the US to ensure or at least preserve gains from the export front. However, what RBI is underlining, more emphatically than it has done in the recent past, are the strong structural foundations of the Indian economy. Governor Malhotra spoke about a 5x3x3 matrix of fundamentals to highlight the relative advantage of the Indian economy vis-à-vis its peers. The matrix includes strong balance sheets in five sectors, corporates, banks, households, government and the external sector; stability on three fronts, price, financial and political; and investment opportunities through three Ds, demography, digitalisation and domestic demand. This matrix, the Governor said 'provides the necessary core strength to cushion the Indian economy against global spillovers and propel it to grow at a faster pace'. To be sure, the Indian economy has struggled to find its private investment mojo despite larger macroeconomic stability even as dissipating pent-up demand after the pandemic and a peak in government capex has led to a loss of growth momentum. India's GDP growth came down from 9.2% in 2023-24 to 6.5% in 2024-25, showing a significant loss of growth momentum even though India continued to be the fastest growing major economy in the world and expected to become the world's fourth largest by the end of this fiscal year. 'We had been forecasting 75bp in rate cuts over the June, August and December meetings, of which 50bps has now been done. We forecast a pause in the August and October meetings, but hold on to our final rate cut call of 25bp in the December meeting, taking the repo rate to 5.25%,' said Pranjul Bhandari, chief India economist at HSBC. 'This is predicated on our view that growth in FY26 will be lower than RBI's 6.5% forecast,' she added.
