Upcoming IPOs: Caliber Mining, Sri Lotus Developers, four others receive SEBI approval to float IPOs
As many as six companies including education loans-focused lender Credila Financial Services, Sri Lotus Developers and Realty, and Euro Pratik have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday.
Others that received the regulator's approval to float initial share-sales are -- Caliber Mining and Logistics, Jaro Institute of Technology Management and Research, Jesons Industries and Gem Aromatics. Together, these firms aim to raise at least ₹ 3,000 crore.
The Securities and Exchange Board of India (Sebi) received preliminary IPO documents from these firms between October 2024 and January 2025, and issued its observations during May 13-16, the update showed.
In Sebi's parlance, obtaining the observations means its go-ahead to float the public issue.
As for IPO of Credila Financial Services Ltd, formerly known as HDFC Credila Financial Services, the company filed draft papers with Sebi in December through a confidential pre-filing route.
Filing the draft papers through this method allows the company to withhold public disclosure of details mentioned in the DRHP.
Bollywood stars and renowned investor Ashish Kacholia-backed Sri Lotus Developers is looking to mop up ₹ 792 crore through IPO. The issue is completely a fresh issue of shares with no offer for sale (OFS) component, according to the draft papers.
Proceeds from the fresh issue will be used for investment in its subsidiaries Richfeel Real Estate, Dhyan Projects, and Tryksha Real Estate Pvt Ltd, for part-funding the development and construction cost of its ongoing projects, Amalfi, The Arcadian and Varun. Besides, a portion will be used for general corporate purposes.
Euro Pratik, a prominent player in the decorative wall panel industry, plans to float a ₹ 730 crore public issue, which is entirely an OFS by promoters.
Caliber Mining and Logistics, a Nagpur-based coal mining and logistics provider, plans to mobilise ₹ 600 crore through its initial share-sale. Its IPO is a combination of fresh issue of equity shares worth up to ₹ 500 crore and an OFS of shares aggregating to ₹ 100 crore by the promoters.
Proceeds will be utilised by the company towards repayment of debt, funding capital expenditure for purchase of machinery and general corporate purposes.
Jaro Institute of Technology IPO
Mumbai-based Jaro Institute of Technology Management and Research Limited is planning to raise ₹ 570 crore through an initial public offering (IPO). The Company had filed its IPO papers with Sebi on September 30, 2024. The IPO consists of a fresh issuance of equity shares worth ₹ 170 crore and an offer-for-sale of shares worth ₹ 400 crore by promoter Sanjay Namdeo Salunkhe.
Jaro Institute of Technology Management and Research is one of India's leading online higher education and upskilling platform companies, in terms of EBIDTA, EBIDTA Margin, PAT and PAT Margin, Return on Equity ("ROE') and Return on Capital Employed ("ROCE') as of March 31, 2023, according to a Technopak Report. It is a one stop solution for a university looking to offer online, hybrid and in person degree programs and certification courses.
Jaro Institute's ₹ 570-crore IPO consists of a fresh issue of shares worth up to ₹ 170 crore and OFS of shares valued at ₹ 400 crore by promoter Sanjay Namdeo Salunkhe.
The company plans to utilise funds for marketing, brand building and advertising activities, payment of debt and general corporate purposes.
Jesons Industries' IPO comprises a fresh issue of equity shares worth ₹ 300 crore and an offer-for-sale of 94.61 lakh shares by a promoter. Proceeds from the fresh issue will be used for repaying debt, funding capital expenditure, and general corporate purposes.
The IPO of Mumbai-based Gem Aromatics, a manufacturer of specialty ingredients, is a mix of fresh issue of equity shares worth up to ₹ 175 crore and an OFS of up to 89.24 lakh shares each by the promoter and an investor.
Proceeds from the fresh issue will be used by Gem Aromatics for debt repayment and general corporate purposes. Shares of these seven companies will be listed on the BSE and NSE.
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