Shreeji Shipping, Patel Retail to float IPOs on Aug 19
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Shipping and logistics solutions provider Shreeji Shipping Global Ltd and supermarket chain Patel Retail Ltd are set to launch their maiden public issues on August 19.According to their Red Herring Prospectus (RHP), the IPOs will close on August 21, and the one-day bidding for anchor investors is scheduled for August 18.The two companies will announce the price band for their public issues on Monday.So far this year, 44 mainboard companies have launched their IPOs. In addition, two IPOs of BlueStone Jewellery and Lifestyle will open on August 11, followed by the issue of agro-based firm Regaal Resources on August 12.Going by the RHP, Shreeji Shipping Global's IPO is an entirely fresh issue of 1.63 crore equity shares with no offer for sale (OFS) component.The company plans to utilise Rs 251.2 crore from the IPO proceeds for the acquisition of dry bulk carriers in the supramax category on the secondary market, and Rs 23 crore for debt repayment.The flagship company of Jamnagar-based Shreeji Group primarily focuses on non-major ports and jetties, particularly along the west coast of India.Patel Retail's IPO is a mix of a fresh issue of 85.18 lakh shares and an OFS of 10.02 lakh shares of promoters, according to the RHP.As per merchant banking sources, the IPO size is expected to be Rs 250 crore to Rs 300 crore.Proceeds from the fresh issuance to the tune of Rs 59 crore will be used for payment of debt, Rs 115 crore for funding of working capital requirements of the company, and a portion will be used for general corporate purposes.Patel Retail was established in 2008 with the launch of its first store in Ambernath, Maharashtra. Since then, it has expanded its operations throughout the suburban regions of Thane and the Raigad district in Maharashtra.The company provides a diverse range of products including food, non-food items, general merchandise, and apparel to meet the needs of families. It operates in tier-III cities and nearby suburban areas under the brand 'Patel's R Mart'.Shares of the two companies are expected to begin trading on the bourses from August 26. PTI
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