BIBA Fashions Ltd., Keystone Realtors Ltd., Plaza Wires Ltd., and Hemani Industries Ltd. are the four businesses whose proposed initial public offers (IPOs) have received approval from the market regulator Securities & Exchange Banks of India (SEBI), which announced this on October 17.
According to a revision on the regulator’s website as of October 14, these four companies have each received their corresponding observation letters from Sebi.
The regulator’s approval of the proposed IPO is implied by the issue of the observation letter.
Ethnic wear fashion label Biba Fashion, backed by Warburg Pincus and Faering Capital, filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.
According to the draught papers, Biba Fashion’s planned IPO includes a fresh issuance of equity shares valued at ₹90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and current investors.
In June, the Rustomjee group company Keystone Realtors also submitted the preliminary documents for an IPO to raise ₹850 crore. According to the DRHP, it consists of a fresh issue of equity shares totaling up to ₹700 crore rupees and an OFS worth ₹150 crore rupees by the promoters.
Agrochemical producer Hemani Industries Ltd filed the DRHP in March in order to raise ₹2,000 crore through a first-round share offering. The IPO consists of a new issue of equity shares with a maximum value of ₹500 crore and an OFS by its promoters with a maximum value of ₹1,500 crore.
The DRHP for the share sale comprising a new issue of 1,64,52,000 equity shares was filed, among others, by Plaza Wires in May. The Delhi-based company manufactures, markets, and sells wires, aluminium cables, and high-demand electrical products.
