SEBI gives green signal to Radiant Services, Veranda & Delhivery to float their IPOs

These three companies filed their preliminary IPO papers with SEBI earlier between October and November in 2021.

Radiant Cash Management Services, an integrated cash logistics player, Online education platform-Veranda Learning Solutions, Supply Chain Services company- Delhivery have obtained the authorization from the capital markets regulator SEBI to float their Initial Public Offerings (IPO).

These three companies filed their preliminary IPO papers with SEBI earlier in between October and November months.

In the SEBI parlance, the observations letter indicates to go head for the IPO. Going by the company draft red herring prospectus (DRHP), the Chennai based company- Radiant Cash Management Services’ IPO comprised of a fresh issue of shares worth ₹60 crore and an offer-for-sale (OFS) of up to 30.13 million shares by existing promoters and shareholders. In the OFS, Col David Devasahayam will deposit 10.13 million shares and Ascent Capital Advisors India will discharge up to 20 million shares.

Veranda is a far-reaching 360 degree Online Education Platform to raise ₹200 crore through an initial share sale. The IPO is the primary issuance of equity shares. The company may consider a private placement of equity shares consisting Rs 50 crore. Returns of the public issue will be utilized for repayment or pre-payments, of  loans, the retirement of acquisition consideration of Edureka and growth initiatives

Supply chain company Delhivery to raise ₹7,460 crore through an initial public offering (IPO). The IPO comprises fresh issuance of equity shares worth ₹5,000 crore and an offer for sale (OFS) component of ₹2,460 crore by existing shareholders. Under the OFS, investors Carlyle Group and SoftBank as well as Delhivery’s co-founders will divest their shareholding in the logistics company.

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