Bikaji Foods International, Landmark Cars and Cloudnine India receive SEBI nod for IPO

10 May 2022 , 09:03 AM

Bikaji Foods International, Landmark Cars Ltd and Cloudnine India have received capital markets regulator SEBI's approval to raise funds through initial public offerings (IPOs).

Bikaji Foods and Cloudnine filed their draft red herring prospectus (DRHP) with SEBI in February, while Premium and Luxury Auto Dealer Group Landmark Cars had approached the capital markets regulator in January.

The Securities and Exchange Board of India (SEBI) issued its final observations on the draft offer documents last week, which is necessary for launching a public offer.

As per the draft papers, Bikaji Foods International’s IPO is an entirely an offer for sale (OFS) up to 29,373,984 by existing shareholders and promoter group entities.

Bikaji Foods is the largest producer of Bikaneri bhujia with annual production of 26,690 tonnes, and the second largest manufacturer of handmade papad with an annual production capacity of 9,000 tonnes in Fiscal 2021. It is also one of India's major producers of packaged sweets, including rasgulla, gulab jamun, and soan papdi, as well as one of the industry's pioneers in developing and reinventing classic Indian snacks with a contemporary taste to meet changing customer demands in India and abroad.

The Public Issue of Landmark Cars consists of a fresh issue of equity shares aggregating to Rs 150 crore and an offer for sale (OFS) of up to Rs 612 crore.

The proceeds from its fresh issuance are worth Rs. 120 crores will be utilised for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company and general corporate purposes.

Landmark Cars, otherwise known as Group Landmark has a presence across the automotive retail value chain, which includes sale of new vehicles (passenger as well as commercial), after-sales service and repairs (including sales of spare parts, lubricants and accessories), sales of pre-owned passenger vehicles. As a value add-on to its passenger vehicle sales, it also facilitates sale of third-party financial products including insurance policies and vehicle finance through its dealerships.

The initial share sale of Kids Clinic India Ltd (Cloudnine) consists of a fresh issue of equity shares worth up to Rs300 crore and an offer-for-sale (OFS) of up to 13,293,514 equity shares by existing shareholders.

The proceeds from its fresh issuance are worth Rs95 crore for the repayment or prepayment of borrowings, in full or part of all or certain borrowings for the company, Rs117.90 crore for setting up new centers at various locations, Rs12.71 crore for acquisition in subsidiary, Acquity Labs Private Limited besides general corporate purposes.

Cloudnine founded by Dr. Kishore Kumar and Mr. Rohit MA. started its first centre in Bengaluru, Karnataka in 2007, with a vision to establish world-class mother and baby care focused facilities developed on the basis of best practices followed in such jurisdictions with advanced medical care facilities. It has 24 centres across the country with an aim to provide customers with world-class medical expertise and advanced facilities, currently focusing on two key regions, the NCR (National Capital Region) and Bengaluru, Karnataka.

The shares of the firms are proposed to be listed on both NSE and BSE.