FirstMeridian Business, Lohia Corp and IRM Energy receives SEBI approval to float IPO

28 Feb 2023 , 01:26 PM

Three companies: FirstMeridian Business, Lohia Corp and IRM Energy have received approval from SEBI to raise funds through initial public offerings (IPOs). These companies have filed draft prospectus with the markets regulator SEBI between September 2022 to January 2023. All they have received observation letter from SEBI in February 21-24.

FirstMeridian Business Services IPO comprises fresh issuance of equity shares worth Rs 50 crore and an Offer for Sale (OFS) of Rs 690 crore, according to the Draft Red Herring Prospectus (DRHP).

The company provides wide range of service offerings, including general staffing and allied services, by offering solutions for contract staffing, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing. Its major clients are Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries and Eureka Forbes. 

JM Financial, DAM Capital Advisors, Edelweiss Financial Services and IIFL Capital Services are the book running lead managers to the issue.

Lohia Corp

Lohia Corp is a Kanpur-based manufacturer of machinery and equipment used in the production of technical textiles, in particular for manufacturing polypropylene and high-density polyethylene woven fabric and sacks.

The IPO of Lohia Corp is an offer for sale of 31.70 million shares by shareholders and promoters.

ICICI Securities, HSBC Securities and Capital Markets India, IIFL Capital Services and Motilal Oswal Investment Advisors are lead managers to the issue.

IRM Energy

The city gas distribution company, IRM Energy comprises fresh issue of up to 10,100,000 equity shares.

The net proceeds from the issue will be used to fund capital expenditure requirements for development of the city gas distribution network at Namakkal and Tiruchirapalli in Tamil Nadu, for payment of debt and other general corporate purposes.

The company operates in Gujarat, Punjab and Tamil Nadu where it provides piped natural gas (PNG) and compressed natural gas (CNG).

HDFC Bank and BOB Capital Markets are the book-running lead managers to the issue.