Nova Agri, Netweb Tech India, EMS receive Sebi's approval for IPO launch

6 Jul 2023 , 11:27 AM

Agri-input manufacturer Nova Agri, server maker Netweb Tech India, and sewerage solution provider EMS Limited has received approval from the markets regulator SEBI through initial public offer (IPO).

All three companies have filed DRHP with SEBI in March and April 2023 have obtained the regulator’s observations during June 26-30. 

According to Nova Agri draft IPO papers, the issue comprises a fresh issue of equity shares worth up to Rs 140 crore and an offer-for-sale (OFS) component of up to 77,58,620 equity shares of shareholder Nutalapati Venkatasubbarao.

The company will use the net proceeds towards investment in its subsidiary Nova Agri Sciences for setting up a new formulation plant, funding working capital requirements and other general corporate purposes.

Keynote Financial Services Limited and Bajaj Capital Limited are the merchant bankers to the IPO and Bigshare Services Pvt Ltd is the registrar in same.

Netweb Technologies IPO

The initial share sale of Netweb Technologies comprises fresh issue of equity shares of worth Rs 206 crore and an offer for sale of up to 85 lakh equity shares by promoters selling shareholders. Under the OFS, those selling shares are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles Pvt Ltd.

The company has also raised Rs 51 crore in the pre-IPO placement round from marquee institutional investors, including LG Family Trust, Anupama Kishore Patil, among others.

The server maker will use proceeds from fresh issue towards funding capital expenditure, long-term working capital and for the payment of debt.

Equirus Capital Private and IIFL Capital Services are the book-running lead managers and Link Intime India is the registrar for the offer.

EMS Limited IPO:

The IPO of sewerage solution provider comprises fresh issue of equity shares worth Rs 180 crore and an offer for the sale of 82.94 lakh shares by promoter Ramveer Singh.

The company may also consider pre-IPO placement of up to Rs 60 crore which will further reduce the fresh issue size.

Proceeds from the fresh issue will be utilised towards funding working capital requirements and other general corporate purposes.

Khambatta Securities Ltd is the sole book running lead manager to the issue.

Shares of these three companies will be listed on BSE and NSE.