SEBI Approves Four Initial Public Offerings

31 Jul 2024 , 11:28 AM

The capital markets regulator Sebi has authorised the IPOs of four companies: PN Gadgil Jewellers, KRN Heat Exchanger, Ecos India Mobility, and Premier Energies. The agency has granted observation letters to these companies, effectively approving them.

In addition to the approvals, the regulator has returned the draft prospectus documents for Vishal Mega Mart, education-focused NBFC Avanse Financial Services, Sai Life Sciences, and BMW Ventures, which are funded by private equity firm TPG Capital.

PN Gadgil Jewellers, which filed a draft prospectus in March of this year, is offering ₹850 crore in additional shares as well as a ₹250 crore offer for sale. Under the OFS, promoter SVG Business Trust will sell a portion of its equity.

The money acquired through the IPO are proposed to be used to support expenses related to the establishment of 12 new stores in Maharashtra, debt repayment, and other general business reasons.

As of January 2024, PN Gadgil Jewellers has the second-largest number of stores among big organised jewellery players in Maharashtra.

Based on revenue growth from FY21 to FY23, the company is also the fastest-growing jewellery brand among India’s top organised jewellery players.

Meanwhile, KRN Heat Exchanger’s maiden share offering is a completely new issue of 1.6 crore equity shares, with no OFS component.

The cash received from the IPO will be utilised to invest in wholly-owned subsidiary KRN HVAC Products, which will establish a new manufacturing plant in Neemrana, Alwar, Rajasthan.

KRN Heat manufactures fin and tube heat exchangers for the heating, ventilation, air conditioning, and refrigeration industries.

Eco’s Mobility offer consists of an OFS of up to 18,000,000 equity shares (face value ₹2 each), with Rajesh Loomba owning up to 9,900,000 equity shares and Aditya Loomba owning up to 8,100,000.

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