SEBI Approves IPOs for Akums Drugs and Three Other Companies

9 Jul 2024 , 09:04 AM

Akums Drugs and Pharmaceuticals has received approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO), as indicated by an update from the market regulator on Monday.

In addition to Akums, Gold Plus Glass Industry, Ceigall India, and Orient Technologies have also received the green light from SEBI to proceed with their initial share sale offers. These companies had submitted their preliminary IPO papers in February, and SEBI’s observations were recorded between June 29 and July 2, 2024.

Akums Drugs and Pharmaceuticals IPO Details

According to Akums’ draft papers, the IPO will include a fresh issue of equity shares worth ₹680 Crore and an offer-for-sale (OFS) of 1.86 Crore shares by promoters and an existing investor. The shareholders participating in the OFS are Sanjeev Jain, Sandeep Jain, and Ruby QC Investment Holdings Pte Ltd.

The funds from the fresh issue will be allocated for debt repayment, working capital needs, acquisitions for inorganic growth, and general corporate purposes. Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO) that offers a comprehensive range of pharmaceutical products and services in India and abroad.

Gold Plus Glass Industry IPO Details

Gold Plus Glass Industry’s IPO will comprise equity shares aggregating up to ₹500 Crore and an OFS of up to 1.56 Crore shares by promoters and investor shareholders, including Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I, and Kotak Special Situations Fund.

This Delhi-based company, a leading float glassmaker with a 22% share of the manufacturing capacity as of September 2023, caters to industries such as automotive, construction, and industrial sectors. Although Gold Plus filed draft papers in April 2022 and received SEBI’s nod, it had not launched the IPO at that time.

Ceigall India IPO Details

Ceigall India, an infrastructure company, plans an IPO that includes a fresh issue worth ₹617.69 Crore and an OFS of up to 1.43 Crore equity shares by the promoters and an individual selling shareholder. There is also a reservation for eligible employees.

Founded in 2002, Ceigall India specializes in infrastructure construction, including elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways, and runways. As of January 2024, the company’s order book stood at ₹9,206.42 Crore, with the National Highways Authority of India (NHAI) contributing 82% of the order book.

Orient Technologies IPO Details

The IPO of IT solutions provider Orient Technologies consists of a fresh issue of ₹120 Crore and an OFS of up to 46 lakh equity shares by promoters. The promoters participating in the OFS are Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

Orient Technologies has developed expertise in creating products and solutions for IT Infrastructure, IT Enabled Services (ITeS), and Cloud and Data Management Services over the years.

Listing Information

The shares of Akums Drugs and Pharmaceuticals, Gold Plus Glass Industry, Ceigall India, and Orient Technologies will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).