SEBI Approves IPOs for Capital Small Finance Bank, Vibhor Steel, and Krystal Integrated Services

18 Jan 2024 , 02:56 PM

The Securities and Exchange Board of India (SEBI) has granted approval for the initial public offerings (IPOs) of Capital Small Finance Bank, Vibhor Steel, and Krystal Integrated Services. Capital Small Finance Bank received the observation letter on January 8, Krystal Integrated Services on January 11, and Vibhor Steel on January 12. The companies can now proceed with their IPO plans within a year from receiving the observation letter.

Capital Small Finance Bank IPO: Punjab-based Capital Small Finance Bank’s IPO, filed on September 28, includes a fresh issue of Rs 450 crore and an offer-for-sale (OFS) of 24,12,685 equity shares. The OFS involves selling shareholders such as Oman India Joint Investment Fund II, PI Ventures LLP, Amicus Capital Private Equity I LLP, and Amicus Capital Partners India Fund I. The bank aims to use the net fresh issue proceeds to enhance its Tier – I capital base and meet future capital requirements.

Vibhor Steel Tubes IPO: Haryana-based Vibhor Steel Tubes, a manufacturer of steel pipes and tube products, plans to raise Rs 66.47 crore through its IPO, comprising only a fresh issue component. The net fresh issue proceeds will primarily be utilized for working capital requirements of Rs 55 crore and general corporate purposes. Khambatta Securities is the sole book running lead manager for the issue.

Krystal Integrated Services IPO: Mumbai-based Krystal Integrated Services filed draft papers on September 27 for an IPO consisting of a fresh issuance of equity shares worth Rs 175 crore and an OFS of 17.5 lakh equity shares by the promoter Krystal Family Holdings. The net fresh issue proceeds will be allocated towards working capital requirements, debt repayment, purchase of new machinery, and general corporate purposes. Inga Ventures will act as the merchant banker for the offer.