SEBI Grants Approval to BLS E-Services, Jyoti CNC Automation, and Popular Vehicles & Services for IPOs

21 Dec 2023 , 10:12 AM

The Securities and Exchange Board of India (SEBI) has provided approval for initial public offerings (IPOs) from BLS E-Services, Jyoti CNC Automation, and Popular Vehicles & Services.

• Jyoti CNC Automation: The Gujarat-based computerized numerical control machine manufacturer plans to raise Rs 1,000 crore through a public issue, consisting solely of a fresh issue component. The funds raised will be allocated to debt repayment, long-term working capital requirements, and general corporate purposes. Jyoti CNC serves industries such as aerospace and defense, auto and auto components, general engineering, EMS, and dies & molds.
• Popular Vehicles & Services: Engaged in automotive dealerships, the Kerala-based company aims to raise funds through an IPO, including a fresh issuance of shares worth Rs 250 crore and an offer-for-sale (OFS) component of 1.42 crore equity shares. The net proceeds from the fresh issue will be utilized for debt repayment and general corporate purposes.
• BLS E-Services: The subsidiary of visa and immigration services company BLS International Services filed its IPO papers in August 2023. The public issue, comprising only a fresh issue of 2.41 crore equity shares, aims to strengthen technology infrastructure, develop new capabilities, consolidate existing platforms, fund organic growth initiatives, and achieve inorganic growth through acquisitions.

The approval from SEBI, indicated by observation letters, allows these companies to proceed with their IPO plans. Equirus Capital, ICICI Securities, and SBI Capital Markets are the book-running lead managers for Jyoti CNC Automation, while ICICI Securities, Nuvama Wealth Management, and Centrum Capital are managing the Popular Vehicles & Services IPO. Unistone Capital serves as the sole book-running lead manager for BLS E-Services.