Sebi Grants Approval to Fedbank Financial Services, Epack Durable, and Suraj Estate Developers for IPO Launch

15 Nov 2023 , 11:39 AM

Fedbank Financial Services, Epack Durable, and Suraj Estate Developers have secured approvals from the Securities and Exchange Board of India (Sebi) to initiate their public offerings.

Fedbank Financial IPO

Mumbai-based NBFC Fedbank Financial Services received an observation letter from Sebi on November 2, signaling approval for its upcoming IPO. The retail-focused non-banking finance company, backed by Federal Bank, is anticipated to launch its initial public offering post-Diwali. 

The IPO involves a fresh issuance of shares worth Rs 750 crore and an offer-for-sale (OFS) of 7.03 crore equity shares by selling shareholders. Federal Bank and True North Fund VI LLP will offload 1.6 crore and 5.38 crore shares, respectively. The net proceeds from the fresh issue will enhance Fedbank’s Tier–I capital base to meet future capital requirements, particularly related to business and asset growth.

The merchant bankers for the Fedbank IPO are ICICI Securities, BNP Paribas, Equirus Capital, and JM Financial.

Epack Durables IPO

Epack Durable, based in Uttar Pradesh, received Sebi’s observation letter on November 10 for its IPO, filed in August. As the second-largest Original Design Manufacturer (ODM) in the Indian room air conditioner manufacturing market, Epack Durable’s IPO includes a fresh issue of Rs 400 crore and an OFS of 1.3 crore shares by promoters and investors. 

The net fresh issue proceeds will primarily fund new manufacturing facilities (Rs 230 crore) and debt repayment (Rs 80 crore), with the remaining funds allocated for general corporate purposes. 

Axis Capital, DAM Capital Advisors, and ICICI Securities are the book-running lead managers for the offering.

Suraj Estate Developers IPO

Suraj Estate Developers received Sebi’s observation letter on November 8 for its Rs 400-crore public issue, filed in July 2023. The Mumbai-based real estate developer’s IPO solely comprises a fresh issue, with no offer-for-sale component. 

Proceeds from the offering will be allocated towards repaying debt (Rs 285 crore), land acquisition or development rights (Rs 35 crore), and general corporate purposes. 

ITI Capital and Anand Rathi Advisors are the merchant bankers for the Suraj Estate Developers IPO.