SEBI Greenlights IPOs for Kross and Saraswati Saree Depot

2 Apr 2024 , 10:08 AM

Kross and Saraswati Saree Depot have received approval from the capital markets regulator SEBI to proceed with their fundraising plans by launching initial public offerings (IPOs).

Kross, a trailer axle and suspension assembly manufacturer, filed draft papers for a ₹500-Crore IPO on November 30, 2023. This IPO comprises a mix of fresh issuance of equity shares worth ₹250 Crore and an offer-for-sale (OFS) of shares worth ₹250 Crore by promoters Sudhir Rai and Anita Rai. The SEBI issued an observation letter to Kross on March 22, indicating that the company could launch its IPO within a year from the receipt of the observation letter. Equirus Capital is the sole merchant banker for Kross’s IPO.

Saraswati Saree Depot, a Maharashtra-based saree wholesaler, received an observation letter from SEBI on March 27, 2024. The IPO comprises a fresh issue of 72.45 lakh equity shares and an OFS of 35.55 lakh equity shares by promoters Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani. Unistone Capital is the book-running lead manager for Saraswati Saree Depot’s public issue.

On the other hand, SEBI returned the draft papers filed by Polymatech Electronics and Garuda Construction & Engineering on March 28 and March 27, respectively. Polymatech Electronics, a Tamil Nadu-based opto-semiconductor chips manufacturer, had filed draft papers on September 29 last year to raise ₹750 Crore via an initial public offering. Garuda Construction & Engineering filed IPO papers on February 19 this year, intending to raise funds through a fresh issue of 1.83 Crore equity shares and an OFS of 95 lakh shares, with PKH Ventures as the selling shareholder in the OFS.