SEBI Clears IPO Plans of 5 Companies Including LEAP India and Eldorado Agritech LEAP India and Eldorado Agritech, along with Molbio Diagnostics, Foodlink F&B Holdings India, and Technocraft Ventures, have all received the approval.
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Five companies have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPO), according to the regulator's latest update on Tuesday, December 9.
The firms that secured the market regulator's clearance include LEAP India and Eldorado Agritech. They are joined by Molbio Diagnostics, Foodlink F&B Holdings India, and Technocraft Ventures.
All five companies had filed their draft documents between June and September, and SEBI issued its observations, which serve as a go ahead for a public issue, between November 25 and December 5.
In a separate development, Inox Clean Energy and Sky Alloys and Power have withdrawn their draft IPO plans. Industry sources said Inox Clean Energy stepped back after raising around INR 5,000 crore in a pre IPO round and may refile its documents later with updated financial information.
Sky Alloys and Power had originally proposed an issue of 1.79 crore equity shares in its draft papers.
LEAP India
LEAP India plans to raise INR 2,400 crore through its upcoming IPO. The offer will include a fresh issue of up to INR 400 crore and an offer for sale of INR 2,000 crore by existing shareholders, mainly Vertical Holdings II Pte Ltd and KIA EBT Scheme 3. The company intends to use INR 300 crore from the fresh proceeds to repay debt. The remaining amount will be directed toward working capital needs.
Eldorado Agritech
Eldorado Agritech, known for its Srikar Seeds brand, has lined up an INR 1,000 crore IPO. The issue will comprise a fresh issue worth INR 340 crore and an offer for sale of INR 660 crore by promoters. From the fresh issue, the company plans to allocate INR 245 crore toward debt repayment, along with other general corporate purposes.
Molbio Diagnostics
Molbio Diagnostics, backed by Temasek and Motilal Oswal Private Equity, has received approval for an issue that includes an INR 200 crore fresh issue and an offer for sale of 1.25 crore shares. The company will direct INR 99.3 crore from the fresh proceeds toward new research and development infrastructure, the creation of a centre of excellence, and other office related facilities.
Foodlink F&B Holdings
Foodlink F&B Holdings plans to raise INR 160 crore through a fresh issue. The company will also have an offer for sale of more than 1.19 crore shares. Funds from the fresh issue will be used to set up two new central kitchens and to support its subsidiary in opening four casual dining restaurants. Foodlink currently operates 30 casual dining outlets and cloud kitchens across India and the UAE.
Technocraft Ventures
Technocraft Ventures' public issue will include a fresh issue of up to 95.05 lakh shares and an offer for sale of 23.76 lakh shares by promoter Kartikey Constructions. The company plans to allocate INR 138 crore toward working capital requirements, with the remaining amount designated for general corporate purposes.
