NEW DELHI: Three companies — Varindera Constructions, Sambhv Steel Tubes and Ellenbarrie Industrial Gases– have received markets regulator Sebi‘s go-ahead to raise over Rs 2,100 crore through Initial Public Offerings (IPOs). The proposed IPOs will consist of a mix of newly issued equity shares and an Offer For Sale (OFS) of shares by existing shareholders.
The companies had filed their draft papers with the Sebi between September and October 2024 seeking its approval to float the IPOs.
The regulator has finally given its observations during January 21 to 23, an update with the Sebi’s website showed on Wednesday.
In Sebi’s parlance, obtaining observations means its go-ahead to float public issues.
According to the draft papers, Varindera Constructions’ IPO is a mix of fresh issue of equity shares valued at Rs 900 crore and an OFS of shares worth Rs 300 crore by promoters.
Varinder Kumar Garg and Sushma Garg will offload shares worth Rs 201 crore and 99 crore, respectively under the OFS.
Proceeds from the fresh issue will be utilised for the purchase of equipment, to support the working capital requirements of the company, payment of debt and for general corporate purposes.
Varindera Constructions is an integrated Engineering, Procurement and Construction (EPC) company with experience in the construction of building projects, including residential units, and office complexes, as well as undertaking infrastructure projects such as metro depot and aircraft hangar.
The IPO of Sambhv Steel Tubes comprises a fresh issue of equity shares valued at Rs 440 crore and an OFS of shares worth Rs 100 crore by promoters, the draft papers showed.
Proceeds from the fresh issue will be utilised for payment of debt and for general corporate purposes.
Sambhv Steel Tubes is one of the key manufacturers of Electric Resistance Welded (ERW) steel pipes and structural tubes (hollow section) in India in terms of installed capacity.
The Kolkata-based Ellenbarrie Industrial Gases’ IPO is a mix of fresh issues of equity shares valued at Rs 400 crore and an OFS of up to 1.44 crore equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP).
The OFS consists of the sale of 72 lakh equity shares each by promoters — Padam Kumar Agarwala and Varun Agarwal.
Proceeds from the fresh issue to the tune of Rs 176.8 crore will be used for payment of debt, Rs 130 crore will be utilised for setting up an air separation unit at Uluberia-II plant and the remaining funds will be used for general corporate purposes.
Ellenbarrie is one of the oldest operating industrial gas companies in India. The company manufactures and supplies industrial gases, including oxygen, carbon dioxide, nitrogen, helium, hydrogen and nitrous oxide, as well as synthetic air, fire-fighting gases, medical oxygen, liquid petroleum gas and speciality gases catering to a wide range of end-use industries.
