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The Securities and Exchange Board of India, on December 16-17, approved three initial public offerings of Le Travenues Technology, which operates travel platform Ixigo, food and beverage major Keventer Agro, and cardiac stent maker Sahajanand Medical Technologies.
The three companies had filed their IPO papers with the regulator between August and September.
The SEBI issued its observation letter for the three IPOs, which essentially means they have received a go-ahead.
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Le Travenues Technology is looking to raise Rs 1,600 crore through the offer, which comprises a fresh issue of shares worth Rs 750 crore and an offer for sale worth Rs 850 crore.
As part of the OFS, Saif Partners India IV will offload shares worth Rs 550 crore, Micromax Informatics will sell shares for Rs 200 crore and Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 crore each.
Currently, SAIF Partners holds 23.97 per cent in the company, Micromax 7.61 per cent, Aloke Bajpai 9.18 per cent and Rajnish Kumar 8.79 per cent stake in the firm.
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The proceeds from the fresh issue will be used to fund the company’s organic and inorganic growth initiatives and for general corporate purposes.
ICICI Securities, Axis Capital, Kotak Mahindra Capital & Nomura are the investment bankers working on the IPO. Law firms Shardul Amarchand Mangaldas and Khaitan & Co are the legal advisors.
Keventer Agro’s IPO comprises fresh issuance of equity shares worth Rs 350 crore and an offer-for-sale of 10,767,664 equity shares by Mandala Swede SPV.
The proceeds of the fresh issuance will be used to retire debt and to fund incremental capital expenditure requirements of the company.
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ICICI Securities, Axis Capital and JM Financial are the book running lead managers to the IPO.
Sahajanand Medical Technologies’ initial public offer consists of a fresh issue of equity shares worth Rs 410.33 crore and an offer-for-sale of equity shares worth Rs 1,089.67 crore.
Through the OFS, Samara Capital Markets Holding will sell shares worth Rs 635.56 crore and Nhpea Sparkle Holdings B.V will offload Rs 320.36 crore worth of shares.
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Currently, Samara Capital holds 36.59 percent stake in the company and NHPEA Sparkle Holding BV owns 18.44 percent stake.
The company might consider a pre-IPO placement of equity shares aggregating up to Rs 185 crore, and if it is undertaken, the fresh issue size will be reduced.
The proceeds from the fresh issue will be utilised to pay debt, to fund the working capital requirements of the company’s indirect foreign subsidiary, Vascular Innovations Co. Ltd, and for general corporate purposes.
Axis Capital, Bofa Securities, Edelweiss Financial and UBS Securities India are the book running lead managers to the issue.
With inputs from PTI
