SEBI has granted approval to Ellenbarrie Industrial Gases, Varindera Constructions, and Sambhv Steel Tubes to raise over ₹2,100 crore through IPOs.
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As per the processing status of draft offer documents published by SEBI on January 29, the regulator issued observation letters on the draft papers of Sambhv Steel Tubes on January 21, Ellenbarrie Industrial Gases on January 22, and Varindera Constructions on January 23.
In SEBI parlance, the issuance of an observation letter means the company has received approval to launch its IPO within the next 12 months.
Ellenbarrie Industrial Gases
Ellenbarrie Industrial Gases, a Kolkata-based industrial gas manufacturer, filed for an IPO on September 18, 2024. The offering includes a fresh issue of equity shares worth ₹400 crore, along with an offer for sale (OFS) of 1.44 crore shares by existing shareholders.
Promoters Padam Kumar Agarwala and Varun Agarwal will be selling their shares in the offer. The company, a market leader in eastern and southern India, plans to utilise the fresh issue proceeds for debt repayment and setting up a new air separation unit at its Uluberia-II plant.
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Ellenbarrie Industrial Gases is also considering raising ₹80 crore in a pre-IPO placement, which, if successful, will reduce the fresh issue component.
Varindera Constructions
Varindera Constructions, which filed its draft papers on September 30, 2024, is planning to raise ₹1,200 crore through its IPO. The issue will consist of ₹900 crore worth of fresh equity and ₹300 crore through an OFS by promoters.
The infrastructure company, founded in 1987 by Varinder Garg, specialises in construction projects including metro depots, roads, and aircraft hangars. The fresh issue proceeds will be used for purchasing equipment, working capital, and debt repayment.
Varindera Constructions may also raise ₹180 crore through a pre-IPO placement.
Sambhv steel tubes
Sambhv Steel Tubes, which manufactures electric resistance welded steel pipes and structural tubes, filed its DRHP on September 30, 2024, to raise ₹540 crore. The IPO will include ₹440 crore from a fresh issue of shares and ₹100 crore from an OFS by promoters.
The net fresh issue proceeds, expected to total ₹390 crore, will be used for debt repayment and general corporate purposes.
All three companies now have the green light from SEBI to launch their IPOs within the next 12 months.
