On April 8, market regulator SEBI (Securities and Exchange Board of India) approved the IPO (Initial Public Offering) documents of four companies.
These companies can now launch their IPOs anytime within the next year. The approved companies are:
Aye Finance
BlueStone Jewellery and Lifestyle
GK Energy
Anthem Biosciences
SEBI issued “Observation Letters” to these companies between April 1 and 3, which is considered a go-ahead for IPOs. However, SEBI has not yet given any update on WeWork India’s IPO application, which is still under review.
Details of the Approved IPOs
Aye Finance
Business: A Gurugram-based NBFC (Non-Banking Financial Company) offering loans to small and medium enterprises (MSMEs).
Investors: Includes Elevation Capital, CapitalG (Google’s investment arm), British International Investment, and Alpha Wave India.
IPO Size: ₹1,450 crore
Fresh Issue: ₹885 crore
Offer for Sale (OFS): ₹565 crore
Pre-IPO round option: Up to ₹177 crore
Use of Funds: To strengthen the company’s capital and meet future financial needs.
Lead Managers: Axis Capital, IIFL, JM Financial, and Nuvama Wealth
GK Energy
Business: Provides solar-powered agricultural pump systems and EPC (Engineering, Procurement, and Commissioning) services. Headquartered in Pune.
IPO Size: ₹500 crore (fresh issue)
OFS: 84 lakh shares
Pre-IPO round option: Up to ₹100 crore
Use of Funds: ₹422.5 crore will be used for working capital.
Lead Managers: IIFL Capital and HDFC Bank
Anthem Biosciences
Business: A Bengaluru-based Contract Research, Development & Manufacturing Organization (CRDMO) for biotech and pharma companies. Competitors include Syngene, Suven Life Sciences, and Divi’s Labs.
IPO Size: ₹3,395 crore
Entirely an Offer for Sale (company won’t receive IPO funds)
Investors: Ganesh Sambasivam, K Ravindra Chandrappa, Viridity Tone LLP, Portsmouth Technologies LLC
Lead Managers: JM Financial, Citigroup, JP Morgan, and Nomura
BlueStone Jewellery and Lifestyle
Business: Bengaluru-based, it is the second-largest digital-first jewellery brand in India, with both online and offline presence.
IPO Size: ₹1,000 crore (fresh issue)
OFS: 2.39 crore shares
Pre-IPO placement option: Up to ₹200 crore
Major Investors: Accel India, Saama Capital, Kalaari Capital, and Sunil Kant Munjal
Competitors: Titan, Kalyan Jewellers, Senco Gold, PC Jeweller
Lead Managers: Axis Capital, IIFL Capital, and Kotak Mahindra Capital
