SEBI Approves IPO Plans of Aye Finance, BlueStone Jewellery, GK Energy, and Anthem Biosciences
The Securities and Exchange Board of India (SEBI) has given its go-ahead to the initial public offering (IPO) plans of four companies: Aye Finance, BlueStone Jewellery and Lifestyle, GK Energy, and Anthem Biosciences. This regulatory approval will enable these companies to proceed with their plans to list on the stock exchanges within the next 12 months.
As per the recent update published on April 8, SEBI made observation letters on the draft red herring prospectuses (DRHPs) of Aye Finance, GK Energy, and Anthem Biosciences on April 3. BlueStone Jewellery and Lifestyle got its observation letter on April 1. In the SEBI model, the observation letter issuance means that the company can issue its IPO within one year from the approval date.
Aye Finance’s Rs. 1,450 Crore IPO Proposal
Aye Finance, a non-banking financial company (NBFC) serving micro, small, and medium enterprises (MSMEs), will raise as much as Rs. 1,450 crore through its IPO. The offer will comprise a new issue of equity shares aggregating Rs 885 crore and an offer-for-sale (OFS) of Rs 565 crore by existing investors like A91 Emerging Fund I LLP, LGT Capital Invest Mauritius PCC, Alpha Wave India I LP, MAJ Invest Financial Inclusion Fund II K/S, and CapitalG International LLC.
The firm has also left the window open for a pre-IPO placement of a maximum of Rs. 177 crore. In that case, the size of the fresh issue would be proportionally altered. The proceeds from the fresh issue are going to be used for the augmentation of the capital base to cater to the needs of future business and asset growth. Axis Capital, IIFL Capital Services, JM Financial, and Nuvama Wealth Management will be handling the public issue.
GK Energy to Raise Rs. 500 Crore Through Fresh Issue
GK Energy, which has its presence in Pune and offers engineering, procurement, and commissioning (EPC) services for solar-powered agricultural water pump systems, plans to raise Rs 500 crore from a fresh issue and the balance from an OFS of 84 lakh shares. Promoters Gopal Rajaram Kabra and Mehul Ajit Shah are selling these shares in the OFS.
The firm can also consider a pre-IPO placement of Rs. 100 crore. If this happens, the size of the fresh issue will be proportionately reduced. Of the net proceeds of the fresh issue, Rs. 422.5 crore will go towards long-term working capital requirements and the balance towards general corporate purposes. IIFL Capital Services and HDFC Bank are the book-running lead managers for the IPO.
Anthem Biosciences to Roll Out Rs. 3,395 Crore Offer-for-Sale IPO
Bangalore-based Anthem Biosciences has got SEBI’s go-ahead for a Rs. 3,395 crore IPO that will be an offer-for-sale-only. The provider of CRDMO services will not get any proceeds from the public issue, as all the proceeds will be paid to selling shareholders, including promoters and investors like Viridity Tone LLP and Portsmouth Technologies LLC.
The firm is a rival to well-known names such as Syngene International, Sai Life Sciences, Suven Life Sciences, and Divis Laboratories. It provides a broad spectrum of CRDMO services throughout the lifecycles of new chemical and biological entities and also produces complex fermentation-based active pharmaceutical ingredients (APIs). Merchant banking for the issue will be managed by JM Financial, Citigroup Global Markets India, JP Morgan India, and Nomura Financial Advisory and Securities (India).
BlueStone Jewellery Aims Rs. 1,000 Crore Fresh Issue
BlueStone Jewellery and Lifestyle, a Bangalore-headquartered digital-first omni-channel jewellery brand, aims to raise Rs. 1,000 crore in a fresh issue, along with an additional offer-for-sale of 2.39 crore equity shares by existing investors. The company has reputed investors such as Accel India, Saama Capital, Kalaari Capital Partners, and Sunil Kant Munjal backing it.
The money raised will be used to meet the working capital needs of the company. BlueStone, the second-largest digital-first jewellery player, can also opt for a pre-IPO raise of as much as Rs. 200 crore. If this is successful, it will result in a matching decrease in the size of the fresh issue. Axis Capital, IIFL Capital Services, and Kotak Mahindra Capital Company are the lead managers for the IPO.
In the meantime, SEBI has suspended its comments on the IPO draft documents filed by WeWork India Management.
