SEBI Approves IPOs for Akums Drugs, Ceigall India, Orient Tech, Gold Plus

India IPO

Updated July 08, 2024

The proceeds from the fresh issuance will be deployed for debt repayment, working capital requirements, and other growth initiatives, including those through acquisitions

SEBI Approves IPOs for Akums Drugs, Ceigall India, Orient Tech, Gold Plus

The Securities and Exchange Board of India (SEBI) has given the green light to four initial public offerings (IPOs) for Akums Drugs and Pharmaceuticals, Ceigall India, Orient Technologies, and Gold Plus Glass Industry. These IPOs include both fresh issues and offers for sale.

In contrast, SEBI has placed the ₹2,200 crore IPO of SK Finance on hold. IPOs can be delayed if required information from the company or other regulatory bodies isn't provided on time or if there's an ongoing regulatory investigation.

Akums Drugs aims to raise over ₹680 crore through a fresh issue and an offer for sale (OFS) of 18.6 million shares by promoters Sanjeev Jain and Sandeep Jain, along with existing investor Ruby QC Investment Holdings. The funds will be used for debt repayment, working capital, and other growth initiatives, including acquisitions.

Ceigall India, an infrastructure firm based in Ludhiana, plans to raise ₹618 crore through fresh issuance and will sell up to 14.3 million equity shares as promoters and an individual investor divest their stakes.

Premji Invest-backed Gold Plus Glass Industry seeks to raise ₹500 crore through fresh issuance and an OFS of 15.7 million shares. The selling shareholders include promoters Suresh Tyagi and Jimmy Tyagi, Kotak Special Situations Fund, and PI Opportunities Fund owned by Premji Invest. Gold Plus, a Delhi-based float glass manufacturer, filed its DRHP in February this year.

Information technology solutions provider Orient Technologies, which also filed its draft red herring prospectus in February, received SEBI's nod on July 2.

The company's public offer includes fresh issuance worth ₹120 crore and an OFS of up to 4.6 million equity shares by promoter selling shareholders. Proceeds from the fresh issuance will fund capital expenditure (₹79 crore) and the acquisition of office premises in Navi Mumbai (₹10.35 crore).

India's IPO pipeline is growing, with SEBI recently approving offerings for SoftBank-backed Unicommerce eSolutions, FirstCry parent Brainbees Solutions, Interarch Building Products, and Gala Precision Engineering.