Sai Life Sciences, Rubicon Research, Metalman Auto, and Sanathan Textiles have received approvals from the Securities and Exchange Board of India (SEBI) to move forward with their initial public offerings (IPOs). With SEBI’s observation letters dated October 31, these companies have the green light to launch IPOs within a year. Notably, BMW Ventures withdrew its draft IPO papers.
TPG-backed Sai Life Sciences plans an IPO featuring a fresh equity issue worth Rs 800 crore and an offer-for-sale of 6.15 crore shares from shareholders, including TPG Asia and HBM Private Equity India. The funds raised will focus on debt repayment (Rs 600 crore) and other corporate needs. Sai Life caters to global pharmaceutical and biotechnology innovators in research, development, and manufacturing.
Metalman Auto, filed on August 12, proposes an IPO comprising of fresh issue of Rs 350 crore and an offer for sale of 1.26 crore shares by promoters. Incorporated in 1986, Metalman Auto specializes in fabrication and assembly of metal for automobile and non-automobile sectors. The proceeds would be used to fund its new machinery at the Pithampur unit and debt reduction.
Maharashtra-based pharma firm Rubicon Research purports to garner Rs 1,085 crore from IPO and is offering Rs 500 crore worth of new shares. The net proceeds from the IPO would be used towards the repayment of borrowings amounting to Rs 310 crore for strategic initiatives of growth and other general corporate purposes.
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Source: Moneycontrol
News Desk
