Upcoming IPO: Ellenbarrie Industrial Gases, Varindra Constructions and Sambhv Steel Tubes are going to bring their IPOs. Draft papers of these companies have got the approval of market regulator SEBI. According to SEBI, the possible steel tubes have been issued an observation letter on January 21, Ellenbari Industrial Gaids on 22 January and Varindra Constructions on 23 January. According to SEBI rules, getting an observation letter means that the company can launch the IPO within the next one year.
Ellenbarrie Industrial Gases IPO
Kolkata -based industrial gas company filed documents for its IPO on 18 September 2024 with SEBI. Under this, new equity shares worth Rs 400 crore are to be issued. At the same time, 1.44 crore equity shares will be sold by the existing shareholders through offer for sale (offs). Promoters Padam Kumar Aggarwal and Varun Aggarwal will be a selling shareholder.
Ellenberry Industrial Gaise claims to be a major industrial gas manufacturer in eastern and South India. It is a market leader in terms of manufacturing capacity established in West Bengal, Andhra Pradesh and Telangana. The company is considering raising ₹ 80 crore in the pre-IPO round. If the company succeeds in raising funds through pre-IPO placements, then this amount will be reduced by the total size of the fresh issue.
Liquid oxygen-making company Ellenbary Industrial Gaise will use fresh issue amount received from its IPO to repay the debt and set up an air separation unit with 220 tonnes per day (TPD) capacity (TPD) capacity in the Uluberia-II plant. The book running lead managers appointed for the public issue are Motilal Oswal Investment Advisors, IIFL Securities and JM Financial.
Varindra Constructions IPO
Infrastructure company Vindra Constructions filed draft papers on 30 September. The company is planning to raise Rs 1200 crore through public issue. New shares of Rs 900 crore will be issued in the IPO and shares worth Rs 300 crore by promoters will be done through selling ofs. Varindra Constructions, established by promoter Varinder Garg in 1987, can raise Rs 180 crore before its IPO. If this pre-IPO placement is successful, the size of the IPO will decrease.
The company is involved in construction of building projects as well as infrastructure projects like metro depot, aircraft hanger and roads. It is planning to use the amount received from the new issue mainly in the purchase of equipment, working capital needs and repayment of debt. ICICI Securities, Equires Capital and IIFL Securities are working as a merchant banker for this issue.
Electric resistance welded steel pipes and structural tube -making company Sambhav Steel Tubes filed a draft red hering prospectus near SEBI on 30 September 2024. The company intends to raise Rs 540 crore.
New equity shares worth Rs 440 crore will be issued in the IPO. At the same time, shares worth Rs 100 crore will be sold by promoters through O.S. Funds worth Rs 390 crore will be used for debt payment and general corporate purposes. Book running lead manager Nuwama Wealth Management and Motilal Oswal Investment Advisors to handle the public issue.
