Akums Drugs gets Sebi's nod to float IPO

NewsDrum Desk
New Update

New Delhi, Jul 8 (PTI) Akums Drugs and Pharmaceuticals has received Sebi approval to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

Gold Plus Glass Industry Ltd, Ceigall India and Orient Technologies also obtained the regulator's nod to float their initial share sale offers.

These companies had filed their preliminary IPO papers with Sebi in February. The regulator's observations were obtained from June 29 to July 2, 2024, according to the update.

In Sebi's parlance, obtaining its observations means its approval to float the public issue.

Going by the draft papers of Akums Drugs and Pharmaceuticals, the IPO is a combination of a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.86 crore shares by promoters and an existing investor.

Those selling shares in the OFS are Sanjeev Jain, Sandeep Jain and Ruby QC Investment Holdings Pte Ltd.

Proceeds from the fresh issue will be used to repay debt, fund working capital requirements of the company, pursue inorganic growth initiatives through acquisition and for general corporate purposes.

Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organisation (CDMO) offering a comprehensive range of pharmaceutical products and services in India and overseas.

The public issue of Float glassmaker Gold Plus Glass Industry is a mix of equity shares aggregating up to Rs 500 crore and an offer-for-sale (OFS) of up to 1.56 crore shares by promoters and investor shareholders -- Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I and Kotak Special Situations Fund.

The Delhi-based company is one of the leading float glassmakers in India, with 22 per cent share of manufacturing capacity as of September 2023.

The company's products cater to a range of end-use industries including automotive, construction and industrial sectors, with a variety of applications.

In April 2022, the company had filed draft papers with Sebi to raise funds through an IPO. The firm received the regulator's nod to float the issue too but didn't launch it.

The IPO of infrastructure company Ceigall India is a combination of a fresh issue of Rs 617.69 crore and an Offer For Sale (OFS) of up to 1.43 crore equity shares by the promoters, and an individual selling shareholder.

The offer includes a reservation for subscription by eligible employees.

Founded in 2002, Ceigall India is an infrastructure construction company with experience in undertaking specialised structural work such as elevated roads, flyovers, bridges, railway over bridges, tunnels, highways, expressways and runways.

As of January 2024, the company's order book stood at Rs 9,206.42 crore, with NHAI contributing 82 per cent of the order book.

As per the Draft Red Herring Prospectus (DRHP) of IT solutions provider Orient Technologies, the initial share sale is a combination of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters.

Those offloading shares in the OFS are Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services.

Shares of these four companies will be listed on BSE and NSE. PTI HG HG MR