Eastman Auto and Power, Milestone Gears, Bonbloc Tech get Sebi nod to float IPOs

New Delhi, Mar 6 (PTI) Three companies -- energy-transition and power-electronics firm Eastman Auto and Power, precision components maker Milestone Gears and AI firm Bonbloc Technologies -- have secured Sebi's approval to raise funds totalling Rs 3,300 crore through IPOs, an update with the regulator showed on Friday.

These approvals come after the companies filed their preliminary papers with Sebi between October and December and subsequently obtained regulatory observations during March 4-5.

In regulatory terms, Sebi's observations are equivalent to clearance for launching a public issue.

Together, the three firms are expected to raise over Rs 3,300 crore through initial public offerings (IPOs), merchant bankers said.

Eastman Auto and Power Ltd, filed confidential IPO papers with markets regulator in December to raise funds. People familiar with the matter, pegged the company's issue size at Rs 1,800-2,000 crore.

The proposed IPO will be a combination of fresh issuance and an offer for sale (OFS) component, they added.

As per the draft papers, Milestone Gears filed preliminary papers with Sebi to raise Rs 1,100 crore through its IPO, comprising fresh issue of shares aggregating Rs 800 crore, along with an offer for sale (OFS) component of shares valued at Rs 300 crore by promoters and a shareholder.

The company will use funds towards debt payment, investment in a new greenfield project and general corporate purposes.

The proposed IPO of Bonbloc Technologies, which builds SaaS solutions using Blockchain, IoT, and data science, is a combination of a fresh issue of shares worth Rs 230 crore and an OFS of 3 crore shares by promoter Bonbloc Inc, according to the draft papers.

Proceeds from the fresh issue will be used towards investment in the development of its products and platforms; purchase of laptops; fund inorganic growth through unidentified acquisitions, other strategic initiatives, and for general corporate purposes.

So far this year, nearly a dozen companies have launched their maiden public offerings. PTI SP TRB TRB