FabIndia, Aether Ind, 5 others get Sebi's nod to float IPOs

Seven companies, including lifestyle retail brand FabIndia and specialty chemical company Aether Industries, have received capital markets regulator Sebi's go-ahead to raise funds through initial share sales.

Syrma SGS Technology, Asianet Satellite Communications, Sanathan Textiles, Capillary Technologies India and Harsha Engineers International too received the watchdog's nod to float Initial Public Offerings (IPOs).

These companies, which filed their preliminary IPO papers with Sebi during December 2021 and February 2022, obtained observations during April 27-30, an update with the regulator showed on Monday.

In Sebi's parlance, its observation implies the company concerned has received the approval to launch the IPO.

According to the Draft Red Herring Prospectus (DRHP), FabIndia's IPO, includes fresh issue of shares worth up to Rs 500 crore.

Besides, there will be an Offer For Sale (OFS) of up to 2,50,50,543 shares. The company's promoters also plan to gift more than 7 lakh shares to artisans and farmers.

Market sources said the IPO is expected to be worth around Rs 4,000 crore.

Aether Industries' public offer consists of a fresh issue of equity shares aggregating to Rs 757 crore and an OFS of up to 2,751,000 equity shares.

The company may also consider raising Rs 131 crore by issuing equity shares through a preferential offer.

As per the market sources, the company is expected raise Rs 1,000 crore through its IPO.

Leading internet service provider Asianet Satellite Communications plans to raise Rs 765 crore through the initial share sale.

The IPO consists of a fresh issue of equity shares aggregating to Rs 300 crore, and an offer for sale of up to Rs 465 crore by Hathway Investments.

Electronic manufacturing services firm Syrma SGS Technology's IPO comprises fresh issue of shares worth Rs 926 crore, and an OFS of up to 33.69 lakh equity shares by Veena Kumari Tandon.

The company may also consider raising Rs 180 crore via a pre-IPO placement before filing its Red Herring Prospectus and, if that happens, the issue size will be altered accordingly.

As per the market sources, the company is looking to garner between Rs 1,000 core and Rs 1,200 crore.

The IPO of yarn manufacturer Sanathan Textiles comprises fresh issue of equity shares aggregating up to Rs 500 crore and an OFS of up to 1.14 crore equity shares by Dattani Family.

The company may consider a pre-IPO placement of equity shares aggregating up to Rs 100 crore.

According to the market sources, the issue size will be in the range of Rs 1,200-1,300 crore.

Capillary Technologies (India) Ltd, backed by Warburg Pincus and Sequoia Capital, is looking to raise Rs 850 crore through the initial share sale.

The company offers Artificial Intelligence (AI)-based cloud-native Software-as-a Solution (SaaS) products and solutions to develop loyalty of their consumers and channel partners.

The IPO consists of a fresh issue of equity shares aggregating to Rs 200 crore and an OFS  of Rs 650 crore by Capillary Technologies International Pte Ltd.

Also, the company may consider a pre-IPO placement aggregating up to Rs 20 crore. If such placement is completed, the fresh issue size will be reduced.

Harsha Engineers International, manufacturer of precision bearing cages, plans to raise Rs 755 crore through its IPO.

The public issue consists of a fresh issue of equity shares aggregating to Rs 455 crore, and an OFS of up to Rs 300 crore by existing shareholders.

The equity shares of these seven companies will be listed on the BSE and NSE.