Infra.Market, Purple Style Labs and 10 other firms get Sebi nod to float IPOs

As many as 12 companies, including Hella Infra Market, the parent company of construction-tech platform Infra.Market, and Purple Style Labs, have secured Sebi’s approval to raise funds through initial public offerings (IPO), an update with the markets regulator showed on Friday (January 23).

Others that received regulatory approval are Jay Jagdamba Ltd, UKB Electronics, CMR Green Technologies, Transline Technologies, Medicap Healthcare, Oswal Cables, BVG India, Sai Parenteral’s, Commtel Networks, and Sify Infinit Spaces.

All 12 companies which filed their preliminary IPO papers with Sebi between June and October obtained its observations during January 19 to 23, the update showed. In regulatory terms, Sebi’s observation is equivalent to clearance for launching a public issue.

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Tiger Global-backed construction material supply firm Infra.Market proposed an IPO worth between ₹4,500 crore and ₹5,500 crore with market regulator Sebi using the confidential pre-filing route in October last year, market sources said. The proposed IPO would be a combination of a fresh issue of shares and an Offer for Sale (OFS) by existing shareholders, they added.

Sify Infinit Spaces Ltd, a subsidiary of Sify Technologies, proposed the IPO comprising a mix of fresh issue of equity shares worth Rs 2,500 crore and an offer for sale (OFS) of equity shares valued at ₹1,200 crore.

Purple Style Labs, the parent firm of luxury fashion platform Pernia’s Pop-Up Shop, will raise ₹660 crore. It is entirely a fresh issue of equity shares. Video surveillance and biometric solutions provider Transline Technologies' public issue is entirely an offer for sale (OFS) of 1.62 crore equity shares by promoters and a shareholder.

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Noida-based UKB Electronics, an electronic manufacturing services provider, proposed an IPO with a combination of fresh shares aggregating up to ₹400 crore and an offer-for-sale (OFS) of shares worth ₹400 crore.

CMR Green Technologies Ltd, a non-ferrous metal recycler, proposed its IPO to be entirely an Offer for Sale (OFS) of 4.28 crore equity shares, according to the draft red herring prospectus (DRHP).

On similar lines, Oswal Cables has proposed to raise ₹300 crore through a fresh issue, alongside an OFS of up to 2.22 crore equity shares. It said that proceeds from the fresh issue will be used to set up a new project, repay debt, and meet general corporate requirements.

Facility management services provider, BVG India, proposed an IPO comprising a fresh issue of equity shares worth ₹300 crore and an OFS of up to 2.85 crore equity shares by existing shareholders.

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Commtel Networks has lined up a ₹900-crore IPO, which includes a fresh issue of Rs 150 crore and an OFS of ₹750 crore. Proceeds from the fresh issue will be used primarily to repay debt. The company’s shares are proposed to be listed on the BSE and NSE.