AGS Health, PGP Glass get SEBI nod to float IPOs worth ₹8,600 cr

Blackstone-backed AGS Health and PGP Glass have secured SEBI’s approval to raise ₹8,600 crore collectively through initial public offerings (IPOs).

In addition, Shreni Shares and SRIT India received regulatory approval to launch IPOs, according to an update from SEBI on Friday.

AGS Health and PGP Glass confidentially submitted draft documents to the Securities and Exchange Board of India in March for their maiden public offerings. AGS Health and PGP Glass are expected to raise ₹4,500 crore and ₹4,100 crore, respectively, through their public issues.

The confidential filing route allows companies to submit draft offer documents to SEBI for review without immediately disclosing sensitive business information to the public.

According to Sebi’s update, the regulator received preliminary papers from these firms between February and March and issued its observations during June 16-19.

In Sebi’s parlance, obtaining its observations means the regulator has given the go-ahead to float the public issue.

Stock broking firm Shreni Shares’ proposed public issue comprises a fresh issue of up to 69 lakh shares and an offer for sale (OFS) of up to 82 lakh shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

The company plans to utilise the net proceeds from the fresh issue to meet working capital requirements, repay or prepay certain borrowings, and for general corporate purposes.

SRIT India’s IPO comprises an entirely fresh issue of 1.68 crore equity shares by the company, according to the draft paper.

IPO proceeds will be used for modernising existing products and redevelopment, funding its working capital requirements, achieving inorganic growth through unidentified acquisitions and general corporate purposes.