The Securities and Exchange Board of India (SEBI) has granted approval to Kross and Saraswati Saree Depot to proceed with their fundraising plans through initial public offerings (IPOs).
Kross, a manufacturer of trailer axle and suspension assembly, filed draft papers for a Rs 500-crore IPO on November 30, 2023. The IPO comprises a combination of fresh issuance of equity shares worth Rs 250 crore and an offer-for-sale (OFS) of shares worth Rs 250 crore by promoters Sudhir Rai and Anita Rai. Equirus Capital is the sole merchant banker to the IPO by Kross. The SEBI issued an observation letter to Kross on March 22, enabling the company to launch its IPO within a year from the receipt of the observation letter.
Saraswati Saree Depot, a Maharashtra-based saree wholesaler, filed draft papers on September 29 last year. The IPO comprises a fresh issue of 72.45 lakh equity shares and an OFS of 35.55 lakh equity shares by promoters Tejas Dulhani, Amar Dulhani, Shevakram Dulhani, Sujandas Dulhani, Tushar Dulhani, and Nikhil Dulhani. Unistone Capital is the book-running lead manager to the public issue. The regulator allotted an observation letter to Saraswati Saree Depot on March 27 this year.
On the other hand, SEBI has returned the draft papers filed by Polymatech Electronics and Garuda Construction & Engineering. Polymatech Electronics, a Tamil Nadu-based opto-semiconductor chips manufacturer, filed draft papers on September 29 last year for an IPO aimed at raising Rs 750 crore. The regulator returned the draft papers on March 28. Garuda Construction, which filed IPO papers on February 19 this year, aimed to raise funds through a fresh issue of 1.83 crore equity shares and an OFS of 95 lakh shares by PKH Ventures. SEBI returned the papers on March 27.
This development showcases the regulatory progression and hurdles faced by companies in their journey towards launching IPOs in the Indian market.
Sources Of Information: Moneycontrol
