IPO News: Two companies India Exposition Mart Limited and Suraj Estate Developers are launching their IPOs. They have submitted preliminary documents to SEBI.
India Exposition Mart will have a public offer of Rs.600
India Exposition Mart Limited has submitted preliminary documents for IPO to SEBI. The company aims to raise Rs 600 crore from the IPO. According to the DRHP filed with SEBI, the company will issue new shares worth Rs 450 crore in the IPO. In addition, the company’s current shareholders will bring an offer for sale (OFS) of 1,12,10,659 equity shares.
The company may also consider private placement of shares worth Rs 75 crore. This will reduce the size of the new issue. Of the Rs 450 crore raised from the new equity, Rs 316.91 crore will be used by the company for expansion into Capex. The amount of Rs 17 crore will be used for loan enhancement and other general corporate matters.
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500 crore offer from Suraj Estate Developers
Suraj Estate Developers has submitted a draft paper to SEBI for public issue. The company wants to raise Rs 500 crore from this IPO. According to DRHP, new equity will be issued for raising funds under this IPO. Of the IPO proceeds, Rs 315 crore will be used to pay off debts of the company and its affiliates – Accord Estate, Iconic Property Developers and Skyline Realty. Also about Rs 45 crore will be used for land acquisition or land development rights.
Suraj Estate Developers has been involved in the real estate business since 1986. Its work deals with real estate in the residential and commercial sectors in the South Central Mumbai area. Currently, Promoter and Promoter Group hold about 95 percent shares in the company. Book Running Lead Manager of Centrum Capital and Ananda Rathi Advisors Issue.
