SEBI approves IPOs of Innovatiview India, Park Medi World, Runwal Enterprises, Jinkushal Industries and Advance Agrolife
The companies filed their draft papers between February and April
The Securities and Exchange Board of India (SEBI) has sent observation letters to five companies, clearing their IPO proposals. The companies are Innovatiview India, a security and surveillance solutions provider; Park Medi World, a hospital chain under the Park brand; Runwal Enterprises, a real estate company; Jinkushal Industries, a construction machine exporter; and Advance Agrolife, an agrochemical firm.
Noida-based Innovatiview plans to raise Rs.2,000 crore through an IPO consisting entirely of an offer for sale (OFS). The OFS comprises Rs.800 crore each from Ashish Mittal and Ankit Agarwal, Rs.320 crore from Vishal Mittal, and Rs.80 crore from Abhishek Agarwal.
Park Medi will raise Rs.1,200 crore through a combination of fresh issuance of Rs.900 crore and OFS of Rs.300 crore by promoter Ajit Gupta. The company intends using the issue proceeds for payment of debt, funding capital expenditure for the development of a new hospital and expansion of an existing hospital by its subsidiaries.
Mumbai-based Runwal Enterprises plans to raise Rs.1,000 crore through a fresh issue. The company will use the proceeds for expansion and repayment of debt.
Chhattisgarh-based Jinkushal Industries has a strong presence in the UAE and the US. The offering comprises a fresh issue of up to 8.65 million shares and an OFS of up to 1 million shares, with a face value of Rs.10 each. The company proposes to utilise the proceeds to fund working capital requirements and general corporate purposes.
Jaipur-based Advance Agrolife has received approval for a fresh issue of 19.3 million equity shares. The company manufactures a wide range of agrochemical products and plans to list on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). It intends to utilize the funds for working capital requirements and general corporate purposes.