Upcoming IPO: Market regulator SEBI (SEBI) on Monday 10 January has approved two more companies to bring their initial public offering (IPO). The first company in this is Five-Star Business Finance Limited, which is a non-banking finance company (NBFC). On the other hand, the second company is Waaree Energies Limited, which is a company associated with the solar energy sector.
According to a latest update released by SEBI on Monday, both the companies had submitted documents for IPO between September and November. Both these companies have received “observation letter” from SEBI between January 3 and 7. For any company to bring an IPO, it is necessary to obtain an ‘observation letter’ from SEBI.
Five-Star Business Finance IPO:
Big investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR have invested in Five Star Business Finance Ltd. The company is planning to raise up to Rs 2,752 crore through this IPO. The company’s IPO will be a purely offer-for-sale (OFS), under which the existing shareholders of the company and the companies of the promoter group will sell their shares.
LIC has increased stake in this multibagger chemical stock, has given 150% return in last 1 year
Under the offer-for-sale (OFS), the shareholders of the company included Rs 257.10 crore on behalf of SCI Investments-V, Rs 568.92 crore on behalf of Matrix Partners India Investment Holdings II LLC, Rs 9.56 crore on behalf of Matrix Partners India Investments II Extension LLC. crores, Norwest Venture Partners X-Mauritius shares worth Rs 385.65 crore, TPG Asia VII SF Pte Ltd for Rs 1,349.78 crore and promoter group companies worth Rs 180.93 crore will be put up for sale.
Currently, TPG Asia holds 20.99 per cent of the five-star business, over 14 per cent is held by Matrix Partners, 10.22 per cent with Norwest Venture and 8.83 per cent with SCI Investments.
In the IPO of Vari Energies, fresh shares worth Rs 1,350 crore will be issued, while an offer-for-sale (OFS) of 40,07,500 equity shares will be brought by the existing shareholders and promoters of the company. Under OFS, 13,15,000 equity shares were put up for sale by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahavir Thermoequip Pvt Ltd, 40,000 equity shares on behalf of Sameer Surendra Shah and 22,500 equity shares on behalf of Nilesh Gandhi and Dreshta Gandhi. Will go
Of the proceeds received through the company’s IPO, Rs 978.36 crore will be used for solar cell manufacturing facility at Chikhli, Gujarat with 2 gigawatt (GW) annually generating capacity and Rs 184.23 crore for solar PV module manufacturing facility with one gigawatt (GW) production capacity at the same location. To install the facility.
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