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Friday, January 28, 2022

Upcoming IPO: IPO of these two companies got SEBI approval, will these new shares make investors rich?

Upcoming IPO: The IPO of non-banking financial company Five Star Business Finance and solar energy company Vari Energies has got the approval of market regulator SEBI.

Upcoming IPO: There is good news for those investing in IPO. The IPO of non-banking financial company Five Star Business Finance and solar energy company Vari Energies has got the approval of the market regulator SEBI. According to SEBI, both the companies had submitted documents for the IPO between September and November. Both these companies have received the observation letter between January 3 and 7. It is necessary for any company to obtain an observation letter from SEBI before bringing an IPO.

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Delete associated with Five Star Business Finance IPO

  • Talking about Five Star Business Finance, this company wants to raise Rs 2,752 crore through IPO.
  • The company is backed by a group of investors like TPG, Matrix Partners, Norwest Ventures, Sequoia and KKR. This IPO will be purely on offer for sale (OFS).
  • As part of the offer for sale, shares will be sold by SCI Investments V for Rs 257.10 crore, Matrix Partners India Investment Holdings II LLC for Rs 568.92 crore and Matrix Partners India Investments II Extension LLC for Rs 9.56 crore.
  • In addition, shares worth Rs 385.65 crore by Norwest Venture Partners, Rs 1,349.78 crore by TPG Asia VII SF Pte Ltd and Rs 180.93 crore by the promoter group entity will also be sold under the offer for se.
  • At present, TPG Asia holds 20.99 percent stake in the company. At the same time, Matrix Partners holds more than 14 percent, Norwest Venture has 10.22 percent and SCI Investments holds 8.83 percent in the company.

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Variety Energies IPO Details

  • Under the IPO of Vari Energies, a total of Rs 1,350 crore fresh shares will be issued.
  • At the same time, 40,07,500 equity shares will be sold by the existing shareholders and promoters under OFS.
  • Under the OFS, sale of 13,15,000 equity shares by Hitesh Chimanlal Doshi, Virenkumar Chimanlal Doshi and Mahaveer Thermoequip Pvt Ltd and up to 40,000 by Sameer Surendra Shah and 22,500 equity shares by Nilesh Gandhi and Dreshta Gandhi combined.

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