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Sebi approves four firms for initial public offerings


The markets regulator, Securities & Exchange Banks of India (SEBI) on 17 October said that it has given its nod for the proposed initial public offerings (IPOs) of four companies – BIBA Fashions Ltd, Keystone Realtors Ltd, Plaza Wires Ltd and Hemani Industries Ltd.

These four firm have received their respective observation letters from Sebi, according to an update on the regulator’s website as on October 14.

The issuance of the observation letter implies the go-ahead from the regulator for the proposed IPO.

Backed by Warburg Pincus and Faering Capital. ethnic wear fashion label Biba Fashion had filed the Draft Red Herring Prospectus (DRHP) for an IPO in April.

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The proposed IPO by Biba Fashion comprises fresh issuance of equity shares worth 90 crore and an Offer For Sale (OFS) of 2.77 crore equity shares by the promoter and existing investors, says the draft papers.

The Rustomjee group company Keystone Realtors in June had also filed the preliminary papers to raise 850 crore through an IPO. It consists of fresh issue of equity shares aggregating up to 700 crore and an OFS worth 150 crore by promoters, according to the DRHP.

While, Agrochemical manufacturer Hemani Industries Ltd filed the DRHP to raise 2,000 crore through an initial share sale in March. The IPO comprises fresh issue of equity shares aggregating up to 500 crore and an OFS of equity shares worth up to 1,500 crore by its promoters.

Among others, Plaza Wires on May filed the DRHP for the share sale involving a fresh issue of 1,64,52,000 equity shares. The Delhi-based company is into the business of manufacturing, marketing and selling of wires, aluminum cables and fast moving electrical goods.

With PTI inputs.

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