The IPO wave of November continues as SEBI has approved the draft papers of two major IPOs: renewable energy firm Clean Max enviro energy and dialysis service provider Nephrocare Health.
Both the companies which had filed their draft papers in August, received the nod from SEBI on November 10. The companies are yet to announce the dates for the opening and closing of the bidding offer. Once the dates are announced the listed shares would be traded on NSE and BSE. Here are the key details regarding both the IPOs
Clean Max IPO
The Rs 5,200 crore Clean Max IPO is a mix of fresh issue and an OFS. There will be a fresh issue of shares worth Rs 1,500 crore and an offer of sale worth Rs 3,700 crore. In the OFS, existing investors, including the founders and several equity funds will sell their stakes.
The company plans to use the proceeds of the IPO to repay borrowings of Rs 1,125 crore. As of March 31, the company had total consolidated borrowings of Rs 8,078.1 crore.
Axis Capital, JPMorgan, BNP Paribas, HSBC Securities, IIFL Capital, Nomura Financial Advisory, BoB Capital Markets, and SBI Capital Markets will manage CleanMax’s IPO, while MUFG is the registrar to the offer.
Clean Max: About the company
CleanMax Enviro Energy Solutions is an Indian company that provides renewable energy solutions to commercial and industrial clients, with a primary focus on solar power projects.
Nephrocare IPO
Nephrocare IPOs comprises a fresh issue of Rs 353.4 crore, and the company’s existing investors will offload nearly 1.27 crore shares, each with a face value of Rs 2 through an OFS.
The company will utilise the capital raised via the fresh issue to fund the opening of new dialysis clinics in India. Of this, Rs 129.1 crore will be used to set up the new clinics and Rs 135.9 crore will go towards repaying its borrowings, while a portion will also be allocated for other corporate purposes, which the company has not disclosed.
ICICI Securities, Ambit Private, IIFL Capital, and Nomura Financial Advisory, will manage Nephrocare’s IPO, while KFin Technologies is the registrar to the offer.
Nephrocare Health Services: About the company
Nephrocare Health Services operates under the brand NephroPlus. The company provides dialysis care through its network of clinics in India and select international locations, offering services such as haemodialysis, home and mobile dialysis, and wellness programs.