Le Travenues Technology Ltd, which operates travel platform Ixigo, has received markets regulator Sebi’s go-ahead to raise Rs 1,600 crore through an initial share-sale. Apart from this, cardiac stent maker Sahajanand Medical Technologies and food and beverage major Keventer Agro have received regulatory approval from Sebi to float their initial public offerings (IPOs).
These three companies, which filed their preliminary IPO papers with Sebi between August and September, obtained observation letter from the regulator during December 16-17, an update with the markets watchdog showed on Monday. In Sebi parlance, the issuance of observation letter implies its go-ahead for the IPO. Going by the draft papers, Le Travenues Technology’s IPO comprises fresh issuance of shares worth Rs 750 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 850 crore by existing shareholders.
As part of the OFS, Saif Partners India IV will offload shares worth Rs 550 crore, Micromax Informatics will sell shares for Rs 200 crore and Aloke Bajpai and Rajnish Kumar will divest stakes worth Rs 50 crore each. Currently, SAIF Partners holds 23.97 per cent in the company, Micromax 7.61 per cent, Aloke Bajpai 9.18 per cent and Rajnish Kumar 8.79 per cent stake in the firm.
The proceeds of the fresh issue will be used to fund the company’s organic and inorganic growth initiatives and for general corporate purposes. Sahajanand Medical Technologies’ initial share-sale consists of fresh issuance of equity shares worth Rs 410.33 crore and an offer-for-sale of equity shares to the tune of Rs 1,089.67 crore by selling shareholders.
Under the OFS, Samara Capital Markets Holding will sell shares worth Rs 635.56 crore and Nhpea Sparkle Holdings B.V will offload stocks to the tune of Rs 320.36 crore, among others. Currently, Samara Capital holds a 36.59 per cent stake in the company and NHPEA Sparkle Holding BV owns an 18.44 per cent holding in the firm.
The company might consider a pre-IPO placement of equity shares aggregating up to Rs 185 crore. If such placement is undertaken, the fresh issue size will be reduced. The proceeds from the fresh issue will be utilised to pay debt, to fund the working capital requirements of the company’s indirect foreign subsidiary, Vascular Innovations Co. Ltd, and for general corporate purposes.
Keventer Agro’s IPO comprises fresh issuance of equity shares worth Rs 350 crore and an offer-for-sale of 10,767,664 equity shares by Mandala Swede SPV. The proceeds of the fresh issuance will be used to retire debt and to fund incremental capital expenditure requirements of the company.