SEBI clears IPO plans of LEAP India, Eldorado Agritech, and three others

Five companies, including LEAP India and Eldorado Agritech, have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPO), the regulator’s latest update showed on Tuesday, December 9.

The other firms cleared to launch IPOs are Molbio Diagnostics, backed by Temasek and Motilal Oswal Private Equity; Foodlink F&B Holdings (India), a catering and food retail chain; and Technocraft Ventures, a wastewater treatment solutions provider.

All five companies filed their draft papers between June and September. SEBI issued observations, effectively its nod to proceed with the public issue, between November 25 and December 5.

Meanwhile, Inox Clean Energy and Sky Alloys and Power have withdrawn their draft IPO papers as of December 5.

Industry sources said Inox Clean Energy pulled back its filings after raising around Rs 5,000 crore in a pre-IPO round. The company is expected to refile its documents after updating its financials.

Sky Alloys and Power had proposed an issue of 1.79 crore equity shares, according to its draft papers.

LEAP India plans to raise Rs 2,400 crore through a mix of fresh issuance and an offer-for-sale (OFS). The fresh issue is capped at Rs 400 crore, while the OFS of Rs 2,000 crore will be led by Vertical Holdings II Pte Ltd and KIA EBT Scheme 3.

Of the fresh proceeds, Rs 300 crore will go towards debt repayment, with the rest allocated to working capital.

Eldorado Agritech, known for its Srikar Seeds brand, will launch a Rs 1,000 crore IPO comprising a fresh issue of Rs 340 crore, and an OFS of Rs 660 crore by promoters.

The company plans to use Rs 245 crore from the fresh issue for debt repayment and general corporate purposes.

Molbio Diagnostics’ issue includes a Rs 200 crore fresh issue and an OFS of 1.25 crore shares by existing shareholders. The company will allocate Rs 99.3 crore for new R&D infrastructure, a centre of excellence, and other office-related facilities.

Foodlink F&B Holdings will raise Rs 160 crore through a fresh issue alongside an OFS of over 1.19 crore shares.

Proceeds will fund two new central kitchens and support its subsidiary Foodlink Global Restaurants and Catering Services in setting up four casual dining restaurants. The company currently operates 30 casual dining restaurants and cloud kitchens across India and the UAE.

Technocraft Ventures’ IPO includes a fresh issue of up to 95.05 lakh shares and an OFS of 23.76 lakh shares by promoter Kartikey Constructions. It will allocate Rs 138 crore to working capital and the remainder to general corporate purposes.

(With inputs from PTI)