Dhariwal Buildtech, ESDS Software Solution, BLS Polymers Get Sebi Nod to Float IPOs

Construction firm Dhariwal Buildtech, cloud infrastructure and data centre services provider ESDS Software Solution, and BLS Polymers have secured approval from Sebi to raise funds through initial public offerings (IPOs), according to an update with the regulator on Tuesday.

All three IPOs will comprise entirely fresh issues, with no offer-for-sale (OFS) component.

The companies had filed their preliminary IPO papers with Sebi between April and September, and received the regulator's observations during December 15-19, the update showed.

In Sebi's parlance, receipt of observations is equivalent to regulatory clearance to proceed with a public issue.

Dhariwal Buildtech's maiden public offering will consist of a fresh issue of equity shares worth Rs 950 crore, as per its draft red herring prospectus (DRHP).

Of the total proceeds, Rs 300 crore will be used to repay debt, Rs 203 crore for the purchase of construction equipment, and Rs 174.2 crore for repayment or prepayment of outstanding borrowings, with the balance earmarked for general corporate purposes.

The company is a leading infrastructure construction firm, specialising in roads and highways, state highways, PMGSY roads, bridges, railway overbridges and tunnels, as well as railway, irrigation, rural infrastructure and other civil works projects.

Meanwhile, ESDS Software Solution is planning to raise Rs 600 crore through its IPO, which will also be a completely fresh issue.

This marks the company's second attempt to go public, after it had earlier filed draft papers in September 2021.

According to the offer document, proceeds worth Rs 480.7 crore will be utilised for the purchase and installation of cloud computing equipment and other infrastructure for its data centres, while the remaining funds will be deployed towards general corporate purposes.

ESDS Software Solution provides a full range of cloud, managed services, data centre infrastructure and software solutions. Its offerings span infrastructure-as-a-service (IaaS), including colocation and data centre services, cloud services and cloud computing, along with managed services and software-as-a-service (SaaS).

BLS Polymers' IPO will involve a fresh issue of 1.7 crore equity shares.

From the issue proceeds, about Rs 69.84 crore will be used to expand its manufacturing facility by increasing capacity for certain existing products, while nearly Rs 75 crore will go towards meeting working capital requirements. The remaining amount will be allocated for general corporate purposes.

BLS Polymers manufactures a wide range of custom polymer compounds catering to industries such as telecommunications, power, railways, water, and oil and gas distribution.

These compounds are used for sheathing, jacketing and insulating wires and cables, as well as for coating underground pipelines to protect them from corrosion and environmental damage.

The company's diversified product portfolio enables it to offer customised solutions for the wire, cable and infrastructure sectors.

These companies will list on the stock exchanges BSE and NSE.