International Gemmological Institute, Ecom Express, 5 Others Get Sebi's Nod to Float IPOs

Seven companies, including Blackstone-owned International Gemmological Institute, Ecom Express and Smartworks Coworking Spaces, have received Sebi's go-ahead to raise nearly Rs 12,000 crore collectively through Initial Public Offerings (IPOs), an update with the markets regulator showed on Monday.

The seven companies -- Ecom Express, Smartworks Coworking Spaces, TruAlt Bioenergy, International Gemmological Institute, Carraro India, Concord Enviro System and Ventive Hospitality -- which filed their draft IPO papers with Sebi during August and September obtained the regulator's observations on November 26-29, the update showed.

In Sebi's parlance, obtaining observations means its go-ahead to float public issues.

The Rs 4,000-crore IPO of International Gemmological Institute (India) Ltd is a combination of a fresh issue of equity shares worth Rs 1,250 crore and an Offer-For-Sale (OFS) valued at Rs 2,750 crore by promoter BCP Asia II TopCo Pte Ltd, an affiliate of Blackstone, according to the draft red herring prospectus (DRHP).

The company proposes to utilise the proceeds from the fresh issue for the acquisition of IGI Belgium Group and IGI Netherlands Group from promoter and general corporate purposes.

International Gemological Institute (India) provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones.

Gurugram-based Ecom Express' proposed IPO is a mix of fresh issue of equity shares worth Rs 1,284.50 crore and an Offer for Sale (OFS) of shares valued Rs 1,315.50 crore by promoters and other shareholders, the DRHP showed.

Proceeds from the fresh capital to the tune of Rs 387.44 crore will be used for setting up new processing centres with automation and new fulfilment centres, Rs 73.71 crore for computers and IT equipment, Rs 239.23 crore for enhancing technology, data science capabilities, and cloud infrastructure, and Rs 87.92 crore for payment of debt.

Ventive Hospitality, a joint venture between Blackstone Group and Panchshil Realty, initial share sale is completely a fresh issue of equity shares with no offer-for-sale (OFS) component. Proceeds of the IPO to the tune of Rs 1,600 crore will be used for debt payment by the company.

Ventive Hospitality is a hospitality asset owner primarily focused on luxury offerings across business and leisure segments in India and the Maldives. At present, Panchshil holds a 60 per cent stake in Ventive, while Blackstone owns the remaining 40 per cent stake.

The proposed IPO of Smartworks Coworking Spaces is a combination of a fresh issue of equity shares worth Rs 550 crore and an Offer For Sale (OFS) of 67.59 lakh shares by promoters.

Smartworks Coworking Spaces Ltd is a leading platform for office experiences and managed campuses.

Carraro India's Rs 1,812-crore initial public offering is completely an Offer-For-Sale (OFS) by Carraro International S.E, as per the DRHP. Since the entire issue is an OFS, all the proceeds from the IPO will go directly to the selling shareholder, rather than to the company.

Founded in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its manufacturing journey with transmission systems in 1999 and axles in 2000.

Leading biofuel producer TruAlt Bioenergy's initial share sale is a mix of fresh issuance of equity shares worth Rs 750 crore and an offer for sale (OFS) of up to 36 lakh equity shares by promoters.

The OFS consists of up to 18 lakh equity shares each by Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani. Out of the proceeds from the fresh issuance, Rs 425 crore will be utilised for funding working capital requirements, Rs 172.68 crore for setting up multi-feed stock operations, besides, a portion will be used for general corporate purposes.

Based in Bengaluru, TruAlt Bioenergy focuses on ethanol production, with a daily production capacity of 1,400 kilolitres.

The proposed IPO of Concord Enviro Systems, an environmental engineering solutions firm, comprises fresh issuance of equity shares worth Rs 192.3 crore and an Offer For Sale (OFS) of 51.94 lakh equity shares by promoters and an investor.

Those selling shares in the OFS are promoters Prayas Goel and Prerak Goel; promoter groups Namrata Goel, Nidhi Goel and Pushpa Goel; and investor AF Holdings.