Uma Exports, Jesons Industries, Capital Small Finance Bank Get Sebi’s Nod to Float IPOs

Uma Exports received approval from the Securities and Exchange Board of India (Sebi) to issue an initial public offering (IPO). In addition, markets regulator Sebi has given the green light to Capital Small Finance Bank and Jesons Industries, a manufacturer of specialty paint emulsions, to raise cash through initial public offerings (IPOs).

According to a Monday update from the markets watchdog, these companies got the regulator’s observation letters between September and November 2021, when they filed their preliminary IPO papers with Sebi. Sebi’s remark entails that it has given the go-ahead to conduct an IPO.

Capital Small Finance Bank:

In November, Capital Small Finance Bank had filed draught documents for an initial public offering (IPO), which includes a Rs 450 crore share issue and an offer for sale of up to 3.84 million shares by Amicus Capital Pvt Equity I LLP and others.

The small finance bank (SFB) intends to use the net proceeds from the new issue to boost the bank’s Tier-I capital base in order to meet future capital needs. Tier I capital base was Rs 446 crore in June 2021, with a capital to risk (weighted assets ratio) of 21.12%. The issue’s lead managers are Edelweiss Financial Services, Axis Capital, and SBI Capital Markets.

The Reserve Bank of India gave Capital Small Finance Bank Scheduled Status in February 2017.

Uma Exports:

On July 2, Uma Exports filed draught papers to raise Rs 36 crore through a fresh issue and an offer for sale of up to 14.69 million shares by investors and promoters. The funds will be used to expand the company’s production facilities in Timba, Gujarat, as well as to repay or prepay unsecured loans, among other things.

Initially, Uma Exports was in the business of exporting building materials to Bangladesh, including marble, granite, marble chips, and other construction supplies. In 1997, the company expanded its product offering by exporting agricultural products and commodities. Agricultural produce and commodities such as sugar, spices, food grains, and agricultural feed such as soyabean meal and rice bran de-oiled cake are now traded and marketed by the company. In India, it imports large quantities of lentils, faba beans, black urad dal, and tur dal.

Rakesh Khemka and Sumitra Devi Khemuka are the company’s promoters. The issue’s only lead manager is Corporate Capital Ventures Private Limited.

Jesons Industries:

According to the draught red herring prospectus, Jesons Industries’ inaugural share-sale will include a fresh issue of equity shares worth up to Rs 120 crore and an OFS of up to 12,157,000 equity shares by promoter Dhiresh Shashikant Gosalia (DRHP).

Gosalia owns 86.53 percent of the company at the moment. A total of 77,000 equity shares have been reserved for employees in the public offering. The Mumbai-based firm may contemplate a private issue of up to Rs 24 crore in equity shares. If the pre-IPO placement is successful, the size of the new issue will be reduced.

According to market sources, the issue will be worth between Rs 800-900 crore. The proceeds from the new share offering will be used to the extent that they are available. The proceeds from the new share offering would be utilized to repay debt and for general corporate purposes to the tune of Rs 90 crore.