SEBI Approves IPOs of Aegis Vopak and Seshaasai Tech, Sends Back Rajputana Stainless’s Draft Papers:

SEBI Approves IPOs of Aegis Vopak and Seshaasai Tech, Sends Back Rajputana Stainless’s Draft Papers Logistics firm Aegis Vopak Terminals and technology provider Seshaasai Technologies have received approval from SEBI to move forward with their initial public offerings (IPOs). On the other hand, the IPO documents of steel maker Rajputana Stainless were returned by the regulator last week. SEBI issued observation letters, an official go-ahead for IPOs to Aegis Vopak on April 7 and to Seshaasai Technologies on April 11, according to the latest IPO processing status published on April 15. Companies can launch their IPO within a year of receiving this letter.

Aegis Vopak Terminals

Aegis Vopak Terminals, the largest independent operator of LPG and liquid storage terminals in India, had filed its draft IPO papers on November 18, 2024, aiming to raise Rs 3,500 crore through a fresh issue of shares. The firm is jointly owned by Aegis Logistics (50.1%) and Vopak India BV (47.31%). It may also raise Rs. 700 crore through a pre-IPO placement, which would reduce the IPO size by that amount. The funds raised (after deducting issue expenses) will go toward: Debt repayment, buying a cryogenic LPG terminal in Mangalore and General business needs. The IPO will be managed by ICICI Securities, BNP Paribas, IIFL Capital, Jefferies India, and HDFC Bank.

Seshaasai Technologies

Seshaasai Technologies, which offers services in payments, communication, and IoT, filed its draft red herring prospectus on December 27, 2024. The IPO will include: A fresh issue of shares worth Rs. 600 crore and an offer-for-sale of 78.74 lakh shares by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain. The Mumbai-based company is among the top two payment card manufacturers and one of the leading cheque leaf producers in India. IPO proceeds will be used for: Expanding production facilities, Repaying debt and General operations. The IPO will be handled by IIFL Capital, ICICI Securities, and SBI Capital Markets.

Rajputana Stainless

SEBI returned the IPO draft of Rajputana Stainless on April 11. The Gujarat-based stainless steel products maker had filed for an IPO in December 2024 to fund a new manufacturing plant and meet working capital needs. The proposed IPO included: A fresh issue of 1.9 crore shares and an offer-for-sale of 35 lakh shares by promoter Shankarlal Deepchand Mehta SEBI has not disclosed the reason for returning the document, which may require revisions or additional information.