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SANDEEP KUMAR | Dec 21, 2021 | Views 543156

SEBI gives a nod to Ixigo, Keventer Agro, and Sahajanand Medical to bring IPOs

SEBI gives a nod to Ixigo, Keventer Agro, and Sahajanand Medical to bring IPOs

On around 16-17 December, Le Travenues Technology, which operates travel platform Ixigo, food and beverage major Keventer Agro, and cardiac stent maker Sahajanand Medical Technologies got approval to float initial public offers in the primary market by the Securities and Exchange Board of India.

An observation letter was issued by the SEBI recently announcing that they can bring their IPOs. The observation letter was issued after the filing of IPO papers with regulator by the three companies which were done between August and September.

Ixigo IPO:

The IPO of Le Travenues Technology Ltd, which operates travel platform Ixigo comprises fresh issuance of shares worth ₹750 crore and an offer-for-sale (OFS) of equity shares to the tune of ₹850 crore by existing shareholders. The company aims to raise a total of ₹1,600 crore through an initial share-sale as per the draft papers.

ICICI Securities, Axis Capital, Kotak Mahindra Capital, Nomura are investment bankers working on IPOs. Law firms Shardul Amarchand Mangaldas and Khaitan & Co are legal counsel.

The stakes in the company currently are as follows:

SAIF Partners – 23.97%,

Micromax – 7.61 per cent,

Aloke Bajpai – 9.18 per cent, and

Rajnish Kumar – 8.79 per cent.

The aim of the IPO is to:

  • Fund the company’s organic and inorganic growth initiatives.
  • General corporate purposes will also be met through the proceeds of the fresh issues.

Sahajanand Medical Technologies:

The initial public offering of the company consists of the issuance of new shares worth Rs 410.33 and the offering of shares worth Rs 1,089.67.

Through OFS, Samara Capital Markets Holdings will sell stakes worth Rs 635.56 and Nhpea Sparkle Holdings BV will offload stakes worth Rs 320.36.

Lead Managers: Axis Capital, Bofa Securities, Edelweiss Financial, and UBS Securities India

Aim of the IPO is to:

  • Debt payments
  • Working capital requirements of Vascular Innovations Co. Ltd, an indirect overseas subsidiary of the company
  • Meet general corporate purposes.

Keventer Agro:

The IPO comprises fresh issuance of equity shares worth Rs 350 crore and an offer-for-sale of 10,767,664 equity shares by Mandala Swede SPV.

Aim of the IPO is to:

  • Retire debt,
  • Fund incremental capital expenditure requirements of the company, and
  • Meet general corporate purposes.

Lead Managers: ICICI Securities, Axis Capital and JM Financial

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