Go Fashion India Ltd, CMS Info Systems Ltd and Tega Industries Ltd have got clearance from the Securities and Exchange Board of India (SEBI) to raise money via initial public offering (IPO).
All the three firms -- GoColors, owned by Go Fashion India Ltd, Baring Private Equity-backed CMS Info Systems and Tega Industries -- had filed draft papers in August.
Go Fashion's IPO consists of a fresh issue of Rs 125 crore and an offer for sale of up to 12.88 million shares by existing shareholders and promoters.
Founded in 2010 by Vinod Saraogi and Praksash Saraogi, the firm's OFS comprises of up to 7.46 lakh shares each by PKS Family Trust and VKS Family Trust, 7.50 million shares by Sequoia Capital India Investment, up to 3.31 million shares by India Advantage Fund S4 I and up to 5.77 lakh shares by Dynamic India Fund S4 US I.
Currently, PKS Family and VKS Family Trust hold 28.74% stake each. Sequoia Capital India Investments IV holds 28.73% stake, India Advantage Fund S4 I has 12.69% stake and Dynamic India Fund S4 US I holds 1.1% stake in the firm.
The firm proposes to utilise Rs 33.73 crore from proceeds towards funding the rollout of 120 new exclusive brand outlets (EBOs) in India during fiscal years 2023 and 2024. As of May 2021, it had 450 EBOs located across 115 cities.
It also proposes to utilise Rs 61.40 crore to fund working capital requirements. As of June 2021, its total sanctioned limit of working capital facilities was Rs 65 crore including fund-based and non-fund-based sub-limits.
CMS Info Systems IPO consists of a pure offer for sale of up to Rs 2000 crore by Sion Investment Holdings Pte, an affiliate of Baring Private Equity Asia. Currently, Sion Investment Holdings holds 100% stake in the firm.
For more than a decade, CMS has been owned by private equity investors, first by Blackstone, which took a controlling stake in 2008, and later by Baring, which bought the company in 2015 for about ₹2,000 crore. CMS is involved in ATM and cash management, ATM installation, maintenance services and card personalization services.
This will be the second attempt by Baring to take CMS public. In 2017, it had filed draft papers with the market regulator, but let its 12-month approval period lapse without launching the IPO.
The Tega Industries issue will entirely be an offer-for-sale of up to 13.67 million shares. Promoters and shareholders participating in OFS include Madan Mohan Mohanka, Manish Mohanka and Wagner Limited.
Kolkata-based Tega Industries provides customised solutions to mining, mineral beneficiation, bulk material handling, and slurry transportation industry.
Meanwhile, PKH Ventures Ltd withdrew its IPO on 28 October, a SEBI release said. The reason for withdrawal has not mentioned. The firm has filed draft papers for raising Rs 500 via IPO in October. The IPO comprised a fresh issue of 24.3 million shares and an OFS of up to 5 million shares by the promoter.
