Private equity firm WestBridge Capital-backed IndiQube Spaces Ltd and Motilal Oswal Alternates-backed Ganesh Consumer Products Ltd have received regulatory nod to float their initial public offerings but EAAA India Alternatives Ltd has hit a speedbump.
The Securities and Exchange Board of India (SEBI) issued its final observations, akin to its approval, on the IPO proposals of IndiQube and Ganesh Consumer on March 24 and March 28, respectively, according to an update on its website.
However, it returned the draft papers filed by Mumbai-based EAAA India Alternatives, the alternative investment arm of Edelweiss Financial Services. It could not be immediately ascertained why the draft papers were returned.
According to its DRHP filed in December, the alternative asset manager’s promoter, Edelweiss Securities, was set to offload a stake worth Rs 1,500 crore. Had the IPO plan received a go-ahead, EAAA India Alternatives would have been the third such alternative fund manager after IL&FS Investment Managers and Nisus Finance to go public.
Meanwhile, flexible office space operator IndiQube filed its draft papers to raise about Rs 850 crore via an IPO in late December.
The IPO comprises a fresh issue of Rs 750 crore and an offer for sale of Rs 100 crore by co-founders Rishi Das and Meghna Agarwal. It plans to use the proceeds from the fresh issue to fund capital expenditure, utilise about Rs 100 crore to repay loans, and use the balance towards general corporate purposes.
Kolkata-based consumer goods firm Ganesh Consumer, which counts Motilal Oswal Group’s private equity arm MO Alts, among its investors, filed its draft papers in late December. It is targeting to raise Rs 130 crore via a fresh issue. The IPO also includes an offer for sale by its promoters and MO Alts, per the DRHP.
The PE firm had invested around Rs 100 crore ($14.95 million then) in Ganesh Consumer Products, earlier known as Ganesh Grains Ltd, in 2016 through a mix of primary and secondary transactions. The firm harvested about Rs 8.4 crore in 2020 via a company buyback and now intends to offload all its 25.71% stake through the IPO.
The regulator has also given a go-ahead to GSP Crop Science, which intends to raise Rs 280 crore via a fresh issue and let its promoters sell 6 million shares. In addition, SEBI returned the draft papers filed by Mumbai-based developer Neelkanth Realtors Ltd, which filed its IPO in early December to raise primary capital through the issue of 13.5 million shares. Separately, Anlon Healthcare Ltd and GNG Electronics Ltd withdrew their draft papers, as per the latest update.
