IPOs: Sebi approves DRHP of Star Health, Adani Wilmar, Nykaa and Penna Cement

The Securities and Exchange Board of India has approved four companies draft red herring prospectus (DRHP) in this week. Regulator has given go-ahead to Star Health, Penna Cement, Adani Wilmar and Nykaa companies’ DRHP worth of Rs 12000 crores.

A source close to the development told Zee Business “Star Health, Penna Cement, Adani Wilmar and Nykaa DRHP. This is one of the best week for Initial Public Offer (IPO) market”.

Sebi has approved Rakesh Jhunjhunwala-backed Star Health and Allied Insurance. The initial stake sale will consist of issuance of fresh equity shares aggregating to Rs 2,000 crore and offer for sale (OFS) of up to 60,104,677 equity shares by the promoter and existing shareholders of the company.

Ace investor Rakesh Jhunjhunwala will not be selling his shares, as per DRHP filing.

South India-based cement company “Penna Cement” DRHP was also approved by Sebi. The company has a plan to raise around worth Rs 1,550 crore in IPO from the market.  The public issue comprises a fresh issue of shares worth Rs 1,300 crore and an offer-for-sale by promoters, PR Cement Holdings Ltd of up to Rs 2,500 crore.

The company has planned to utilise the net proceeds for repayment of Rs 550 crore of certain borrowings availed by the company, funding capital expenditure requirements of Rs 105 crore for its Krishnapatnam line II (KP Line II) project, Rs 80 crore towards upgrading its raw grinding and cement mill in Talaricheruvu, Rs 110 crore towards setting up a waste heat recovery plant in Tandur, and Rs 130 crore for setting up Talaricheruvu WHR plant.

Sebi has proposed DRHP of Adani Wilmar. Adani Wilmar is a joint venture of 50-50 percent partnership of Adani and Wilmar.

The company has a plan to fresh issue of equity shares by Adani Wilmar for an amount of up to ₹4,500 crore.

Sebi has given a green signal to Nykaa DRHP. SEBI has given its approval for Nykaa’s Rs 4,000 crore initial public offering (IPO).

The market is expecting a company valuation worth of Rs 40,000 crores. The company is looking to raise Rs 525 crore via fresh issuance of equity. Nykaa is also looking at secondary share sale of 43.1 million shares.