Upcoming IPOs: ICICI Prudential AMC and 3 other companies receive SEBI approval for IPO launch

As the festive IPO season heats up this December, several companies are gearing up to hit the stock market. The Securities and Exchange Board of India (SEBI) has given the green light to the initial public offering (IPO) proposals of four companies, including ICICI Prudential Asset Management Co. SEBI’s issuance of ‘observation letters’ signals that these IPOs have received final regulatory approval.

Following this, the companies will release their red herring prospectus (RHP), which will include important details such as the IPO period, price band, allotment process, and listing dates. Here’s a look at the IPOs that have been approved for listing this festive season.

List of IPO’s that got the nod

The UK-based promoter Prudential Corp. plans to sell over 1.76 crore shares of ICICI Prudential AMC through an initial public offering (IPO). Each share has a face value of Rs. 1, and there is no fresh issue, meaning all the money raised will go directly to the selling promoter.

The IPO could raise up to $1.2 billion (around Rs. 10,300 crore), potentially valuing ICICI Prudential AMC at approximately $12 billion, according to Bloomberg News. If successful, it would be the second-largest IPO in India this year, after HDB Financial Services Ltd.

ICICI Prudential AMC is India’s largest asset manager in terms of assets under management for active mutual fund schemes, equity and equity-oriented schemes, and domestic non-corporate discretionary portfolio management services, according to the draft red herring prospectus.

Powerica Ltd. filed its preliminary documents with SEBI in August for an upcoming public offering. The IPO will consist of a combination of a fresh share issue worth Rs. 700 crore and an offer for sale of up to Rs. 700 crore by the promoter shareholders.

The company is based in Mumbai, and it is an integrated power solutions provider, specializing in diesel generator sets for both primary and backup applications.

Of the fresh issue proceeds, Rs. 525 crore will be used to repay or prepay certain outstanding borrowings, while the remaining funds are intended for general corporate purposes.

Technocraft Ventures Ltd. filed its offer documents with SEBI in August. The IPO is a book-built issue of 1.19 crore equity shares, including a fresh issue of up to 0.95 crore shares and an offer for sale of up to 0.24 crore shares.

The company is a public infrastructure developer that undertakes turnkey Engineering, Procurement, and Construction (EPC) projects. It operates across multiple infrastructure sectors, delivering projects mainly for state governments and government agencies in northern India, including Uttar Pradesh, Uttarakhand, Rajasthan, and the National Capital Territory of Delhi.

According to the draft papers, the net proceeds from the fresh issue, totalling Rs. 138 crore, will be used to fund the company’s working capital needs, with the remainder allocated for general corporate purposes.

Annu Projects Ltd. plans an IPO consisting entirely of a fresh issue of up to 2.2 crore equity shares. The company is involved in the design, development, implementation, operations, and maintenance of critical overhead and underground utilities infrastructure. Its work spans telecom infrastructure, sewerage systems, and gas pipeline projects.

Written by Sridhar J 

Disclaimer

The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.

The post Upcoming IPOs: ICICI Prudential AMC and 3 other companies receive SEBI approval for IPO launch appeared first on Trade Brains.