The momentum in the initial public offering (IPO) market is getting stronger as companies rushed to file their draft prospectus with the Securities and Exchange Board of India (SEBI) to cash in the buoyancy in the capital market. As many as 15 companies submitted their IPO documents on the final day of September, taking the total filings for the month to 41, which is the highest ever in a single month.
As many as four Delhi National Capital Region (NCR)-based companies tapped the primary market to raise capital and list their shares on the stock exchanges. The list includes Varindra Construction, Solarworld Energy Solutions, Viney Corporation, and Aditya Infotech Ltd.
Here’s all you need to know about these Delhi-NCR-based IPOs:
Varindra Construction
The Gurugram-based real estate builder and construction company has filed a DRHP with the SEBI to raise ₹1,200 crore through IPO route. The IPO comprises fresh issue size of ₹900 crore worth shares and an offer for sale (OFS) of shares worth ₹300 crore by the existing shareholders. Under the OFS, promoter Varinder Kumar Garg and his wife Sushma Garg, who together hold 99.75% stake in the company, will be offloading shares worth ₹201 crore, and ₹99 crore, respectively.
Solarworld Energy Solutions
The Noida-based solar energy solutions provider looks to garner ₹600 crore via IPO, which is a combination of fresh issuance of equity shares worth ₹ 550 crore and an OFS of shares valued ₹50 crore by promoter Pioneer Facor IT Infradevelopers.
The company, engaged in engineering, procurement and construction services for solar power projects, intends to use capital worth ₹420 crore from the fresh issue for investment in the company's subsidiary, Kartik Solarworld, for part-financing the establishment of a 1.2 GW Solar PV TopCon manufacturing facility in Pandhurana, Madhya Pradesh. A part of the fund will be utilised for general corporate purposes.
Viney Corporation
The New Delhi-headquartered auto component maker has filed preliminary papers with the SEBI to raise funds through an IPO. The issue is a combination of fresh issue of equity shares worth ₹150 crore and an OFS of 2.22 crore equity shares by promoters and existing shareholders. As per the DRHP, the company intends to use proceeds from the fresh issue for payment of debt, and meet general corporate purposes.
Established in 1989 as a contract manufacturer for a single customer, the company has evolved to become one of the technology leaders in the auto-component industry. It designs, manufactures, supplies and exports a wide array of automotive component products for two-wheeler vehicles, three-wheeler vehicles, passenger vehicles and commercial vehicles. The company's products are designed in India and Italy, manufactured in India, Italy, and Romania, and are supplied and distributed across India, Europe, USA, and Brazil.
Aditya Infotech
The Noida-headquartered Aditya Group company plans to raise ₹1,300 crore by public listing of its shares on the domestic bourses. The IPO comprises a fresh issue of equity shares worth ₹500 crore and an offer for sale of ₹800 crore by the company’s promoters. Of the freshly issued capital, the company will use ₹375 crore for debt repayment, while the remainder will be utilized for general corporate purposes. As of March 2024, the company had total borrowings amounting to ₹405.45 crore.
Aditya Infotech offers a comprehensive range of advanced video security and surveillance products, technologies and solutions for enterprise and consumer segments under 'CP PLUS' brand. It also provides solutions and services such as fully integrated security systems and security-as-a-service directly and through our distribution network.
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