The Securities and Exchange Board of India has given its nod for the IPOs of three firms, including Mobikwik, SJS Enterprises and Skanray Tech. These three companies received observations by the watchdog, as per the updated status of draft offer documents on 8th October 2021.
An observation letter is necessary for a company’s IPO. Further, in SEBI’s jargon, observation letter issuance indicates its nod for an IPO.
Here’s more about these three companies and their Initial Public Offering.
Three IPOs on the Receiving End of SEBI’s Nod
India has seen an IPO flurry in 2021, with several companies lining up to launch their IPOs. In addition, there has also been a rise in tech start-ups IPOs in the current fiscal year.
Consequently, the market regulator’s nod regarding the IPO of these three companies is a piece of great news. Here are a few highlights about these firms and their IPOs:
Mobikwik is a digital payments company in India offering phone-based payment services in the country. Its services also include digital wallets. The company was founded in 2009 and has set its footprints in the Indian tech industry since then. As of 2016, it had 1.5 million merchants with a customer base of 55 million.
Mobikwik filed its DRHP with the Securities and Exchange Board of India on 12th July, 2021. Its IPO includes a fresh issue worth Rs. 1500 crores and an offer for sale of Rs. 400 crores by its shareholders and promoters.
2. SJS Enterprises
SJS Enterprises is a pioneer in the decorative aesthetics industry of India. They offer products like body graphics and decals, domes, 2D/3D dials and appliques, and much more. Being incorporated in 1996, SJS has exported its products to leading businesses like Motorola, Whirlpool, Visteon, etc.
As of its IPO, its size will be rs. 800 crores. It will consist of an offer for sale worth Rs. 688 crores by Evergraph Holdings Pte. In addition, it will also contain an offer for sale of Rs. 112 crores by a promoter, K.A. Capital.
Further, the book-running managers to this IPO are IIFL Securities, Axis Capital and Edelweiss Financial Services.
3. Skanray Tech
Skanray Technologies is one of the major players in the Indian medical device sector. The company ardently engages in the development, manufacturing, marketing and designing of medical devices. The company also features a diverse portfolio of products. Incorporated in 2007, Skanray Technologies now has 5 manufacturing units set across India and abroad, headquartered in Mysore.
Skanray Tech’s IPO will comprise of a fresh equity share worth Rs. 400 crores and an offer for sale of around 14,106,347 equity shares by shareholders and promoters.
The company’s lead managers are ICICI Securities Limited, Motilal Oswal Investment Advisors Pvt. Ltd, and Nomura Financial Advisory and Securities Pvt. Ltd.
Indeed, in 2021 India has seen a massive IPO flooding. A huge number of companies are tapping the primary market to raise funds. During the initial nine months of 2021, the country saw around $9.7 billion mopping through IPOs. This number is huge when compared to the past two decades.
Frequently Asked Questions
- Who are the book-running managers to Mobikwik IPO?
The book-running managers to Mobikwik IPO are ICICI Securities, Credit Suisse, BNP Paribas, Jefferies India, and IIFL Securities.
- Where will Skanray Technologies be listed?
Skanray Twechnologies will feature listings in BSE and NSE.
- What is the face value of Mobikwik share?
The face value of Mobikwik’s share is Rs. 2 per equity share.