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Information technology (IT) solutions provider <keyword id="20672329" type="General" weightage="20" keywordseo="orient-technologies" source="keywords">Orient Technologies</keyword> Ltd has filed preliminary papers with Sebi to raise funds through an Initial Public Offering (IPO). The initial share-sale is a combination of a fresh issue of Rs 120 crore and an Offer For Sale of up to 46 lakh equity shares by promoters, according to the Draft Red Herring Prospectus (DRHP) filed on Tuesday. Those offloading shares in the OFS are -- Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal <keyword id="20672330" type="General" weightage="20" keywordseo="arvind-mhatre" source="keywords">Arvind Mhatre</keyword>, and Jayesh Manharlal Shah. Proceeds from the fresh issue to the tune of Rs 79.65 crore will be used for funding capital expenditure requirements, Rs 10.35 crore for the acquisition of office premises at <keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword>, and a portion will also be used for general corporate purposes. Over the years, the company has developed deep expertise in creating products and solutions for specialised disciplines across IT Infrastructure, IT Enabled Services (IteS), and Cloud and Data Management Services. As of December 31, 2023, Orient Technologies has a diverse clientele spanning both public and private sectors, including industries like Banking, Financial Services, Insurance (BFSI), Information Technology (IT) &amp; ITeS, healthcare, and pharmaceuticals, among others. It has clients such as Coal India, <keyword id="19903244" type="General" weightage="20" keywordseo="mazagon-dock" source="keywords">Mazagon Dock</keyword>, D'Decor, <keyword id="19898114" type="General" weightage="20" keywordseo="jyothy-labs" source="keywords">Jyothy Labs</keyword>, ACG, Integreon, Bluechip, Tradebulls. The company primarily operates in India and has sales and services offices in cities across the country including Navi Mumbai, Pune, Ahmedabad, New Delhi, Bengaluru, and Chennai. Additionally, it has a branch office in Singapore. For fiscal 2022-23, the company's revenue from operations increased to Rs 535.10 crore from Rs 467.44 crore in fiscal 2021-22 and profit after tax rose to Rs 38.30 crore in fiscal 2023 from Rs 33.49 crore in the preceding financial year. Elara Capital (India) Private Ltd is the sole book-running lead manager for the IPO. The equity shares are proposed to be listed on the BSE and NSE. SEE ALSO:<a href="https://www.businessinsider.in/tech/news/indian-tablet-market-down-by-24-9-in-2023-samsung-leads-the-market/articleshow/107878795.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indian-tablet-market-down-by-24-9-in-2023-samsung-leads-the-market/articleshow/107878795.cms" target="_blank">Indian tablet market down by 24.9% in 2023, Samsung leads the market</a><a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16/slidelist/107873658.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/asus-rog-strix-scar-16/slidelist/107873658.cms" target="_blank">Asus ROG Strix Scar 16 – powerful hardware at a premium</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-to-launch-in-india-on-march-7-to-take-on-the-galaxy-s23-and-oneplus-12/articleshow/107841326.cms" target="_blank">Xiaomi 14 to launch in India on March 7, to take on the Galaxy S23 and OnePlus 12</a>

Orient Technologies files draft papers with Sebi to mop-up funds via IPO

<ul><li>Walmart had acquired <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> for a whopping $16 billion, giving exits to both founders Sachin and Binny Bansal.</li><li><keyword id="225032" type="General" weightage="20" keywordseo="sachin-bansal" source="Orion">Sachin Bansal</keyword> went on to found his financial products and services company Navi Technologies, which is now looking to go public.</li><li>Yet Sachin Bansal is still dealing with eight lawsuits related to his tenure at the ecommerce titan Flipkart.</li></ul>It has almost been four years since Sachin Bansal formally gave up all leadership responsibilities of Flipkart, yet he is still dealing with eight lawsuits related to his tenure at the ecommerce titan. The <a href="https://www.businessinsider.in/stock-market/news/flipkart-cofounder-sachin-bansals-latest-venture-navi-files-draft-papers-for-3350-crore-ipo/articleshow/90172988.cms">draft red herring prospectus (DRHP) of Navi Technologies</a>, Bansal’s latest entrepreneurial venture, revealed that there are currently thirteen lawsuits and litigations filed by or against the 40-year-old. While some of these matters are related to Bansal’s personal life, others are all around his stint at Flipkart. The <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-and-tiger-global-have-a-billion-dollar-notice-to-respond-to-in-the-next-90-days/articleshow/85059732.cms">latest one of this is by Enforcement Directorate</a> (ED), where the state-run financial investigation agency issued a show cause notice against <keyword id="2119269" type="General" weightage="20" keywordseo="flipkart-founders" source="Orion">Flipkart founders</keyword> Sachin and Binny Bansal in July 2021. The agency asked both the founders why they shouldn't face a $1.35 billion penalty over alleged violation of Foreign Exchange Management Act (FEMA) between 2009 and 2015. The notice was also sent to investors Accel, Tiger Global, Accel nominee director Subrata Mitra, and Tiger Global nominee director Lee Fixel, who had invested in Flipkart before it was acquired by Walmart in 2018. In response, Sachin Bansal filed a <a href="https://www.businessinsider.in/business/news/flipkarts-sachin-bansal-moves-madras-high-court-challenging-ed-notice/articleshow/85903371.cms">writ petition before Madras High Court </a>in August to challenge the show cause notice. The matter is currently pending before court. However, ED has not taken any steps in the matter so far. “...If any adverse order is passed against the Promoter [in this matter], such outcome may have an adverse impact on the reputation of our Company and may also affect the business prospects of our Company [Navi],” the DRHP noted. There are six matters where petitions have been filed against Flipkart between 2015 to 2021, where Bansal has been made a party “due to his past associations with Flipkart”, the DRHP read. “Our Promoter has not received any notice or summons nor has any access currently to any information pertaining to these matters,” it further added. Flipkart has also filed a case in Madhya Pradesh High Court against an individual. Bansal is mentioned as a petitioner. All these matters are currently pending in court. US retail giant Walmart had acquired Flipkart for a whopping $16 billion, in exchange for 77% stake in the ecommerce giant, in May 2018. Sachin Bansal had exited the company soon after the acquisition, whereas Binny Bansal still holds around 2.4% in the company. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paytms-shares-hit-an-all-time-low-plunging-below-the-700-mark-after-rbi-pulls-up-its-payments-bank/articleshow/90193957.cms" data-type="tilCustomLink">Paytm’s shares hit an all-time low plunging below the ₹700-mark after RBI pulls up its payments bank</a> <a href="https://www.businessinsider.in/business/startups/news/interview-you-will-be-able-to-own-bajaj-made-yulu-bikes-by-next-year/articleshow/90172838.cms" data-type="tilCustomLink">INTERVIEW: You will be able to own Bajaj-made Yulu bikes by next year</a> <a href="https://www.businessinsider.in/business/corporates/news/ebixcash-has-four-businesses-but-only-one-of-them-is-pulling-in-big-money-for-the-company/articleshow/90190010.cms" data-type="tilCustomLink">EbixCash has four businesses but only one of them is pulling in big money for the company</a>

Four years later, Sachin Bansal is still battling eight lawsuits from his Flipkart days

Sachin Bansal-led <keyword id="6392324" type="General" weightage="20" keywordseo="navi" source="Orion">Navi</keyword> Technologies has filed preliminary papers with Sebi to raise Rs 3,350 crore through an initial public offering (IPO). The proposed IPO is completely through a fresh issue of equity shares and there will be no offer-for-sale (OFS), according to the draft red herring prospectus (DRHP). Flipkart co-founder Bansal, who has invested around Rs 4,000 crore into Navi till date, is not diluting his stake in the IPO. According to people familiar with the matter, the initial share sale is likely to open in June. Going by the draft papers, the company may explore a pre-IPO placement aggregating to Rs 670 crore. If such placement is undertaken, the size of the public issue will be reduced. Proceeds of the IPO will be used to invest in subsidiaries — Navi Finserv Pvt Ltd (NFPL) and Navi General Insurance Ltd (NGIL) — and for general corporate purposes. After moving out of Flipkart, Bansal – along with Ankit Agarwal – founded Navi in 2018. Navi Technologies is a tech-driven financial products and services company. Since the company’s incorporation, it has expanded offerings under the “Navi” brand to include personal loans, home loans, general insurance and mutual funds. It also offers microfinance loans through a wholly-owned subsidiary, under the “Chaitanya” brand. As per its website, Navi is a digital lending app that provides loans of up to Rs 20 lakh instantly through a completely paperless process. ICICI Securities, BofA Securities and Axis Capital, Credit Suisse Securities (India) Pvt Ltd and Edelweiss Financial Services are the books running lead managers to the public issue. To enter the microfinance segment, Navi had acquired Chaitanya India Fin Credit for Rs 739 crore in 2019. Chaitanya had also applied to the Reserve Bank of India (RBI) for a universal banking license. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/info-edges-latest-acquisition-aisle-explains-why-it-was-difficult-for-them-to-raise-funds/articleshow/90145724.cms">INTERVIEW: Info Edge’s latest acquisition Aisle’s founder explains why it was difficult for him to raise funds</a> <a href="https://www.businessinsider.in/business/startups/news/boat-has-rejigged-its-entire-upper-management-in-the-run-up-to-the-ipo/articleshow/90140785.cms">BoAt has rejigged its entire upper management in the run up to the IPO</a> <a class="tout-title-link" href="https://www.businessinsider.in/tech/news/russia-will-ban-instagram-in-the-country-from-march-14-citing-calls-for-violence-against-russians-on-the-platform/articleshow/90169705.cms">Russia will ban Instagram in the country from March 14, citing 'calls for violence against Russians' on the platform</a>

Flipkart cofounder Sachin Bansal's latest venture Navi files draft papers for ₹3,350 crore IPO

<ul><li>Tata Technologies, Snapdeal, Fabindia and Navi Technologies are some of the most awaited IPOs of the season. </li><li>Around 13 companies filed their DRHPs between April to June 2023. </li><li>More tech, fintech and direct to consumer companies are expected to go public in the next two years.</li></ul>After a slow start in 2023, the <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> market picked steam after the new financial year started in April. As many as 20 new companies listed on BSE and NSE, raising as much as ₹15,000 crore as of August. An IPO (Initial Public Offer) is the first sale of shares by a privately owned company to institutional and retail investors. Though it’s a far cry from ₹58,346 crore raised in 2022 — a lot of large and small companies alike have filed their draft red herring prospectus (DRHPs) with market regulator SEBI — promising an exciting year ahead. As per an E&amp;Y report, around 13 companies filed their DRHPs in April to June 2023, adding to the pipeline. Most active sectors in recent IPOs include hospitality &amp; construction, automotive &amp; transportation, diversified industrial products, and real estate. Apart from Rishabh Instruments’ ₹490 crore public offer and Ratnaveer Precision Engineering’s ₹165 crore public offers in the coming weeks, the stage has also been set for large companies looking to be listed. Amongst the most anticipated IPOs are Tata Technologies wherein Tata Motors is selling stake. This would be the first Tata company to go public in 19 years as the last company that was listed by the group is industry major TCS. <cmsannotation type="cmsannotation" annotationid="Upcoming IPOs" comment="subhead" text="Upcoming IPOs">Upcoming IPOs</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Instruments Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹490.78 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ratnaveer Precision Engineering Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹165.03 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><cmsannotation type="cmsannotation" annotationid="Companies who have filed their DRHP" comment="subhead" text="Companies who have filed their DRHP">Companies who have filed their DRHP</cmsannotation> Let’s look at some of the companies who have filed their DRHP and may soon announce their IPO - <ul><li>Navi Technologies</li><li>Tata Technologies</li><li>Balaji Speciality Chemicals</li><li>Snapdeal</li><li>Fabindia</li><li>NSDL</li><li>Imagine Marketing (boAt)</li></ul><cmsannotation type="cmsannotation" annotationid="Techs, fintechs &amp; more" comment="subhead" text="Techs, fintechs &amp; more">Techs, fintechs &amp; more</cmsannotation> New-age companies like Snapdeal filed their papers with the regulator and would be very watched due to the mixed reactions that Internet companies are continuing to receive. Moreover, it would be one the first large e-commerce companies to test the markets. Sachin Bansal’s Navi Technologies is another fintech company that will join the likes of Policybazaar, and household brand FabIndia has also refiled its papers. In spite of a lot of investor concern around new-age companies, experts believe that India will see a lot of tech IPOs in the coming years. Mamaearth’s parent Honasa Consumer has also received a nod from SEBI for their IPO, even though it was delayed as of March this year. “By FY25, India is likely to have up to 40 listed/IPO ready new-age companies, which can grow to 90 by FY28. SaaS, B2C Product Companies, and FinTech are amongst the most promising categories to produce IPO-ready companies," Rohan Agarwal, partner at Redseer said in a recent report. These companies, Agarwal believes, have sizable revenues, sustainable growth, a strong EBITDA, and operate on defensible business models, making them strong candidates for IPO. Another Solapur based specialty chemicals company Balaji Specialty Chemicals also hopes to add to the many companies that have provided outsized returns to their investors in the last few years — as the sector is on an upcycle. "India's current IPO market trend showcases its immense potential and has witnessed a remarkable surge in recent years. In the forthcoming months, there is anticipated to be significant momentum in the Indian IPO market, encompassing both the main and SME market segments," said Adarsh Ranka, partner, financial accounting advisory services leader, network firm of EY Global. <cmsannotation type="cmsannotation" annotationid="Fundraising in 2023" comment="subhead" text="Fundraising in 2023">Fundraising in 2023</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds raised in 2023 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishnu Prakash R Punglia </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹309 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aeroflex Industries </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹351 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pyramid Technoplast </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹153 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Supply Chain </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹880 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Concord Biotech </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,551 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBFC Finance </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,025 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatharth Hospital </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹686 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Netweb Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹631 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Utkarsh Small Finance Bank </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senco Gold </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyient DLM </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹592 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ideaforge Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹567 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HMA Agro </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹480 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IKIO Lighting </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹606 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divgi TorqTransfer </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹412 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global Surface </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Udayshivkumar Infra </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mankind Pharma </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,326 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalon Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹865 crore </td></tr></tbody></table>

IPOs galore – India’s primary market to remain buzzing in 2023

<ul><li>The Navi Mumbai based producer of metallic flexible flow solution products is backed by ace investor <keyword id="2528555" type="General" weightage="80" keywordseo="ashish-kacholia" source="Orion">Ashish Kacholia</keyword>.</li><li>It raised ₹103.68 crore from anchor investors like Societe Generale, Nippon Mutual Fund, Invesco and more.</li><li>The company intends to use the net proceeds towards loan payments, working capital needs, general corporate purposes and unidentified inorganic acquisitions. </li></ul>Mumbai-based <keyword id="17028500" type="General" weightage="100" keywordseo="aeroflex-industries" source="Orion">Aeroflex Industries</keyword> is opening its maiden public offer on August 22 and closes on August 24, with a price band of ₹102-108 per equity share. The company which makes metallic flexible flow solution products is backed by ace investor Ashish Kacholia. The ₹351 crore initial public offer (IPO) is a combination of fresh issue and offer-for-sale (OFS) with promoters and other shareholders offloading stake via the share sale. The net proceeds of the fresh issue will be utilised towards full or part repayment and/or prepayment of outstanding borrowings; funding working capital requirements and for general corporate purposes and unidentified inorganic acquisitions. Investors can subscribe to the issue with a minimum lot size of 130 shares, and in multiples thereof. Not more than 50% of the shares of the issue Qualified Institutional Buyers (QIB), not less than 15% to non-institutional investors and 35% reserved for retail investors. It raised ₹103.68 crore from anchor investors like Societe Generale, Nippon Mutual Fund, Invesco Mutual Fund, White Oak Mutual Fund, BOI Mutual Fund, and more. Apart from Kacholia, Jagdish Master and <keyword id="133219" type="General" weightage="80" keywordseo="vikas-khemani" source="Orion">Vikas Khemani</keyword> led Carnelian Fund and certain other investors bought approximately 7% stake in Aeroflex Industries before the IPO. Pantomath Capital Advisors is the book running lead manager while Link Intime India is the registrar of the issue. About the company The Navi Mumbai based company manufactures and supplies environmentally-friendly metallic flexible flow solution products to global as well as domestic markets. It has a single manufacturing facility situated in Taloja, Navi Mumbai spread across 3.59 lakh square feet of area. The flexible flow solutions include braided hoses, unbraided hoses, solar hoses, gas hoses, vacuum hoses, braiding, interlock hoses, hose assemblies, lancing hose assemblies, jacketed hose assemblies, exhaust connectors, exhaust gas recirculation (EGR) tubes and more. These solutions are used for transfer of substances be it air, liquid and solid — in any industrial or commercial ecosystem. They connect the origin and end points of various processes. For example, flow solution products are required in fire sprinklers, gas supply, fueling and hydraulics in aircrafts. These products replace flow solutions made of rubber and polymers. Flexible flow solutions made with stainless steel corrugation are becoming a preferred solution because of their numerous advantages, the company said. Financials &amp; risk factors <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue from operations </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹269 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹240.8 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹144.7 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹27.5 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6 crore </td></tr></tbody><tbody></tbody></table>Source: DRHP The company said that it has no listed peers in India, but the segment it operates in is fragmented and diversified. It can face competition from other large and small global and domestic players. “Our Company is not a wilful defaulter however, we went into settlement process and our Company was categorised as wilful defaulter in the past, before the takeover of our Company by the present management,” the company said listing the risk factors. This is in relation to default of payment in 2011 with respect to consortium finance availed from State Bank of India, Axis Bank and others. Subsequently, in 2018, it was taken over by the present promoter under the settlement process, and all the outstanding amounts were paid off by them. “Our company has no dues payable to any lender forming part of the consortium including BoI and we have no dues certificate obtained from BoI and other lenders forming part of the consortium,” the company said. Mustafa Abid Kachwala, its whole-time director and CFO was on the board when the company was categorised as a ‘wilful defaulter’. “However, Mustafa Abid Kachwala has not been declared or categorised as a ‘Wilful Defaulter’. Considering his expertise in the field of accounts and finance, he was retained on our board even after the takeover,” the company said. In addition, the company said its exports are subject to duties or restrictions; and dependent on China for a significant portion of raw material and others as risk factors.

Aeroflex Industries IPO opens on August 22 with a price band of ₹102-108

<keyword id="703174" type="General" weightage="20" keywordseo="Samhi-Hotels" source="Orion">Samhi Hotels</keyword> Ltd has re-filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of 90 lakh equity shares by existing shareholders, according to the draft red herring prospectus (DRHP). The OFS consists of sale of 42.36 lakh equity shares by Blue Chandra Pte Ltd, up to 24.78 lakh equity shares by Goldman Sachs Investments Holdings (Asia) Limited, up to 15.47 lakh equity shares by GTI Capital Alpha Pvt Ltd, and up to 7.39 lakh equity shares by International Finance Corporation. It is a partial exit by the existing shareholders to meet the listing regulations. JM Financial Ltd and Kotak Mahindra Capital Company Ltd are the book-running lead managers for the issue, and KFin Technologies Ltd is the registrar. Earlier, the company had filed its IPO papers with the Securities and Exchange Board of India (Sebi) in September 2019 and had obtained the markets regulator approval in November 2019, to float the initial share-sale but the company did not go ahead with the launch. The Gurugram-based company may consider a private placement of equity shares aggregating up to Rs 200 crore in pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. The company will utilize net proceeds of the fresh issue to the tune of Rs 750 crore towards payment of debt and for general corporate purposes. Samhi has a portfolio of 3,839 keys spread across 25 operating hotels in 12 of India's major urban consumer hubs, including Bangalore, Hyderabad, National Capital Region (NCR), Pune, Chennai, and Ahmedabad as of February 28, 2023. Last week, Samhi entered into a binding share subscription and purchase agreement with Asiya Capital and ACIC SPVs to acquire 962 keys across six operating hotels and land to build a 350-key hotel in MIDC, Navi Mumbai. With the acquisition, Samhi will get access to new cities like Jaipur and will improve its inventory and market share in Hyderabad, Pune, Chennai, and Ahmedabad. In addition, it plans to add two additional hotels and 617 keys in existing cities as well as two new cities, Kolkata and Navi Mumbai, increasing its presence to 14 key urban consumption centers. As of February 2023, it is the largest owner of the Fairfield by Marriott and Holiday Inn Express brands in India. It operates under long-term management contracts with global hotel operators like Marriott, Hyatt, and IHG. For the financial year ended March 2022, the company reported an increase of 90 per cent in revenue to Rs 322.74 crore, as against Rs 169.58 crore in the previous fiscal. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/udayshivakumar-infra-lists-at-a-14-discount-in-spite-of-a-stellar-subscription/articleshow/99206327.cms">Udayshivakumar Infra lists at a 14% discount in spite of a stellar subscription</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/passenger-vehicle-sales-steady-commercial-vehicles-drive-growth-in-march/articleshow/99206199.cms">Passenger vehicle sales steady, commercial vehicles drive growth in March</a>

Samhi Hotels re-files IPO papers with Sebi; looks to raise Rs 1,000 cr via fresh issue

Kolkata, Feb 25 () Apeejay Surrendra Park Hotels,which runs that Park hospitality chain across the country,would mostly use the proceeds of its proposed initial publicoffer (IPO) to retire debt, an official said on Tuesday.Apeejay Surrendra has already filed the DRHP with thecapital market regulator SEBI which is expected to give itsapproval in March."The proceeds of the IPO will be used largely toretire debt and for meeting other regular operating expenses,"Vijay Dewan, MD of Apeejay Surrendra Park Hotels, toldreporters on the sidelines of a CII event here.He said the debt of the company is around Rs 450crore. "We are expecting the SEBI approval by March", he said.The DRHP was filed during December end, he said.On new properties, Dewan said the company is settingup a 200-room hotel in Pune for which construction has alreadystarted.The Pune hotel will cost around Rs 160 crore and willbe under the Park brand.Apeejay will also add 100 rooms at Vizag and another80 rooms in Navi Mumbai.Dewan said the company will gradually move towardsmanaging properties rather than owning them.The company has also taken over the Danish Tavern atSrirampur from the West Bengal government, he said. dcNN NN

''Apeejay Surrendra Park Hotels IPO float to retire debt''

New Delhi, Mar 16 () Apeejay Surrendra Park Hotels has got regulatory go-ahead for its estimated Rs 1,000 crore initial public offer (IPO). The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore, according to merchant banking sources. As per the latest update from the Securities and Exchange Board of India (Sebi), the regulator issued its final observation letter on March 9 for the public offer. This paves the way for the launch of the public offer. The amount to be raised through OFS comprises up to Rs 125.4 crore by promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP). The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes. The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial. The shares of the company are proposed to be listed on the BSE and NSE. The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated. The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand. The company is part of the Apeejay Surrendra group, a leading Indian conglomerate. The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education. "The proceeds of the IPO will be used largely to retire debt and for meeting other regular operating expenses," Apeejay Surrendra Park Hotels MD Vijay Dewan had told reporters in Kolkata on the sidelines of an event last month. He had said the debt of the company is around Rs 450 crore. On new properties, Dewan said the company is setting up a 200-room hotel in Pune for which construction has already started. The Pune hotel will cost around Rs 160 crore and will be under the Park brand. Apeejay will also add 100 rooms at Vizag and another 80 rooms in Navi Mumbai. Dewan said the company will gradually move towards managing properties rather than owning them. The company has also taken over the Danish Tavern at Srirampur from the West Bengal government, he said. BJ RVK

Park Hotels gets regulatory go-ahead for IPO

New Delhi, Jan 1 () Apeejay Surrendra Park Hotels has filed draft papers with markets regulator Sebi for its proposed initial public offering to raise up to Rs 1,000 crore.
The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore.
The amount to be raised through OFS comprises up to Rs 125.4 crore by promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP).
The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes.
 The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial.
 The shares of the company are proposed to be listed on the BSE and NSE.
 The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated.
 The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand.
 The company is part of the Apeejay Surrendra group, a leading Indian conglomerate. 
 The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education. 
 SUM ANU
ANU
ANU

The Park Hotels files draft papers with Sebi for Rs 1,000 cr IPO

New Delhi, Jan 1 () Apeejay Surrendra Park Hotels has filed draft papers with markets regulator Sebi for its proposed initial public offering to raise up to Rs 1,000 crore.
The IPO comprises a fresh issue of up to Rs 400 crore and an offer-for-sale (OFS) of up to Rs 600 crore.
The amount to be raised through OFS comprises up to Rs 125.4 crore by promoter selling shareholder, up to Rs 354.9 crore by Apeejay Pvt Ltd, up to Rs 84.7 crore by Apeejay House Pvt Ltd and Rs 34.9 crore by investor selling shareholders, according to the draft red herring prospectus (DRHP).
The company proposes to utilise the net proceeds towards repayment/prepayment of certain borrowings availed and for general corporate purposes.
 The book running lead managers to the offer are ICICI Securities, Axis Capital and JM Financial.
 The shares of the company are proposed to be listed on the BSE and NSE.
 The company has presence in Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, Delhi-NCR as well as in other major cities such as Coimbatore, Jaipur, Jodhpur, Jammu, Navi Mumbai, Raipur and Visakhapatnam, the DRHP stated.
 The hospitality company has pioneered the concept of luxury boutique hotel in India under "THE PARK" brand.
 The company is part of the Apeejay Surrendra group, a leading Indian conglomerate. 
 The group's business is spread across industries such as hospitality, shipping, tea, real estate, retail brands such as Oxford bookstores, and education. 
 SUM ANU
ANU

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Flipkart cofounder Sachin Bansal's latest venture Navi files draft papers for ₹3,350 crore IPO

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IPOs galore – India’s primary market to remain buzzing in 2023

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Aeroflex Industries IPO opens on August 22 with a price band of ₹102-108

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''Apeejay Surrendra Park Hotels IPO float to retire debt''

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Park Hotels gets regulatory go-ahead for IPO

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The Park Hotels files draft papers with Sebi for Rs 1,000 cr IPO

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Park Hotels files draft papers with Sebi for Rs 1,000 cr IPO

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