The Securities and Exchange Board of India (SEBI) has allowed travel booking website Ixigo and steel wire manufacturer Bansal Wire Industries to raise funds through an initial public offering (IPO).
As per processing status of draft offer documents, SEBI issued observations on Le Travenues Technology’s (Ixigo) IPO draft papers on May 14 and Bansal Wire Industries’ IPO on May 17, 2024.
In SEBI’s terms, issuing observations on a Draft Red Herring Prospectus (DRHP) means the company can proceed with its IPO within one year from receiving the observation letter.
LE Travenues Technology, the parent company of Ixigo, has proposed an IPO that includes a fresh issuance of equity shares worth Rs 120 crore and an offer-for-sale (OFS) of 6.67 crore equity shares by existing shareholders.
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The selling shareholders in the OFS include SAIF Partners India IV, Peak XV Partners Investments V, Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC.
On the other hand, Bansal Wire Industries is planning to raise Rs 745 crore through its IPO, which consists only of a fresh issue with no offer-for-sale component.
The funds raised will be utilized for repaying debts, fulfilling working capital requirements, and general corporate purposes.
Also, Oyo operator Oravel Stays and Raghuvir Exim have withdrawn their draft papers. Oyo is reportedly planning to refile draft papers for its much-awaited IPO after bond issuance.
The global travel tech player is close to finalizing its refinancing plans to raise up to $450 million via the sale of dollar bonds.
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Additionally, textile company Raghuvir Exim, which had filed draft papers on March 31 this year, has also withdrawn those papers on May 13. The IPO was a mix of a fresh issue of 1.4 crore equity shares and an offer-for-sale of 45 lakh equity shares by promoter Sunil Agarwal.
Additionally, SEBI also returned the draft IPO document of Vasuki Global Industries on May 16 without specifying a reason.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before investing.
