Vikram Solar, Vikran Engineering Ltd, Midwest Ltd, Rahee Infratech Ltd, Dr. Agarwal Health Care, Jaro Institute of Technology Management and Research Limited seek SEBI nod
MUMBAI, Oct 1 (The CONNECT) – Vikram Solar, Vikran Engineering Ltd, Midwest Ltd, Rahee Infratech Ltd, Dr. Agarwal Health Care, Jaro Institute of Technology Management and Research Limited have filed their draft offer documents to tap the primary marjets with their initial public offerings.
Concept Communication has the mandate for all the six IPO communication.
Vikram Solar Limited, a Kolkata-based leading solar photo-voltaic module manufacturer in India, aims for an IPO comprising fresh issues of shares up to ₹1,500 crore and an offer for sale (OFS) of up to 17.45 million equity shares by its promoter group.
The IPO has a face value of ₹10 per equity share and includes a reservation for eligible employees, alongside a discount for those participating in the employee subscription portion.
In consultation with the book-running lead manager, the company may also consider issuing specified securities up to ₹300 crore as a pre-IPO placement.
The issue will be through a book-building process, allocating 50% of the shares for qualified institutional buyers, 15% to non-institutional bidders, and 35% for retail individual investors.
The company plans to use the net proceeds from fresh issuance, dedicating ₹793.36 crore for capital expenditure through investment in its wholly owned subsidiary, VSL Green Power Private Limited, to set up a 3,000 MW solar cell and module manufacturing facility. Additionally, ₹602.95 crore is earmarked for expanding the existing solar module manufacturing facility from 3,000 MW to 6,000 MW, along with allocations for general corporate purposes.
Rahee Infratech: Another Kolkata-based firm, Rahee Infratech Limited, an integrated railway civil engineering, manufacturing and construction company, is coming out with an IPO with a face value of Rs 2 apiece. It is a mix of fresh issues of up to Rs 420 crore and an offer for sale of up to 2.7 million equity shares.
The company, in consultation with the book-running lead managers, may consider a further issue of equity shares through a private placement, preferential offer, or any other method aggregating up to Rs 84 crores, as pre-IPO placement shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.
The Offer is being made through the book-building process, wherein 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, 15% for non-institutional bidders, and 35% of the offer shall be available for allocation to retail individual bidders.
The proceeds from the fresh issue to the extent of ₹ 50 crore for funding of capital expenditure requirements of our Company towards purchase of machinery, equipment and vehicles; Rs 280 crore for Funding the working capital requirements of the Company and rest for general corporate purposes.
Rahee Infratech Limited is focused on providing manufacturing and construction services including the design, supply, construction and installation of tracks, turnkey bridge construction projects including both substructure and superstructure and the design, manufacture and supply of turnouts and track devices, rail fastening systems and sleepers. It is an RDSO approved supplier of turnouts and special track devices to the Indian Railways.
Midwest Limited : Hyderabad based Midwest Limited, engaged in the business of exploration, mining, processing, marketing, distribution and export of natural stones plans to raise Rs 650 crore through its IPO.
The IPO, with a face value of Rs 5 per equity share, is a mix of fresh issue of shares up to Rs 250 crore and an offer for sale of up to Rs 400 crore by Promoter Selling Shareholders. The offer also includes a reservation for a subscription by eligible employees and a discount is being offered to eligible employees bidding in the employee reservation portion.
The company, in consultation with the book-running lead manager, may consider an issue of specified securities up to Rs 50 crore as a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced.
The offer is being made through the book-building process, wherein 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, 15% for allocation to non-institutional investors, and 35% of the net offer for allocation to retail individual investors.
The company intend to utilize the Net Proceeds from the fresh issuance to the extent of Rs 127.05 crore for funding capital expenditure by Midwest Neostone Private Limited, its wholly owned subsidiary; Rs 25.75 crore for capital expenditure for purchase of electric dump trucks to be used by the Company and APGM, its Material Subsidiary; Rs 3.26 crore for capital expenditure for integration of solar energy at certain Mines of the Company; Rs 53.80 crore for pre-payment/re-payment of, in part or full, certain outstanding borrowings of the Company and APGM; and general corporate purposes.
Vikran Engineering: Mumbai-based Vikran Engineering Limited an Engineering, Procurement & Construction (EPC) company engaged in power, water & railway infrastructure, has filed its draft red herring prospectus (DRHP) with the market regulator seeking to raise Rs 1,000 crore through an initial public offering (IPO).
The IPO is a mix of fresh issue of shares up to Rs 900 crore and an offer for sale (OFS) of up to Rs 100 crore by Promoter Selling Shareholders Rakesh Ashok Markhedkar.
The proceeds from the fresh issue to the extent of Rs 625.5 crore will be used for Funding working capital requirements of the Company; and general corporate purposes.
Vikran Engineering Limited is one of the fast-growing Indian Engineering, Procurement & Construction (EPC) company and provides end-to-end services from conceptualisation, design, supply, installation, testing, and commissioning on a turnkey basis. It follows an asset light model by executing more orders with lower investment in fixed asset.
The Company has presence across multiple sectors including power, water, and railway infrastructure and is led by its CMD, Mr Rakesh Ashok Markhedar and Avinash Markedkar both having over 3 decades of experience in the EPC sector.
In the power sector it has completed projects under various schemes upto 400kV for power transmission, upto 765 kV for Extra High Voltage Substations, including constructing a 132 KV transmission line. It also has experience in Solar EPC of ground mounted solar projects and smart metering.
In the water sector the company’s projects include underground water distribution besides surface water extraction, overhead tanks and distribution networks.
As of August 31, 2024, it had executed work across 22 states & successfully completed 44 projects across 11 states with 34 ongoing projects across 17 states.
Some of its clients include NTPC Limited, Power Grid Corporation of India Limited, South Bihar Power Distribution Co. Ltd., North Bihar Power Distribution Co. Ltd., Transmission Corporation of Telangana Limited, Madhya Pradesh Power Transmission Company Limited, Madhya Pradesh Madhya Kshetra Vidyut Vitran Company Limited, District Water and Sanitation Mission (PHED) and State Water and Sanitation Mission (SWSM).
Jaro Institute of Technology Management and Research: Mumbai-based Jaro Institute of Technology Management and Research Limited a.k.a Jaro Education has also filed its draft red herring prospectus (DRHP) with SEBI.
The IPO, with a face value of Re 10 per equity share, consists of a fresh issue of up to ₹170 crore and an offer for sale of ₹400 crore by the promoter selling shareholder, Sanjay Namdeo Salunkhe.
The company, in consultation with the book-running lead managers may consider a Pre-IPO Placement, aggregating up to Rs 34 crores prior to filing of the Red Herring Prospectus. If such placement is completed, the fresh issue size will be reduced.
Jaro Education proposes to utilize Rs. 81 cr from the Net Proceeds for marketing, brand building and advertising activities and Rs 48 crore for Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company and general corporate purposes
The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.
An early mover in the online higher education and upskilling space, Jaro Education was established in 2009 by Namdeo Salunkhe, the CMD and a first-generation entrepreneur with over 17 years of experience in the education sector. He is supported by Ranjita Raman, the CEO and whole-time director who has 15+ years’ experience in the education sector.
The institute delivers personalized, technology-driven degree programs and certification programs in collaboration with its Partner Institutions to students as well as C-Suite personnel
As per the Technopack Report in its DRHP, the bootstrapped institute is one of India’s leading online higher education and upskilling platform companies, in terms of EBIDTA, EBIDTA Margin, PAT and PAT Margin, Return on Equity (“ROE”) and Return on Capital Employed (ROCE) as of March 31, 2023
As on March 31, 2024, Jaro Education has over 22 offices-cum-learning centres across major cities for offline learning, apart from 15 immersive tech studio set-ups in the campuses of various IIMs, and cater to a total of 34 Partner Institutions such as IITs, IIMs and premier global institutions such as Swiss School of Management and Rotman School of Management, University of Toronto.
Its 239 course offerings and programs include Doctor of Business Administration (“D.B.A.”), Master of Business Administration (“M.B.A.”), Master of Commerce (“M.Com.”), Master of Arts (“M.A.), Post Graduate Diploma in Management (“P.G.D.M.”), Master of Computer Applications (“M.C.A.”), Bachelor of Commerce (“B.Com.”), Bachelor of Computer Applications (“BCA”) and other degree programs in partnership with 13 universities in India, out of which 9 universities have been ranked in the top 100 by National Institutional Ranking Framework.
Dr. Agarwal Health Care: Temasek Holdings and TPG-backed eye care services Dr. Agarwal Health Care have filed their draft red herring prospectus (DRHP) with the market regulator, the Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO).
The IPO with a face value of Re 1 per equity share is a mix of a fresh issue of up to Rs 300 crore and an offer for sale of up to 69,568,204 equity shares by the promoter and other selling shareholders. The offer also includes a subscription reservation for eligible employees.
The offer for sale consists of up to 2,253,913 equity shares by Dr. Amar Agarwal and up to 2,704,696 equity shares by Dr. Athiya Agarwal, up to 2,961,614 Equity Shares by Dr. Adil Agarwal, up to 5,242,630 equity shares by Dr. Anosh Agarwal, up to 230,035 equity shares by Dr. Ashvin Agarwal, up to 1,963,172 equity shares by Dr. Agarwal’s Eye Institute, up to 7,083,010 equity shares by Arvon Investments Pte. Ltd., up to 16,148,150 equity shares by Claymore Investments (Mauritius) Pte. Ltd., up to 30,755,592 equity shares by Hyperion Investments Pte. Ltd., up to 112,696 equity shares by Farah Agarwal, and up to 112,696 equity shares by Urmila Agarwal.
The company, in consultation with the book-running lead managers, may consider a pre-IPO placement of specified securities that shall not exceed 20% of the size of the fresh issue. If such placement is completed, the fresh issue size will be reduced.
The Offer is being made through the book-building process, wherein not more than 50% of the net offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the net offer shall be available for allocation to non-institutional bidders, and not less than 35% of the net offer shall be available for allocation to retail individual bidders.
The proceeds from the fresh issue to Rs 195 crore for repayment/prepayment, in part or full, of certain of its borrowings; general corporate purposes, and unidentified inorganic acquisition.
Dr. Agarwal Health Care, under the leadership of its Chairman, Dr. Amar Agarwal, who has over 35 years of experience in the eye care sector, offers a wide array of services. These include cataract, refractive, and other surgeries, consultations, diagnosis, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.
According to a CRISIL MI&A Report cited in its DRHP, the company held about 25% of the total eye care service chain market in India during FY 2024. It compares with are ASG Hospitals and New Delhi Centre for Sight w.r.t geographic presence across India and Internationally.
