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Mumbai9 minutes ago
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Companies are competing to launch IPOs due to positive sentiment in the stock market. As a result, there have been eight IPOs in 2021 so far. And many more companies are preparing to launch IPO. Market regulator SEBI has filed DRHP with the macro-tech developers of the Seven Island shipping and real estate sector of the logistics sector.
Logistic company SEVEN ISLAND to bring IPO to raise 600 crores
According to the draft Red Herring Prospectus (DRHP) filing, the marine logistic company Seven Island Company wants to raise Rs 600 crore through the Initial Public Offering ( IPO). The company will issue shares worth Rs 400 crore and Rs 200 crore through Offer for Sale (OFS). FIH Mauritius Investment will sell shares worth about Rs 100 crore in OFS. Also, promoters Thomas Wilfred Pinto will issue shares worth Rs 85.64 crore and Lina Metilda Pinto is worth Rs 14.35 crore.
Highest 50% share reserve for QIB
According to the filing, the IPO will hold reserves of about 50% for qualified institutional buyers (QIB), about 15% for non-institutional investors (NII) and 35% for retail investors. The company had earlier tried for an IPO in 2017 as well.
IPO may come for two companies in real estate sector
Macrotech developers, one of the largest real estate companies in India, are also set to launch an IPO. There is a plan to raise around Rs 2,500 crore through it. The company was also formerly known as Lodha Developers. According to the filing, the IPO proceeds will be used to reduce debt, land acquisition and development of new projects. Earlier, the company had planned to launch IPOs in 2009 and 2018 as well, but this was not possible due to poor market conditions.
Lodha Developers appointed JP Morgan as lead advisor including Axis Capital
According to media reports, the company has appointed Axis Capital, JP Morgan and Kotak Lead as the lead advisors for the IPO. Apart from this, ICICI Securities, Edelweiss Securities, IIFL Securities, SBI Capital, JM Financial, IT Securities and Bank of Baroda Capital are associated with it.
Apart from Seven Island and Lodha Developers, Mumbai based Puranik Builders can also have an IPO. Because SEBI has approved the DRHP file by the company. Last year 16 companies raised 31 thousand crores.