Upcoming IPO: Varindera Constructions and Sambhv Steel Tubes has been issued final observation by the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO).
As per the draft documents, Varindera Constructions IPO consists of a fresh issuance of equity shares valued at ₹900 crore along with an Offer for Sale (OFS) of shares worth ₹300 crore by the promoters. Varinder Kumar Garg and Sushma Garg plan to sell shares valued at ₹201 crore and ₹99 crore, respectively, as part of the OFS. The funds generated from the fresh issue will be used to acquire equipment, to meet the company’s working capital needs, to pay off debts, and for general corporate expenditures.
Varindera Constructions is a comprehensive Engineering, Procurement, and Construction (EPC) firm that has expertise in developing building projects like residential complexes and office buildings, as well as executing infrastructure initiatives such as metro depots and aircraft hangars.
The issue’s book running lead manager (BRLM) are ICICI Securities Ltd, Equirus Capital Private Ltd, and IIFL Securities Ltd, and the registrar is Link Intime India Pvt Ltd.
Sambhv Steel Tubes IPO
The Sambhv Steel Tubes IPO consists of a new equity share issue amounting to ₹440 crore along with an Offer for Sale (OFS) of shares valued at ₹100 crore from the promoters, according to the draft documents.
The funds raised from the new share issuance will be used to pay off debt and for general corporate activities.
Sambhv Steel Tubes is a major producer of Electric Resistance Welded (ERW) steel pipes and structural tubes (hollow sections) in India, particularly regarding its installed capacity.
The issue’s book running lead manager (BRLM) are Nuvama Wealth Management Ltd, and Motilal Oswal Investment Advisors Ltd, and the registrar is KFin Technologies Ltd.
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