The IPO of agro chemical maker Dharmaj Crop Guard and steel pipe maker Venus Pipes & Tubes has got the approval of market regulator SEBI.
Upcoming IPO: There is good news for investors investing in IPO. The IPO of agro chemical maker Dharmaj Crop Guard and steel pipe maker Venus Pipes & Tubes has got the approval of market regulator SEBI. According to information posted on SEBI’s website on Monday, companies that had filed IPO documents with the regulator between December, 2021 and January, 2022 have received observation letters from SEBI during March 29-31. It is necessary for any company to obtain an observation letter from SEBI before bringing an IPO.
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Dharmaj Crop Guard IPO
According to the draft Red Herring Prospectus (DRHP), fresh shares of up to Rs 216 crore will be issued under the IPO of Dharamj Crop Guard. At the same time, 14.83 lakh shares will be sold by its existing shareholders under the offer-for-sale (OFS). It has been said in the draft paper that the shares will be kept reserved for the eligible employees of the company. According to market sources, the Ahmedabad-based company wants to raise between Rs 250 crore and Rs 300 crore through IPO.
The draft paper states that the proceeds from the IPO will be used for setting up a manufacturing facility at Saikha Bharuch in Gujarat and growing working capital requirements. In addition, the fund will also be used for debt repayment and general corporate purposes.
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Venus Pipes And Tubes IPO
Venus Pipes & Tubes has said that 50.74 lakh equity shares of the company will be sold through IPO. According to the draft paper, the proceeds from the IPO will be used for capacity expansion and for meeting working capital requirements. In addition, expenses will be incurred for general corporate purposes. Venus Pipes & Tubes is one of the leading manufacturers and exporters of Stainless Steel Pipes & Tubes.
(Input-PTI)
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