Latest News | Sresta Natural, Maini Precision, Campus Activewear Get Sebi Nod to Float IPOs

New Delhi, Mar 22 (PTI) Organic food company Sresta Natural, engineering solutions provider Maini Precision Products and TPG Capital-backed Campus Activewear have received markets regulator Sebi's go ahead to raise funds through initial share sale offers.

These companies, which filed their preliminary papers with Sebi between December 2021 and January 2022, obtained observation letters from Sebi during March 15-17, an update with the regulator showed on Tuesday.

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In Sebi's parlance, its observation implies go-ahead to launch an Initial Public Offering (IPO).

As per the draft papers, organic food company Sresta Natural is looking to raise Rs 500 crore through its IPO.

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The IPO will be a primary issuance of equity shares of Rs 50 crore and an offer-for-sale (OFS) of up to 70.30 lakh equity shares by the shareholders.

The company proposes to utilise the net proceeds from the fresh issue towards funding the working capital requirements, debt repayment and general corporate purposes.

Maini Precision Products' IPO comprises fresh issuance of equity shares worth Rs 50 crore and an offer-for-sale of up to 30.30 lakh shares by its promoters, as per the draft papers.

Those offering shares in the OFS include promoters Sudarshan Kumar Maini, Reva Maini, Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini.

The proceeds of the fresh issue would be used for the construction of a new factory building at Nelamangala, to purchase machinery, for repayment of debt and for other general corporate purposes.

Campus Activewear, a sports and athleisure footwear company, plans to mop-up funds through an offer-for-sale (OFS) of 5.1 crore equity shares by its promoters and existing shareholders, as per the Draft Red Herring Prospectus (DRHP).

Those offering shares in the OFS include promoters Hari Krishna Agarwal and Nikhil Aggarwal, and investors such as TPG Growth III SF Pte Ltd and QRG Enterprises Ltd.

Currently, promoters hold 78.21 per cent stake in the company, TPG Growth and QRG Enterprises have 17.19 per cent and 3.86 per cent shareholding, respectively.

It is a lifestyle-oriented sports and athleisure footwear company that offers a diverse product portfolio for the entire family.

The brand enjoys an about 15 per cent market share in the branded sports and athleisure footwear industry in India by value for fiscal 2020, which increased to approximately 17 per cent in fiscal 2021.

JM Financial Ltd and ICICI Securities have been appointed as the book running lead manager on the public issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)