New Delhi, March 6 Three companies – energy-transition and power-electronics firm Eastman Auto and Power, precision components maker Milestone Gears, and AI firm Bonbloc Technologies – have secured Sebi's approval to raise a total of ₹3,300 crore through IPOs, according to an update released by the regulator on Friday.
These approvals came after the companies submitted their preliminary papers to Sebi between October and December, and subsequently obtained regulatory observations during March 4-5.
In regulatory terms, Sebi's observations are equivalent to clearance for launching a public issue.
Together, the three firms are expected to raise over ₹3,300 crore through initial public offerings (IPOs), merchant bankers said.
Eastman Auto and Power Ltd, filed confidential IPO papers with the markets regulator in December to raise funds. Sources familiar with the matter, estimated the company's issue size at ₹1,800-2,000 crore.
The proposed IPO will be a combination of a fresh issuance and an offer for sale (OFS) component, they added.
According to the draft papers, Milestone Gears filed preliminary papers with Sebi to raise ₹1,100 crore through its IPO, comprising a fresh issue of shares worth ₹800 crore, along with an offer for sale (OFS) component of shares valued at ₹300 crore by promoters and a shareholder.
The company will use the funds for debt repayment, investment in a new greenfield project, and general corporate purposes.
The proposed IPO of Bonbloc Technologies, which builds SaaS solutions using Blockchain, IoT, and data science, is a combination of a fresh issuance of shares worth ₹230 crore and an OFS of 3 crore shares by promoter Bonbloc Inc, according to the draft papers.
Proceeds from the fresh issue will be used towards investment in the development of its products and platforms; purchase of laptops; funding inorganic growth through unidentified acquisitions, other strategic initiatives, and for general corporate purposes.
So far this year, nearly a dozen companies have launched their maiden public offerings.
