Three companies—managed workplace solutions provider IndiQube, agrochemical firm GSP Crop Science, and FMCG manufacturer Ganesh Consumer Products—have secured approval from the Securities and Exchange Board of India (SEBI) to launch their Initial Public Offerings (IPOs). Together, the firms aim to collectively raise a minimum of ₹1,260 crore, according to SEBI's latest update on Tuesday.
IndiQube IPO Details and Utilization Plans
Bengaluru-based IndiQube's IPO involves a fresh issue of equity shares worth up to ₹750 crore and an Offer for Sale (OFS) aggregating up to ₹100 crore, as outlined in their Draft Red Herring Prospectus (DRHP).
IndiQube intends to allocate approximately ₹426.6 crore from the fresh issue to fund capital expenditures, ₹100 crore towards debt repayment, and the remaining amount for general corporate purposes.
The company, co-founded by Rishi Das and Meghna Agarwal, is backed by notable investors including venture capital firm WestBridge Capital and prominent investor Ashish Gupta.
GSP Crop Science IPO Plans and Objectives
Ahmedabad-based GSP Crop Science has structured its IPO with a fresh issue of shares amounting to ₹280 crore, combined with an Offer for Sale of 60 lakh equity shares by promoters. Additionally, the IPO includes a reservation segment specifically for employee subscriptions.
Proceeds from this IPO will primarily focus on debt repayment amounting to ₹200 crore, with the remaining funds earmarked for general corporate purposes.
Ganesh Consumer Products IPO Breakdown
Ganesh Consumer Products’ IPO comprises a fresh issue of shares worth ₹130 crore and an Offer for Sale of up to 1.24 crore equity shares by existing promoters and investors.
The company plans to allocate ₹50 crore from the fresh issue to debt repayment, while another ₹50 crore is intended for capital expenditure to establish a new manufacturing facility in Darjeeling, West Bengal. The remaining proceeds will support general corporate activities.
IPO Withdrawals and Returned Papers Amid Volatility
In the meantime, SEBI has returned the draft IPO papers filed by two companies—EAAA India Alternatives Ltd, a subsidiary of Edelweiss, and Neelkanth Realtors.
Moreover, two other companies, GNG Electronics and Anlon Healthcare, withdrew their IPO applications on March 24 and March 28 respectively, citing volatile equity market conditions. Both had filed their papers with SEBI in December and February.
Shares of IndiQube, GSP Crop Science, and Ganesh Consumer Products will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
