The current month will continue to be a busy one for the primary market, as two companies --Tarsons Products and Go Fashion (India) Ltd -- are set to float their IPOs next week to collectively raise Rs 2,038 crore.
Here are the details:
Company: Tarsons Products
Issue Open Date: 15 November
Closing Date: 17 November
Price Band: The company has fixed a price band of Rs 635-662 a share for its Rs 1,024 crore initial share-sale. Investors can bid for a minimum of 22 shares and in multiple thereof.
About the issue: The initial share sale comprises fresh issuance of equity shares worth Rs 150 crore and an offer for sale of 1.32 crore equity shares by promoters and an investor.
Offloading by promoters: As a part of the OFS, promoters Sanjive Sehgal will offload up to 3.9 lakh equity shares and Rohan Sehgal will sell up to 3.1 lakh equity shares and investor Clear Vision Investment Holdings Pte Ltd will divest up to 1.25 crore equity shares.
Objective of the issue: Proceeds from the fresh issue will be utilised towards paying debt, funding a part of the capital expenditure for the new manufacturing facility at Panchla in West Bengal, and general corporate purposes.
Company: Go Fashion (India) Ltd
Issue Open Date: 17 November
Closing Date: 22 November
Price Band: The company has fixed a price band of Rs 655-690 apiece for the issue, and at the upper end of the price band, the IPO is expected to garner Rs 1,013.6 crore.
Objective of the issue: Proceeds from the fresh issue will be used to fund the rollout of 120 new exclusive brand outlets, to support working capital requirements and general corporate purposes.
Under the OFS, PKS Family Trust and VKS Family Trust are going to offload 7.45 lakh equity shares each, Sequoia Capital India Investments will sell up to 74.98 lakh shares, India Advantage Fund S4 I will divest up to 33.11 lakh shares and Dynamic India Fund S4 US I will sell up to 5.76 lakh shares.
Currently, PKS Family and VKS Family Trust hold 28.74 per cent stake each in the company, Sequoia Capital holds 28.73 per cent stake, India Advantage Fund has a 12.69 per cent stake, and Dynamic India Fund owns a 1.1 per cent stake in the firm.
This development has come after eight firms have successfully concluded their initial public offerings (IPOs) in November so far.
These eight firms are -- One 97 Communication, owner of Paytm; FSN E-Commerce Ventures, which runs online marketplace Nykaa, Policybazaar's parent entity PB Fintech, Fino Payments Bank, Latent View Analytics, Sapphire Foods India, SJS Enterprises and Sigachi Industries.
So far in 2021, as many as 49 companies have floated their IPOs to raise Rs 1.01 lakh crore, according to an analysis of data with exchanges.
(With PTI Inputs)