IT-enabled service provider Protean eGov Technologies and Chemical manufacturer Balaji Speciality Chemicals have received capital markets regulator Sebi’s approval to raise funds through initial public offering (IPO).
The two companies, which had filed their preliminary IPO papers with the Securities and Exchange Board of India (Sebi) between December 2021 and August 2022, obtained observation during November 15-17, an update with the regulator showed on Tuesday.
In Sebi’s parlance, the regulator’s observation means its go-ahead to launch an initial share sale.
According to the draft papers, Balaji Speciality Chemicals IPO will be a fresh issue of equity shares worth up to Rs 250 crore and an offer-for-sale (OFS) of up to 2,60,00,000 equity shares by promoters and promoter group
entities.
Proceeds worth Rs 68 crore from the fresh issue will be used to repay debt, and Rs 119.5 crore will be spent on working capital requirements, besides general corporate purposes. The company may consider a pre-IPO placement aggregating to Rs 50 crore.
