Akums Drugs Gets Sebi Approval To Float IPO

Akums Drugs IPO will include a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale of 1.86 crore shares by promoters and an existing investor

Gold Plus Glass Industry Ltd, Ceigall India, and Orient Technologies have also obtained SEBI's approval to launch their IPOs. Image: urhan/Pixabay

Source : Other

Akums Drugs and Pharmaceuticals has received approval from SEBI to raise funds through an initial public offering (IPO), according to an update from the markets regulator on Monday.

Gold Plus Glass Industry Ltd, Ceigall India, and Orient Technologies have also obtained SEBI's approval to launch their IPOs.

These companies submitted their preliminary IPO papers to SEBI in February. The regulator's approvals were granted between June 29 and July 2, 2024, as per the update. In SEBI's terms, receiving its observations indicates approval to proceed with the public issue.

According to Akums Drugs and Pharmaceuticals' draft papers, the IPO will include a fresh issue of equity shares worth Rs 680 crore and an offer-for-sale (OFS) of 1.86 crore shares by promoters and an existing investor.

The shares in the OFS will be sold by Sanjeev Jain, Sandeep Jain, and Ruby QC Investment Holdings Pte Ltd.

The proceeds from the fresh issue will be used to repay debt, fund the company's working capital requirements, pursue acquisitions for inorganic growth, and for general corporate purposes.

Founded in 2004, Akums is a pharmaceutical contract development and manufacturing organization (CDMO) offering a comprehensive range of pharmaceutical products and services both in India and overseas.

Gold Plus Glass Industry's public issue will consist of equity shares worth up to Rs 500 crore and an OFS of up to 1.56 crore shares by promoters and investor shareholders, including Suresh Tyagi, Jimmy Tyagi, PI Opportunities Fund-I, and Kotak Special Situations Fund.

Based in Delhi, the company is one of India's leading float glass manufacturers, with a 22 per cent share of manufacturing capacity as of September 2023. Its products serve various industries, including automotive, construction, and industrial sectors.

Ceigall India's IPO includes a fresh issue of Rs 617.69 crore and an OFS of up to 1.43 crore equity shares by promoters and an individual selling shareholder. The offer also includes a reservation for eligible employees.

Founded in 2002, Ceigall India is an infrastructure construction company specializing in elevated roads, flyovers, bridges, railway overbridges, tunnels, highways, expressways, and runways. As of January 2024, the company's order book stood at Rs 9,206.42 crore, with NHAI contributing 82 per cent of the order book.

Orient Technologies' initial share sale will comprise a fresh issue of Rs 120 crore and an OFS of up to 46 lakh equity shares by promoters. The OFS shares will be sold by Ajay Baliram Sawant, Umesh Navnitlal Shah, Ujwal Arvind Mhatre, and Jayesh Manharlal Shah.

Over the years, Orient Technologies has developed expertise in creating products and solutions for IT Infrastructure, IT Enabled Services (ITES), and Cloud and Data Management Services.

Shares of these four companies will be listed on the BSE and NSE.