Nova Agri, Netweb Tech India, EMS Receive IPO Approval From SEBI
These companies filed their preliminary papers with SEBI between March and April 2023. As per an update by the market regulator on Tuesday, they received SEBI's observations during June 26-30.
Agri-input manufacturer Nova Agritech, server maker Netweb Technologies India, and sewerage solution provider EMS have obtained approval from the capital market regulator, SEBI, to raise funds through initial public offerings (IPOs), reported PTI. These companies filed their preliminary papers with SEBI between March and April 2023. As per an update by the market regulator on Tuesday, they received SEBI's observations during June 26-30, the report said.
The SEBI's observations serve as a green light to proceed with the IPO process.
According to the draft papers, the report said, Nova Agritech plans to raise funds through an initial share sale. The offering includes a fresh issue of equity shares valued at up to Rs 140 crore and an offer-for-sale (OFS) component consisting of up to 77,58,620 equity shares owned by shareholder Nutalapati Venkatasubbarao.
The funds generated from the fresh issue, amounting to Rs 14.20 crore, will be allocated towards investing in its subsidiary, Nova Agri Sciences, for the establishment of a new formulation plant, the report said. Additionally, Rs 10.49 crore will be utilised for funding capital expenditure by Nova Agritech, including the expansion of its existing formulation plant. Moreover, Nova Agritech plans to allocate Rs 26.69 crore to fulfill the working capital requirements of the company. Another Rs 56.74 crore will be invested in Nova Agri Sciences for funding working capital requirements and general corporate purposes.
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Netweb Technologies India, a server maker, has announced its IPO plans, which include a fresh issue of equity shares valued at Rs 257 crore. Additionally, there will be an offer-for-sale (OFS) of 85 lakh equity shares by promoters. The shareholders selling shares through the offer for sale (OFS) are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha, and Ashoka Bajaj Automobiles Pvt Ltd, as per the report.
Similarly, EMS, a sewerage solution provider, is also preparing for an IPO. The company aims to issue fresh equity shares worth Rs 180 crore, along with an offer for the sale of 82.94 lakh shares by promoter Ramveer Singh, who currently holds a 97.81 per cent stake in the company. The funds raised from the fresh issue will be allocated towards meeting the company's working capital requirements and other general corporate purposes.
Upon completion of the IPOs, the shares of Nova Agritech, Netweb Technologies India, and EMS will be listed on the BSE and NSE.
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