Mumbai: and Functional & Innovative Foods have received Sebi’s observations on their draft offer documents, allowing the three companies to advance their proposed initial public offerings (IPOs).
The capital markets regulator issued its observations between September 21 and 25, according to an update released on Monday. The clearance is a key step in the IPO process, although the companies must still meet applicable requirements before launching their issues.
Pioneer Fil-Med Plans ₹500 Crore Issue
Railway components maker Pioneer Fil-Med proposes to raise ₹500 crore through an equal mix of fresh shares and an offer for sale (OFS). The ₹250 crore OFS will involve promoter Pioneer Facor IT Infradevelopers and promoter group entity Aztech India, each selling shares worth up to ₹125 crore.
The company plans to use fresh issue proceeds partly to establish gearbox and wind generator component manufacturing facilities at Salarpur in Bhiwadi, . It will also allocate funds for general corporate purposes.
Tonbo Imaging Opts For OFS
Defence electronics manufacturer Tonbo Imaging India has proposed an IPO consisting entirely of an OFS of up to 1,80,85,246 shares. It will receive no money from the issue; proceeds will go to the shareholders selling their stakes.
Founded in 2003, Tonbo designs and manufactures sensing, processing, communication and guidance systems. Unlike a fresh share issue, its proposed sale would not directly raise capital for the company.
Food Manufacturer Targets Two New Units
Functional & Innovative Foods plans a fresh issue of up to 60 lakh shares alongside an OFS of up to 25 lakh shares by promoter Senthil Kumar Chinnusamy.
The food contract manufacturer intends to use fresh issue funds to set up manufacturing units in Namakkal, Tamil Nadu, and Dhar, Madhya Pradesh. It also plans to repay certain borrowings of the company and its wholly owned subsidiary, Christy Quality Foods (India), and meet long-term working capital needs.
Its product portfolio covers ready-to-eat and ready-to-cook foods, staples, sugar alternatives and spices. The three proposals now await their respective issue dates, price bands and final offer details.