On April 8, SEBI (Securities and Exchange Board of India) approved the IPO (Initial Public Offering) proposals of four companies.
These companies now have the green light to launch their IPOs within the next year.
The approved companies are:
- Aye Finance
- BlueStone Jewellery and Lifestyle
- GK Energy
- Anthem Biosciences
SEBI issued “Observation Letters” to them between April 1 and 3, which signals approval for their IPOs.
Meanwhile, SEBI is still reviewing WeWork India’s IPO application and hasn’t provided an update yet.
Company-Wise IPO Details
1. Aye Finance
Business: Gurugram-based NBFC (Non-Banking Financial Company) that provides loans to small and medium businesses (MSMEs).
Investors: Elevation Capital, CapitalG (Google’s investment arm), British International Investment, and Alpha Wave India.
- IPO Size: ₹1,450 crore
- Fresh Issue: ₹885 crore
- Offer for Sale (OFS): ₹565 crore
- Pre-IPO Round Option: Up to ₹177 crore
- Use of Funds: To boost capital and support future growth.
Lead Managers: Axis Capital, IIFL, JM Financial, and Nuvama Wealth
GK Energy
Business: Pune-based company providing solar-powered agricultural pumps and EPC (Engineering, Procurement, and Commissioning) services.
- IPO Size: ₹500 crore (fresh issue only)
- OFS: 84 lakh shares
- Pre-IPO Round Option: Up to ₹100 crore
- Use of Funds: ₹422.5 crore allocated for working capital needs.
Lead Managers: IIFL Capital and HDFC Bank
Anthem Biosciences
Business: Bengaluru-based CRDMO (Contract Research, Development & Manufacturing Organization) serving biotech and pharma sectors. Competes with Syngene, Suven Life Sciences, and Divi’s Labs.
- IPO Size: ₹3,395 crore (entirely Offer for Sale)
- Investors: Ganesh Sambasivam, K Ravindra Chandrappa, Viridity Tone LLP, Portsmouth Technologies LLC
Lead Managers: JM Financial, Citigroup, JP Morgan, and Nomura
BlueStone Jewellery and Lifestyle
Business: Bengaluru-based digital-first jewellery brand, with both online and offline presence; second-largest in India in this segment.
- IPO Size: ₹1,000 crore (fresh issue)
- OFS: 2.39 crore shares
- Pre-IPO Placement Option: Up to ₹200 crore
- Major Investors: Accel India, Saama Capital, Kalaari Capital, and Sunil Kant Munjal
- Competitors: Titan, Kalyan Jewellers, Senco Gold, PC Jeweller
Lead Managers: Axis Capital, IIFL Capital, and Kotak Mahindra Capital
