Seven Companies Obtain Regulator Approval To Raise Fund Through Sale Of Shares

Seven more companies are expected to join the rush of Indian companies to tap the public market to raise funds. These companies have received approval from the Securities and Exchange Board of India to launch Initial Public Offerings (IPOs).

PB Fintech Pvt. Ltd, ESAF Small Finance Bank, Sapphire Foods India Pvt. Ltd, Anand Rathi Wealth Ltd, One 97 Communications Ltd, HP Adhesives Pvt. Ltd and Tarsons Products Ltd can now proceed with their share sale plans.

The IPO of One97 Communications, the parent company of the fintech platform Paytm, will feature a new issue of ??8,300 crore and an offer to sell (OFS) for a similar amount. This will make it India’s biggest public issue to date, surpassing that of Coal India Ltd. ??IPO of 15,000 crore in 2010.

The IPO of PB Fintech, owner of the online platforms Policybazaar and Paisabazaar, will consist of a new issue of ??3,750 crore and OFS of ??2,267.50 crore by existing shareholders and promoters. OFS will include the sale of up to ??1,875 crore by SVF Python II (Caiman), ??250 crore by Yashish Dahiya, ??95 crore by Alok Bansal, ??27.50 crore by the founder United Trust, ??12.50 crore per Shikha Dahiya and ??7.50 crore by Rajendra Singh Kuhar.

PB Fintech is India’s largest online platform for insurance and loan products. ESAF Small Finance Bank’s IPO will be a mix of a new issue of ??800 crore and an OFS of ??197.78 crore by its promoters and existing shareholders. The OFS will involve the sale of up to ??150 crore by ESAF Financial Holdings, up to ??21.33 crore by PNB Metlife India Insurance Company and ??17.46 crore by Bajaj Allianz Life Insurance Ltd, up to ??87 crore by PI Ventures LLP and up to ??2.6 million by John Chakola.

The IPO of Sapphire Foods India will consist of a pure OFS of 17.57 million shares by existing shareholders and promoters.

Sapphire Foods, Yum Brands‘ largest franchisee in the Indian subcontinent, is backed by renowned investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The franchisee agreement with Yum allows the company to operate on a non-exclusive basis, under the KFC, Pizza Hut and Taco Bell brands in India, Sri Lanka and the Maldives.

Anand Rathi Wealth’s IPO will consist of a pure OFS of 12 million shares by its existing shareholders and promoters. This will include an issue of 9.29 million shares by Anand Rathi Financial Services Ltd. It is one of the leading Indian non-bank wealth solutions companies.

The IPO of Tarsons Products Ltd consists of a new issue of ??150 crore and an OFS of up to 13.20 million shares by existing shareholders and promoters. The company manufactures laboratory products.

The IPO of HP Adhesives will include a new issue of 4.14 million shares and an OFS of 4,57,200 shares by promoter Anjana Haresh Motwani.

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