New IPOs Alert: InCred Holdings, Elevate Campuses, Laser Power & Infra, SEDEMAC Mechatronics, 4 others get SEBI’s nod to float public offers

New IPOs Alert: Market regulator Securities and Exchange Board of India (SEBI) has approved initial public offerings of eight companies collectively seeking to raise nearly ₹10,000 crore. They include InCred Holdings, Elevate Campuses, Laser Power and Infra, Ardee Industries, SEDEMAC Mechatronics, Aarvee Engineering Consultants, Shankesh Jewellers and Armee Infotech.

These companies had filed their draft red herring prospectuses (DRHPs) between September and November last year and received SEBI’s observations during February 2-6.

In regulatory language, receipt of observations allows firms to proceed with their public issues.

InCred Holdings IPO

Elevate Campuses IPO

The proposed initial public offering of student accommodation and K-12 education platform Elevate Campuses aims to raise ₹2,550 crore through its public issue, which is entirely a fresh issuance of equity shares, with no offer for sale (OFS) component, according to the DRHP.

Funds will be used for acquiring K-12 entities and campuses, debt repayment, and general corporate purposes.

Laser Power and Infra IPO

Laser Power and Infra Ltd, a cable and conductor maker, is looking to raise ₹1,200 crore through its IPO involving a fresh issue of shares valued at ₹800 crore and an OFS of ₹400 crore by promoters, draft papers showed.

It plans to use the fresh issue proceeds to repay loans and for general corporate purposes.

Sedemac Mechatronics IPO

The IPO is entirely an OFS of up to 80,43,300 equity shares by promoters and investors selling shareholders, according to the DRHP.

Ardee Industries IPO

Ardee Industries' IPO comprises a fresh issue of equity shares worth Rs 320 crore along with an OFS of 3.76 crore equity shares by promoters. Fresh capital will be used for funding the company's incremental working capital requirements, debt repayment, and general corporate purposes.

Armee Infotech IPO

IT infrastructure solutions provider Armee Infotech's ₹250 crore public offer is a fresh issue of equity shares with no OFS component, draft papers showed.

Funds raised through the IPO will be used to increase the working capital requirements of the company, pay off debt and for general corporate purposes.

Aarvee Engineering Consultants IPO

Infrastructure consultancy firm Aarvee Engineering Consultants Ltd is aiming to garner ₹202.5 crore through the fresh issuance of shares. Apart from the issue, there will be an OFS component of 67.5 lakh shares by a promoter.

Shankesh Jewellers IPO

Shankesh Jewellers plans to raise funds through an issue of 3 crore fresh equity shares and an OFS of 1 crore shares.

Proceeds from the fresh issue will go towards repayment or prepayment of borrowings worth Rs 158 crore, funding working capital needs of ₹38 crore, and general corporate purposes.