Online marketplace IndiaMart and Avana Logistek get SEBI's go ahead to float initial share sale offers

SEBI's observations are necessary for any company to launch IPO, follow-on public offer and rights issue.

Press Trust of India September 18, 2018 11:46:11 IST
Online marketplace IndiaMart and Avana Logistek get SEBI's go ahead  to float initial share sale offers

New Delhi: Online marketplace IndiaMART InterMESH Ltd and logistics company Avana Logistek have received markets regulator SEBI's go-ahead to float initial share sale offers.

With this, the number of companies getting SEBI's approval to float an initial public offer (IPO) has reached 50 this year so far.

These two companies, which had filed draft their respective draft offer documents with SEBI in June, obtained the regulator's "observations" on 14 September, according to the latest update with the markets watchdog.

Online marketplace IndiaMart and Avana Logistek get SEBIs go ahead  to float initial share sale offers

Representational image. Reuters.

SEBI's observations are necessary for any company to launch IPO, follow-on public offer and rights issue.

Through IndiaMART's public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauritius.

The initial share-sale offer is expected to garner Rs 600 crore, merchant banking sources said.

The public issue is being managed by ICICI Securities, Edelweiss Financial Services and Jefferies India.

Avana Logistek's initial share sale consists of fresh issue of shares worth up to Rs 300 crore, besides, an offer for sale of up to 43 lakh scrips by the existing shareholders.

The Mumbai-based company plans to utilise the net proceeds towards funding capital expenditure for setting up of new dry warehouses and cold storages and repayment of certain borrowings.

Besides, the IPO proceeds will be used for acquisition of containers for coastal and liner services, expenditure towards software development, implementation and maintenance and general corporate purposes.

ICICI Securities and Axis Capital are the lead managers to the issue.

Updated Date:

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