Varindera Constructions and Sambhv Steel Tubes have received SEBI’s final approval for their IPOs. Varindera aims to raise ₹900 crore, and Sambhv targets ₹440 crore. Funds will be used for debt repayment and corporate needs.
Varindera Constructions and Sambhv Steel Tubes have received the final observation from the Securities and Exchange Board of India (SEBI) for their upcoming Initial Public Offerings (IPOs). Both companies are poised to raise significant capital in their respective IPOs, with Varindera Constructions targeting ₹900 crore and Sambhv Steel Tubes aiming for ₹440 crore.
Varindera Constructions IPO
Varindera Constructions, a leading Engineering, Procurement, and Construction (EPC) firm, specializes in developing residential and office complexes and executing major infrastructure projects like metro depots and aircraft hangars. The company plans to raise ₹900 crore through the fresh issuance of equity shares. Additionally, it will conduct an Offer for Sale (OFS) worth ₹300 crore, with promoters Varinder Kumar Garg and Sushma Garg selling shares valued at ₹201 crore and ₹99 crore, respectively.
The funds raised will be utilized for acquiring equipment, addressing the company’s working capital needs, paying off debt, and supporting general corporate activities. The book running lead managers (BRLM) for the issue are ICICI Securities Ltd, Equirus Capital Private Ltd, and IIFL Securities Ltd, while Link Intime India Pvt Ltd is appointed as the registrar.
Sambhv Steel Tubes IPO
Sambhv Steel Tubes, a prominent player in the production of Electric Resistance Welded (ERW) steel pipes and structural tubes, will issue new equity shares worth ₹440 crore, along with an OFS of ₹100 crore from the promoters. The company intends to utilize the funds to repay debt and fund corporate activities.
The book running lead managers for the Sambhv Steel Tubes IPO are Nuvama Wealth Management Ltd and Motilal Oswal Investment Advisors Ltd, with KFin Technologies Ltd acting as the registrar.
Both IPOs are expected to create substantial interest in the market as they target the growing construction and steel industries in India.
