Varindera Constructions and Sambhv Steel Tubes have received SEBI’s final approval for their IPOs, with Varindera aiming to raise ₹900 crore and Sambhv targeting ₹440 crore. Funds will be utilized for debt repayment and corporate activities.
Varindera Constructions and Sambhv Steel Tubes have received the Securities and Exchange Board of India (SEBI)’s final approval to launch their respective Initial Public Offerings (IPOs). Varindera Constructions plans to raise ₹900 crore, while Sambhv Steel Tubes targets ₹440 crore. The funds raised from both IPOs will primarily be used for debt repayment and various corporate activities.
Varindera Constructions is an established Engineering, Procurement, and Construction (EPC) company known for its expertise in developing residential and office complexes, as well as executing major infrastructure projects like metro depots and aircraft hangars. As per the draft documents, Varindera’s IPO consists of a fresh issuance of equity shares valued at ₹900 crore, along with an Offer for Sale (OFS) of shares worth ₹300 crore by its promoters. The OFS will involve share sales by Varinder Kumar Garg and Sushma Garg, who plan to sell shares valued at ₹201 crore and ₹99 crore, respectively.
The funds raised from the fresh issue will be utilized for acquiring equipment, meeting working capital requirements, paying off debts, and general corporate expenses. The lead managers for the issue are ICICI Securities Ltd, Equirus Capital Private Ltd, and IIFL Securities Ltd, with Link Intime India Pvt Ltd serving as the registrar.
Sambhv Steel Tubes, a prominent manufacturer of Electric Resistance Welded (ERW) steel pipes and structural tubes, has also secured SEBI’s approval for its IPO. The company plans to raise ₹440 crore through a fresh issue of equity shares, alongside an Offer for Sale (OFS) of ₹100 crore from its promoters. The funds raised from the fresh issuance will be directed towards debt repayment and general corporate activities. The lead managers for the Sambhv Steel Tubes IPO are Nuvama Wealth Management Ltd and Motilal Oswal Investment Advisors Ltd, with KFin Technologies Ltd serving as the registrar.
These IPOs come at a time when both companies are looking to expand their operations and strengthen their financial positions.
