The Securities and Exchange Board of India (SEBI) has recently granted approval to three companies for their Initial Public Offerings (IPOs): Ellenbarrie Industrial Gases, Varindera Constructions, and Sambhv Steel Tubes. These approvals pave the way for these companies to enter the capital markets and raise funds for their respective growth initiatives, further strengthening their market presence and expanding their operations in key sectors.
Ellenbarrie Industrial Gases IPO Approval
Ellenbarrie Industrial Gases, a leading player in the industrial gases sector, received SEBI’s observation letter on 22 January 2025, after filing its issue papers on 23 September 2024. With Motilal Oswal Investment Advisors as the lead manager and KFin Technologies as the registrar, the IPO will include a fresh issue of INR 400 crore and an offer for sale (OFS) of 1,44,27,620 equity shares by existing shareholders.
The funds are earmarked for debt repayment (INR 176.90 crore), setting up an air separation unit at the Uluberia-II plant with a capacity of 220 TPD (INR 130.00 crore), and general corporate purposes. With the industrial gas market expanding due to rising demand across manufacturing, healthcare, and other sectors, Ellenbarrie’s strategic expansion and focus on sustainable growth, including energy-efficient production and a broader distribution network, position it well for a successful IPO.
Varindera Constructions IPO Approval
Varindera Constructions, a key player in the construction and infrastructure development sector, received SEBI approval for its IPO on 23 January 2025. The company filed its DRHP on 3 October 2024, with ICICI Securities as the lead manager and Link Intime as the registrar. The IPO comprises an INR 900 crore fresh issue and an INR 300 crore offer for sale (OFS), totalling INR 1,200 crore. In the OFS, Varinder Kumar Garg is selling shares worth INR 201 crore, while Sushma Garg is selling INR 99 crore.
The net proceeds will be utilized for equipment purchases (INR 160.10 crore), working capital (INR 155.00 crore), debt repayment (INR 359.89 crore), and general corporate purposes. With the Indian infrastructure sector witnessing strong growth due to increased public and private investments in roads, bridges, and urban development, Varindera Constructions is well-positioned to capitalize on emerging opportunities. The company has a solid track record of executing large-scale infrastructure projects and is committed to technological innovation and sustainable construction.
Sambhv Steel Tubes
Sambhv Steel Tubes, a prominent manufacturer in the steel tube industry, received SEBI’s observation letter on 21 January 2025, after filing its DRHP on 3 October 2024. Nuvama Wealth Management is the lead manager, while KFin Technologies will serve as the registrar. The IPO consists of a fresh issue of INR 440 crore and an offer for sale (OFS) of INR 100 crore, bringing the total issue size to INR 540 crore. The capital raised will be utilized for debt repayment (INR 390.00 crore), working capital requirements, and general corporate purposes.
With India’s steel industry witnessing strong demand due to infrastructure projects, real estate expansion, and increased manufacturing activity, Sambhv Steel Tubes is well-positioned to leverage this growth. The company has made strategic investments in technology and production efficiencies, strengthening its competitiveness and client relationships across industries. The IPO is expected to support capacity expansion, product diversification, and profitability, making it an appealing opportunity for investors amid a robust steel market.
Conclusion
These approvals reflect SEBI’s confidence in the companies’ compliance with regulatory standards and their readiness to access public capital. Investors can look forward to detailed information in the forthcoming Red Herring Prospectuses, which will provide insights into the companies’ financials, business strategies, and risk factors. As more details emerge, investors will have a clearer understanding of the growth potential and risks associated with each offering.
As these companies prepare to launch their IPOs, market participants will keenly observe their performance and the opportunities they present in their respective sectors. With increasing investor interest in the Indian capital markets, these IPOs are likely to garner significant attention, potentially setting new benchmarks for future public offerings.
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