IPO update: Sri Lotus Developers, Caliber Mining, 4 others get Sebi’s nod to launch public issue

In a fresh development in the initial public offering (IPO) market, the Securities and Exchange Board of India (Sebi) has cleared proposals of six companies, including Sri Lotus Developers and Jaro Institute of Technology. Among others, Caliber Mining, Euro Pratik, Gem Aromatics, and Jesons Industries have also received final observation from the capital markets regulator for their IPOs.

Here’s all you need to know about these IPOs:

Sri Lotus Developers IPO

Bollywood stars and Ashish Kacholia-backed Sri Lotus Developers and Realty plans to raise ₹792 crore through the IPO route. The real estate developer had filed its IPO papers with the Sebi on December 24, 2024. The IPO, with a face value of ₹1, is a fresh issue of shares up to ₹792 crore with no offer-for-sale (OFS) component.

Sri Lotus Developers and Realty is led by promoter Anand Kamalnayan Pandit, a developer of residential and commercial premises in Mumbai with a focus in redevelopment projects in the ultra luxury segment and luxury segment in the western suburbs. Its operations are strategically located in Mumbai, one of the biggest real estate markets in India. From the calendar years 2019 to 2023, Mumbai Metropolitan Region was ranked first among the top seven Indian residential real estate markets (others include Pune, Bengaluru, Hyderabad, the National Capital Region, Chennai, and Kolkata) in terms of supply, absorption, and average base selling price, according to an Anarock Report.

Jaro Institute of Technology IPO

The Mumbai-based company, looking to raise ₹570 crore through an IPO, filed DRHP with the Sebi on September 30, 2024. The IPO consists of a fresh issuance of equity shares worth ₹170 crore and an offer-for-sale of shares worth ₹400 crore by promoter Sanjay Namdeo Salunkhe.

Jaro Institute of Technology Management and Research is an online higher education and upskilling company. It is a one-stop solution for a university looking to offer online, hybrid, and in-person degree programmes and certification courses.

Caliber Mining IPO

Caliber Mining and Logistics is planning to raise ₹600 crore by public listing of shares on the domestic bourses. The mining operators managing overburden removal, coal extraction, and coal logistics had filed its IPO papers with the Sebi on December 30, 2024. The IPO, with a face value of ₹10, is a mix of fresh issue of shares up to ₹500 crore and an OFS of up to ₹100 crore by promoter selling shareholders.

Caliber Mining offers its customers end-to-end services, including coal extraction, overburden removal, coal loading and unloading, road transportation, and coordination of rail transportation, making it a one-stop coal mining and logistics provider. Its mining and overburden removal operations are located in Maharashtra, Chhattisgarh and Madhya Pradesh. Its largest customers are mine-owing subsidiaries of Coal India, namely Western Coalfields and Northern Coalfields. It began providing logistics solutions for iron ore customers in fiscal 2023.

Euro Pratik Sales IPO

The Mumbai-based decorative wall panel and decorative laminates brand is planning to raise ₹730 crore through IPO. The company had filed its IPO papers with the Sebi on January 20. The IPO, with a face value of ₹1, is entirely an offer-for-sale up to ₹730 crore by promoter and promoter group selling shareholders.

Euro Pratik is one of India’s leading decorative wall panel brands and have established ourselves as one of the largest organised wall panel brands with a market share of 15.87% by revenue in the organised decorative wall panels industry, according to a Technopak report mentioned in the DRHP. Over the years, it has developed an extensive product range catering to both residential and commercial applications, which is predominantly sold under its flagship brands 'Euro Pratik' and 'Gloirio'.

Gem Aromatics IPO

Another Mumbai-based company, an established manufacturer of specialty ingredients, including, essential oils, aroma chemicals, and value-added derivatives in India, filed its IPO papers on December 28, 2024. The IPO with a face value of ₹2 is a mix of fresh issue of shares of up to ₹175 crore and an offer-for-sale of up to 89,24,274 equity shares each by promoter and selling shareholders.

Gem Aromatics offers a diversified portfolio of products, ranging from essential oils, aroma chemicals to its various Value-Added Derivatives. The products are applied across a broad spectrum of industries, such as, oral care, cosmetics, nutraceuticals, pharmaceuticals, wellness and pain management, and personal care. It is one of the prominent essential oils and Value-Added Derivatives manufacturers in India, based on value and volume manufactured, specialising in products that are derived from mint and clove oil. (Source: F&S Report).

Jesons Industries IPO

The manufacturer of coating emulsions to the paint sector refiled its IPO papers on January 9. The IPO with a face value of ₹5 each is a mix of a fresh issues aggregating up to ₹300 crore and an offer-for-sale of 9.46 million equity shares by Dhiresh Shashikant Gosalia.

Jesons Industries caters to a diverse range of end-user industries, including paints, packaging, furniture manufacturing, construction, tiles, textiles, leather chemicals, carpet chemicals, and paper chemicals. It is a key supplier of coating emulsions to the Indian paint sector, commanding a 27% share of the non-captive domestic market in this segment during fiscal 2024. Additionally, it holds a 35% market share in India’s water-based pressure-sensitive adhesives for tapes and labels.

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