Sebi grants approval to Atomberg, Ratnadeep, and two others for IPO launch

Four companies—home appliances maker Atomberg Technologies, organised food and grocery retailer Ratnadeep Retail, construction and infrastructure firm GNI Infrastructure and liquid carbon dioxide (CO2) producer Punjab Carbonic — have secured markets regulator Sebi's approval to raise funds through initial public offerings (IPOs).

These companies filed their preliminary IPO papers between March and August. After reviewing their draft papers, the regulator gave its final observations during October 27-30, an update from the markets regulator showed on Friday.

Sebi's observations mark an important step in the IPO process, allowing companies to proceed with the preparations for their public issues, subject to applicable regulatory requirements.

According to the draft red herring prospectus (DRHP), Atomberg Technologies' IPO comprises a fresh issue of shares worth up to Rs 450 crore and an offer-for-sale (OFS) of 7.65 crore equity shares.

As a part of the OFS, A91 Partners, Temasek-backed V-Sciences Investments, Jungle Ventures, Inflexor, Steadview Capital Mauritius and Survam Partners LLP will offload their shares.

Atomberg, Ratnadeep Retail plan fresh capital for expansion and debt reduction

Atomberg plans to use fresh proceeds of ₹150 crore for brand awareness and performance marketing, ₹100 crore for investments in research and development and ₹90 crore to repay or prepay certain borrowings. The remaining proceeds will be used for general corporate purposes.

Ratnadeep Retail's IPO comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an OFS of nearly 1.49 crore equity shares by promoters.

The Hyderabad-based company proposes to utilise Rs 260 crore for setting up new stores under its Ratnadeep and National Mart formats, Rs 40 crore for debt payment and the balance towards general corporate purposes.

GNI Infrastructure's proposed IPO will be a combination of a fresh issue of 2.10 crore shares and an OFS of 93.88 lakh shares by promoters and existing shareholders, according to the draft papers.

The company plans to utilise the net proceeds from the fresh issue to fund working capital requirements and for general corporate purposes.

Punjab Carbonic's proposed IPO is a combination of a fresh issue of 60 lakh equity shares and an OFS of 35 lakh equity shares.

Proceeds of the fresh issue will be used to set up two CO2 recovery units in Andhra Pradesh; purchase CO2 transportation tankers to strengthen existing logistic infrastructure for CO2 vertical; expand the company's existing ethanol distillery located in Punjab by increasing its ethanol manufacturing capacity by 35 kilolitres per day (KLPD), and for debt payment and general corporate purposes.

Meanwhile, the draft IPO papers of WOG Technologies were withdrawn/returned on October 30, as per an update with Sebi.

The company's proposed IPO comprised a fresh issue of shares worth Rs 375 crore along with an OFS component of 43.28 lakh equity shares by promoters and existing shareholders.