Ecom Express, Smartworks, Carraro India, IGI, Concord Enviro, Ventive Hospitality get SEBI's nod for their IPOs

In a fresh development in the primary market, seven companies have received final observations from the capital market regulator SEBI to launch their initial public offerings (IPOs). The list includes logistics firm Ecom Express, office space platform Smartworks Coworking Spaces, and transmission systems manufacturer Carraro India. Among others, International Gemological Institute of India (IGI), Trualt Bioenergy, Concord Enviro System, and Ventive Hospitality also received regulatory approval to list their shares on the domestic exchanges.  

The two new age companies - Smartworks Coworking and Ecom Express – had filed their draft paper with the SEBI in August this year. Blackstone-owned IGI, Italy's Carraro Group-owned Carraro India, Trualt Bioenergy, Concord Enviro System, and Ventive Hospitality also submitted their IPO papers with the regulator during the same month.

Here’s all you need to know these IPOs:

Ecom Express

Gurugram-based e-commerce logistics company looks to raise up to ₹2,600 crore by public listing of shares on the domestic bourses. The IPO of the new age company comprises fresh equities worth up to ₹1,284.5 crore and an offer for sale (OFS) of shares up to ₹1,315.5 crore by existing shareholders.

As per the offer document filed with the Securities and Exchange Board of India (SEBI), Ecom Express plans to tap vast opportunities in adjacencies such as quick commerce, reverse logistics, time-definite deliveries, heavy shipments, fulfilment services and modular services as well as data-led value added services.

Smartworks Coworking Spaces

The office experience and managed campus platform eyes to garner capital through a mix of equity and offer for sale by existing shareholders. The IPO comprises fresh issue of equity shares worth up to ₹550 crore and offer for sale up to 6,759,480 equity share of face value of ₹10 each.

Smartworks proposes to utilise the net proceeds for repayment of certain borrowings availed by the company; meet capital expenditure for fit-outs in the new centres and for security deposits of the new centres to be deployed in the financial year 2025, 2026, and 2027. The balance amount will be used for general corporate purposes.

Carraro India

Pune-based manufacturer of transmission systems for tractors and off-highway vehicles, and other agricultural and construction equipment plans to mop up ₹1,811.65 crore through IPO route. The IPO, with a face value of ₹10 each, is a complete offer for sale (OFS) by Carraro International S.E.

Established in 1997, Carraro India, a subsidiary of Carraro S.p.A, began its manufacturing journey with transmission systems in 1999 and axles in 2000. The company started its operations using IP rights licensed from other entities within the Carraro Group and specializes in complex engineering products and solutions for original equipment manufacturer (OEM) customers. It serves as an independent tier 1 provider, concentrating on axles and transmission systems for agricultural tractors and construction vehicles.

International Gemmological Institute (IGI) India

The Blackstone portfolio company aims to raise ₹4,000 crore by public listing of its shares on the domestic bourses. The offer comprises fresh issue of equity shares worth ₹1,250 crore, and offer-for-sale of stock worth ₹2,750 crore by existing shareholders. Under the OFS, promoter entity BCP Asia II TopCo Pte Ltd, an affiliate of funds managed and advised by Blackstone, is the solo seller, offloading shares worth ₹2,750 crore.

IGI India, is part of IGI Group, provides the fine jewellery community and consumers with a broad range of services including natural and laboratory grown diamond reports, coloured stone grading and origin reports, as well as jewelry identification and appraisal reports.

Concord Enviro Systems 

The IPO of the water and wastewater treatment solutions provider, backed by the Mauritius-based AF Holdings, is a combination of fresh issue as well as OFS by existing shareholders. The issue comprises fresh equities worth ₹192.3 crore, and an offer-for-sale (OFS) of 51,94,520 equity shares by the existing shareholders.

Ventive Hospitality

Another Blackstone-backed international multi-brand hotel owner has received its final approval from the SEBI to raise ₹2,000 crore via IPO route. It is a joint platform between U.S.-based private equity firm Blackstone Group and Pune-based Panchshil Realty. Out of ₹2,000 crore, the company intends to use ₹1,600 crore from the fresh issue to repay or prepay debt availed by it and its subsidiaries. The remaining funds will be used for general corporate purposes.

Trualt Bioenergy

The IPO of the Bengaluru-based ethanol producer is a combination of fresh issue of shares worth ₹750 crore, and an OFS of 36 lakh shares by promoters. Under the OFS, promoters Dhraksayani Sangamesh Nirani and Sangamesh Rudrappa Nirani will be offloading 18 lakh shares each. Promoters own 88.20% stake in the company and the remaining 11.8% are held by public shareholders, including Chartered Finance and Leasing, and Vikasa India EIF I Fund.