The current momentum in the initial public offering (IPO) market is far from over, given the long queue of companies lined up to list their shares on stock exchanges amid buoyant primary market activity. In a fresh development in the IPO market, cryogenic tank maker INOX India and Medi Assist Healthcare Services have filed the draft papers with the Securities Exchange Board of India (SEBI) to raise funds through public listing of shares, while visual effects (VFX) studio Digikore Studios has filed papers with the NSE's SME segment Emerge for floating a public issue.
Here’s all you need to know about these three upcoming IPOs.
Medi Assist Healthcare Services
Bengaluru-based Medi Assist has submitted preliminary documents with the market regulator to raise capital through the IPO route. This would be second attempt by India's largest health benefits administrator to go public as it filed paper in May 2021, but deferred due to challenging market conditions amid the Covid-19 pandemic.
According to the draft-red herring prospectus (DRHP), the IPO of Medi Assist will be completely an offer for sale (OFS) of up to 2.80 crore equity shares of the company with a face value of ₹5 each by existing shareholders and promoters of the company. This means, the company will not receive any capital from the IPO proceeds.
As per the offer document, up to 50% of the public issue will be reserved for the qualified institutional bidders (QIBs), 15% for the non-institutional investors (NIIs), and the remaining 35% for retail investors.
Axis Capital, IIFL Securities, Nuvama Wealth Management and SBI Capital Markets are the book running lead managers to the issue, while Link Intime India is the registrar to the issue.
INOX India, a key player in the industrial gases sector, has filled its paper with market regulator to launch an IPO. The company plans to raise funds through an offer for sale of up to 22,110,955 equity shares of the face value of ₹2 each by promoters and other selling shareholders.
The OFS will see Siddharth Jain paring up to 1.04 crore shares, up to 0.5 crore each by Pavan Kumar Jain and Nayantara Jain, up to 0.12 crore by Ishita Jain and 2.3 lakh by Manju Jain.
The company has over 30 years of experience offering solutions across design, engineering, manufacturing and installation of equipment and systems for cryogenic conditions. It has developed a reputed brand, INOXCVA, in the cryogenic equipment industry.
ICICI Securities Limited and Axis Capital Limited are the Book Running Lead Managers for the IPO.
The visual effects (VFX) studio has filed its paper with NSE Emerge in preparation for the SME IPO segment. The company plans to list on NSE Emerge by issuing 12.6 lakh fresh equity shares and an offer for sale of 5.21 lakh shares by existing shareholders.
The company plans to use proceeds from the fresh issue to further enhance the company's operations, expand its capabilities, and drive its growth trajectory.
Sarthi Capital Advisors has been appointed as the book running lead manager to the offer, while Bigshare Services will serve as the registrar to the offer.
Digikore also successfully concluded its pre-IPO funding round, which saw participation from investors including Nikhil Vora, Mrinal Singh, Pramod Kasat, and others.
Established in 2000 by Abhishek More, Digikore Studios is a VFX studios in India that have worked on over 200+ Hollywood films and TV series, including Thor: Love and Thunder, Black Panther: Wakanda Forever, Deadpool, Star Trek, Jumanji, Stranger Things and Game of Thrones. It stands among the select few studios in India that have undergone audits and garnered approval from esteemed entities such as TPN, Disney/ Marvel, Netflix, Amazon, Apple, Paramount Warner Bros. and Lionsgate.
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