Regreen Excel EPC, Dr. Agarwal’s Health Care, Casagrand Premier Builder get SEBI's nod to launch IPOs

In a fresh development in the primary market, three companies - Regreen-Excel EPC India, Dr. Agarwal’s Health Care, and Casagrand Premier Builder – have received observations from the capital market regulator SEBI to launch their initial public offerings (IPOs). The final observation means its green signal from the regulator to launch public offering.

Temasek Holdings and TPG-backed eye care services provider Dr. Agarwal Health Care had filed its IPO papers with SEBI on September 27, 2024. Regreen-Excel EPC India Limited, engaged in designing, manufacturing and supplying ethanol plants, filed its DRHP with the SEBI on September 9, 2024. On the other hand, real estate company Casagrand Premier Builder submitted its IPO papers on filed on September 19, 2024.

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

Dr. Agarwal’s Health Care

The IPO is a mix of a fresh issue of up to ₹300 crore and an offer for sale of up to 69,568,204 equity shares by the promoter and other selling shareholders. The offer also includes a subscription reservation for eligible employees. The company intends to use ₹195 crore raised from fresh equities for repayment of its certain borrowings, while remaining capital will be used for general corporate purposes, and unidentified inorganic acquisition.

Dr. Agarwal Health Care, under the leadership of its Chairman, Dr. Amar Agarwal, who has over 35 years of experience in the eye care sector, offers a wide array of services. These include cataract, refractive, and other surgeries, consultations, diagnosis, non-surgical treatments, and the sale of optical products, contact lenses, accessories, and eye care-related pharmaceutical items.

According to a CRISIL MI&A Report cited in its DRHP, the company held about 25% of the total eye care service chain market in India during FY 2024. It compares with are ASG Hospitals and New Delhi Centre for Sight w.r.t geographic presence across India and Internationally.

Regreen-Excel EPC India

The technology driven EPC company’s IPO comprises a fresh issue of up to ₹350 crore and an offer for sale aggregating up to 11,450,380 equity shares by the promoter selling shareholders. The company proposes to utilise the net proceeds from fresh issue towards funding capital expenditure requirements of the company, repayment of loans, funding margin money requirements for the purpose of availing bank guarantees; and general corporate purposes.

Over the years, the company has built end-to-end capabilities in setting-up ethanol plants, across feedstocks such as molasses/ sugarcane syrup, grains or a combination thereof (Multi Feedstock), which enables them to provide concept to commissioning solutions to their customers. As of March 31, 2024, Regreen-Excel EPC India are the youngest manufacturer and supplier of ethanol plants amongst the leading players in India, as per F&S report mentioned in the DRHP.

Casagrand Premier Builder

The real estate developer looks to raise to raise ₹1,100 crore via IPO route, offering both a fresh issue and an offer for sale. A leading real estate company in Chennai, specialised in residential, commercial, and industrial projects, it has grown rapidly since its incorporation in 2003. It commands a market share of approximately 24% in terms of launches and approximately 20% in terms of demand during the period January 1, 2017 to March 31, 2024, as per the DRHP.