Priyanka Tiwari
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India's capital markets regulator SEBI has granted approval for the initial public offerings (IPOs) of Aegis Vopak Terminals and Seshaasai Technologies, as per updates in the draft offer document status report published on April 15. Meanwhile, Rajputana Stainless’s IPO proposal was returned by the regulator.
SEBI issued its observation letter to Aegis Vopak Terminals on April 7 and to Seshaasai Technologies on April 11. The issuance of an observation letter signifies that a company can proceed to launch its IPO within 12 months.
Aegis Vopak Terminals IPO Details
IPO Size: ₹3,500 crore (pure fresh issue)
Draft Papers Filed: November 18, 2024
Promoters: Aegis Logistics (50.1%) and Vopak India BV (47.31%)
Aegis Vopak Terminals is India’s largest third-party tank storage operator for LPG and liquid products. The IPO proceeds, excluding issuance expenses, will be used for:
Repayment of debt
Capital expenditure for acquiring a cryogenic LPG terminal in Mangalore
General corporate purposes
The company may also conduct a pre-IPO placement of ₹700 crore, which could proportionally reduce the IPO’s fresh issue size.
Lead Managers: ICICI Securities, BNP Paribas, IIFL Capital Services, Jefferies India, HDFC Bank
Seshaasai Technologies IPO Structure
Fresh Issue: ₹600 crore
Offer for Sale (OFS): 78.74 lakh shares by promoters Pragnyat Pravin Lalwani and Gautam Sampatraj Jain
Draft Papers Filed: December 27, 2024
The Mumbai-based firm is one of India’s leading manufacturers of payment cards and cheque leaves, and also operates in the IoT and fulfilment solutions space. IPO proceeds will be allocated towards:
Expansion of manufacturing units
Debt repayment
General corporate uses
Lead Managers: IIFL Capital Services, ICICI Securities, SBI Capital Markets
Rajputana Stainless IPO Returned by SEBI
SEBI returned the IPO proposal of Rajputana Stainless, a Gujarat-based stainless steel products manufacturer, on April 11. The company had filed draft documents in December 2024, proposing to raise funds for a new manufacturing facility and working capital.
IPO Structure: Fresh issue of 1.9 crore shares + OFS of 35 lakh shares by promoter Shankarlal Deepchand Mehta
No specific reason has been disclosed for the return of the draft offer document.
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