Primary market action: Nearly a dozen companies file IPO papers with SEBI

New business data points to the fact that Nearly a dozen firms, including renewable energy firm Inox Clean Energy, real estate firm Shreejikrupa Project, consumer appliances maker Vardhman Appliances and Wadhwa Group Holdings, have filed preliminary papers with markets regulator Sebi to mobilize funds through initial public offerings (IPOs).

The other firms that have filed preliminary papers are Pioneer Fabricators, Pentacle Consultants (I), Tenty, PCI Infraprojects, Sanghvi Housing & Infrastructure, Momai Art and Biocon Electric.

The filings, made between September 29 and 30, come amid sustained activity in the primary market, with firms looking to mobilize capital for business expansion, working capital requirements, debt repayment and other corporate purposes.

Inox Clean Energy is the largest offering among the firms that have disclosed their offer size. Its IPO comprises a fresh offering of equity shares worth up to Rs 8,000 crore and an offer for sale (OFS) of shares worth up to Rs 2,000 crore by promoter Devansh Jain, taking the proposed offering size to up to Rs 10,000 crore.

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The firm, part of the INOXGFL Group, plans to use proceeds from the fresh offering to repay or prepay, in full or in part, certain outstanding borrowings of the firm and its subsidiaries, besides meeting general corporate requirements.

Shreejikrupa Project's proposed IPO comprises a fresh offering of equity shares aggregating up to Rs 410 crore and an OFS worth up to Rs 90 crore by existing shareholders, totalling up to Rs 500 crore.

The firm plans to use the fresh offering proceeds to fund capital expenditure, including the purchase and installation of equipment and machinery and scaffolding, part-finance incremental working capital requirements and for general corporate purposes.

Vardhman Appliances' proposed IPO comprises a fresh offering of equity shares worth up to Rs 250 crore and an OFS of up to 2.50 crore equity shares. The firm plans to utilise the proceeds from the fresh offering for setting up a new project in Baghpat, Uttar Pradesh, and payment of debt. A portion of the proceeds will additionally be invested in wholly owned subsidiary Lazer India for repayment of its outstanding borrowings and general corporate purposes.

Wadhwa Group Holdings, the holding firm of real estate developer The Wadhwa Group, has filed preliminary papers with Sebi through the confidential pre-filing route.

Under this route, firms can keep their draft offer documents out of the public domain until the regulatory review process reaches a more advanced stage.

Consequently, details regarding the offer structure, financial performance, valuation and proposed stock-exchange debut timeline are not available at this stage.

Pioneer Fabricators' proposed IPO will entirely comprise a fresh offering of shares worth Rs 190 crore, with no OFS component. The firm plans to use the IPO proceeds to meet working capital requirements and purchase plant and machinery and undertake civil construction for existing and proposed manufacturing units.

Pentacle Consultants has proposed a fresh offering of equity shares worth up to Rs 106.69 crore and an OFS of 21.25 lakh equity shares by promoter Pallavi Mahendra More.

Of the fresh offering proceeds, Rs 22.16 crore will fund the proposed acquisition of Segmental Infrastructure Development Ltd, while Rs 6.5 crore will repay or prepay certain borrowings. Another Rs 19.93 crore will go towards incremental working capital requirements, with the remaining amount earmarked for inorganic expansion through unidentified acquisitions, general corporate purposes and offering-related expenses.

Tenty Ltd's proposed IPO comprises a fresh offering of 73.36 lakh shares and an OFS of 12.5 lakh shares by promoters Ranks Fiscals Pvt Ltd and Kanishk Goyal.

The firm plans to use Rs 36.37 crore from the fresh offering proceeds to repay or prepay certain borrowings. Another Rs 22.58 crore would be infused into Polar Elektric Ltd to repay or prepay its borrowings, while Rs 136 crore is proposed to be invested in the firm to meet its incremental working capital requirements. A further Rs 25.41 crore is earmarked for marketing, advertising and brand promotion of the POLAR brand.

PCI Infraprojects' proposed IPO comprises a fresh offering of 98.25 lakh equity shares and an OFS of 16.75 lakh equity shares by promoter Ankit Tayal. The proceeds from the fresh offering will be used to meet the firm's working capital requirements and for general corporate purposes.

Real estate firm Sanghvi Housing & Infrastructure's IPO is an entirely fresh offering of 60 lakh shares, with no OFS component.

The firm has earmarked Rs 164.77 crore from the IPO proceeds for investments in its subsidiaries. The funds will partly finance the development and construction costs of three ongoing projects — Sanghvi Horizon, Sanghvi Boulevard and Sanghvi Sapphire. The firm additionally plans to use the proceeds for acquiring future projects and general corporate purposes.

Mumbai-based gold jewellery manufacturer Momai Art's proposed IPO comprises a fresh offering of 1.95 crore equity shares and an OFS of 45 lakh shares by promoters.

The proceeds from the fresh offering will be used to meet working capital requirements and for general corporate purposes.

Biocon Electric's proposed IPO comprises a fresh offering of 48 lakh equity shares and an OFS of 11 lakh equity shares by promoters. The firm plans to use the offering proceeds to meet working capital requirements and for general corporate purposes.

Apart from these, over two dozen firms, including AssetGro Fintech Ltd, the parent firm of StockGro, and EverBrands India Ltd, which operates Subway restaurants, have filed their IPO papers with SEBI over the last few days.

The filings add to the growing pipeline of firms looking to tap the primary market for raising capital.