Honasa Consumer Ltd, which owns FMCG brands Mamaearth and The Derma Co, and healthcare tech firm Indegene Ltd have received markets regulator Sebi’s clearance to raise funds through Initial Public Offerings (IPOs).
In addition, engineering, procurement and construction (EPC) firm Vishnu Prakash R Punglia Ltd obtained Sebi’s go-ahead to float the initial share sale. Honasa Consumer and Indegene filed their preliminary IPO papers with Sebi in December 2022, while that of Vishnu Prakash R Punglia was filed in April 2023. The three companies obtained Sebi’s observations letter during July 25-28, an update with the regulator showed on Thursday.
In Sebi’s parlance, its observations mean it’s go-ahead to launch the public issue such as IPO and FPO (Follow-on-Public Offer). Going by the draft papers, Honasa Consumer’s proposed IPO comprises a fresh issue of equity shares worth up to Rs 400 crore and an Offer For Sale (OFS) of up to 4,68,19,635 shares by promoters and existing shareholders. Those selling shareholders in the OFS would include promoters and co-founders — Varun Alagh and Ghazal Alagh — Bollywood actor Shilpa Shetty Kundra, Rohit Kumar Bansal, Sofina Ventures and Kunal Bahl.
The IPO of Indegene consists of a fresh issue of equity shares worth up to Rs 950 crore and OFS of up to 3.63 crore equity shares by existing investors, according to the Draft Red Herring Prospectus (DRHP). The OFS consists of up to 27 lakh equity shares to be sold by individual selling shareholders — Manish Gupta, Rajesh Bhaskaran Nair, and Anita Nair — and up to 3.36 crore equity shares by existing investors, including Carlyle, Brighton Park Capital and the Nadathur Family Office.
According to merchant banking sources, the healthcare tech firm focused on the global life sciences industry is expected to mobilise Rs 3,200 crore through the initial share sale. The funds raised through the fresh issue would be used to pay debt, fund capital expenditure requirements, payment of deferred consideration for one of its past acquisitions, fund inorganic growth and general corporate purposes Jodhpur-based Vishnu Prakash R Punglia Ltd’s IPO comprises a fresh issue of 3.12 crore equity shares with no OFS component.
According to market sources, the IPO size is expected to be Rs 300 crore. Proceeds from the fresh issuance to the tune of Rs 58.64 crore will be utilised for purchasing capital equipment, Rs 140 crore will be used for funding the working capital requirements of the company and the balance for general corporate purposes. Shares of these three companies will be listed on BSE and NSE.
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