SEBI Approves IPO Plans for Five Companies, Including Entero Healthcare Solutions and Exicom Tele-Systems

Mumbai, January 26, 2024: The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) for five companies, paving the way for them to enter the capital markets. The companies approved include JNK India, Entero Healthcare Solutions, Exicom Tele-Systems, and Akme Fintrade.

Entero Healthcare Solutions, a Haryana-based healthcare products distribution platform, received an observation letter from SEBI on January 16. According to SEBI, the issuance of an observation letter allows the company to launch its IPO within one year from the allotment date of the letter. Entero Healthcare Solutions plans to raise funds through a fresh issuance of shares worth Rs 1,000 crore and an offer-for-sale (OFS) of 85,57,597 equity shares by selling shareholders.

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Similarly, Exicom Tele-Systems, a company specializing in EV charging solutions, received an observation letter on January 19. The IPO comprises a fresh issue of Rs 400 crore and an offer-for-sale of 74 lakh equity shares by promoter NextWave Communications.

JNK India and Akme Fintrade also received observation letters on January 18, allowing them to proceed with their IPO plans. JNK India’s IPO includes a mix of fresh issuance of shares worth Rs 300 crore and an offer-for-sale of 84.21 lakh equity shares by existing shareholders. On the other hand, Akme Fintrade’s maiden public issue consists of only a fresh issue of 1.1 crore equity shares.

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Before the filing of the red herring prospectus (RHP) with the Registrar of Companies (ROC), JNK India may raise Rs 60 crore in a pre-IPO placement. The company intends to utilize Rs 275.72 crore of the net fresh issue proceeds for working capital requirements and the remaining for general corporate purposes.

Entero Healthcare Solutions, among the top three healthcare products distributors in India, plans to consider fundraising of Rs 200 crore via private placement before filing the RHP. The net proceeds from the fresh issue will be used for working capital requirements and general corporate purposes.

Exicom Tele-Systems, incorporated in 1994 and operating in the electric vehicle supply equipment (EV charger) solutions business, aims to utilize the net fresh issue proceeds for setting up production/assembly lines, repaying debts, working capital requirements, and investment in research and development.

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The book-running lead managers for the respective issues are ICICI Securities, DAM Capital Advisors, Jefferies India, JM Financial, and SBI Capital Markets for Entero Healthcare Solutions; Monarch Networth Capital, Unistone Capital, and Systematix Corporate Services for Exicom Tele-Systems; and Gretex Corporate Services for Akme Fintrade.

Meanwhile, the IPO papers for Stallion India Fluorochemicals were returned by SEBI on January 19.

Disclaimer: The views and investment tips expressed by investment experts are their own and do not constitute financial advice. Investors are advised to conduct thorough research before making any investment decisions.

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