Sebi seeks clarification from 4 companies on IPO plans

Capital markets regulator Sebi has sought clarification from merchant bankers of four companies including Advanced Enzyme Technologies regarding their proposed initial public offerings.

KPR Agrochem, S P Apparels and Thyrocare Technologies are the other companies from which Sebi has sought information.

Without disclosing the details of clarifications sought, Sebi has said that it is awaiting response from Lead Managers for the proposed public offers.

According to the latest weekly update on the processing status of draft offer documents, Sebi has said clarifications were awaited on the IPO of these four companies as on February 19, 2016.

The next update would be uploaded on Sebi's website on February 29.

Sebi said it might issue observations on draft offer documents within 30 days, after receiving satisfactory reply from the lead merchant bankers regarding the clarification or additional information sought from them.

KPR Agrochem, S P Apparels and Thyrocare Technologies had filed draft papers with Sebi in December, while Advanced Enzyme Technologies approached the regulator last month.

Most of these companies plans to utilise IPO proceeds for business expansion plans and working capital requirements.

The regulator had received last communication from KPR Agrochem and S P Apparels in January.

As per the draft papers, Thyrocare Technologies, which runs a diagnostic laboratory chain across the country, plans to come out with a public issue of up to 10,744,708 equity shares.

Coimbatore-based S P Apparels intends to garner up to Rs 215 crore through fresh issue of shares, while its existing shareholders will offload 9,00,000 equity shares.

KPR Agrochems IPO comprises fresh issue of equity shares worth Rs 180 crore and an offer for sale of up to 50 lakh shares.

Advanced Enzyme Technologies IPO consists of fresh issue of shares aggregating up to Rs 60 crore and an offer for sale of up to 44,73,470 scrips by the existing shareholders.

Since the beginning of the year, as many as seven firms -- Mahanagar Gas, GVR Infra Projects, Maini Precision Products, Equitas Holding, G N A Axles, Nihilent Techonologies and New New Delhi Center for Sight -- have received Sebis approval to launch their IPOs.

Securities and Exchange Board of India ( SEBI )