Check out which three companies receive Sebi approval for IPO

The three firms, which filed their initial IPO documents with the markets regulator between October and November 2023, got their observations during February 7-9, an update with the Securities and Exchange Board of India (Sebi) revealed on Monday.

Introduction:

Gopal Snacks Ltd, Dee Development Engineers, and SRM Contractors have secured approval from the Securities and Exchange Board of India (Sebi) to launch their initial public offerings (IPOs). 

The approval, granted after receiving observations from Sebi, signifies the green light for these companies to proceed with their maiden public issues.

Gopal Snacks Ltd:

Gopal Snacks Ltd’s proposed IPO consists entirely of an Offer For Sale (OFS) of equity shares totaling Rs 650 crore. 

The OFS includes shares worth up to Rs 100 crore by Bipinbhai Vithalbhai Hadvani, up to Rs 540 crore by Gopal Agriproducts Pvt Ltd, and up to Rs 10 crore by Harsh Sureshkumar Shah. 

Established in 1999, Gopal Snacks is a prominent fast-moving consumer goods company in India, specializing in ‘namkeen’, western snacks, and other products nationwide.

Dee Development Engineers:

Dee Development Engineers’ IPO comprises a combination of fresh issuance of equity shares worth Rs 325 crore and an OFS of 79 lakh equity shares by promoter Krishan Lalit Bansal. 

The funds raised through the fresh issue will be allocated towards debt repayment, supporting working capital needs, and general corporate purposes. 

Dee Development Engineers is an engineering firm that offers specialized process piping solutions to various industries, including oil and gas, power, chemicals, and others.

SRM Contractors:

SRM Contractors’ maiden public issue consists solely of a fresh issuance of 62 lakh equity shares. The funds raised from this offering will be utilized for various corporate objectives. 

SRM Contractors is a construction company engaged in providing comprehensive construction services.

Conclusion:

The approval from Sebi for the IPOs of Gopal Snacks Ltd, Dee Development Engineers, and SRM Contractors marks an important milestone for these companies in their fundraising endeavors. 

As they prepare to enter the public markets, investors will closely monitor their IPOs, considering their respective business models, growth prospects, and utilization of funds raised through the offerings.