The IPO space is heating up as two firms, Parag Milk Foods and Maini Precision Products, filed draft papers to fund business expansion.
Today the IPO space is heating up as two firms, Parag Milk Foods and Maini Precision Products, filed draft papers to fund business expansion, reported by PTI.
Both have filed draft documents with markets regulator Sebi to float their initial public offers (IPOs). The public issue of Parag Milk Foods consists of fresh issue of equity shares worth Rs 325 crore and an offer for sale of up to 19,850,000 equity shares.
The net profits are to be utilised for expansion and modernisation as well as investment in subsidiary which will modernise the Bhagyalaxmi Dairy Farm.
The Book Running Lead Managers for Parag Milk IPO are Kotak Mahindra Capital, JM Financial Institutional Securities, IDFC Securities and Motilal Oswal Investment Advisors.
Under the Maini Precision Products' IPO, there would be a fresh issue of equity shares worth Rs 50 crore. Besides, an offer for sale of up to 10 lakh equity shares each would be made by Sudarshan Kumar Maini and Reva Maini.
That apart, up to 9.3 lakh equity shares would be made by Sandeep Kumar Maini and up to 500,000 equity shares each by Gautam Maini and Chetan Kumar Maini. Sudarshan Kumar Maini, Reva Maini, Sandeep Kumar Maini, Gautam Maini and Chetan Kumar Maini are promoters of the company.
The profits of the issue will be utilised for construction of a new building for a manufacturing facility at Nelamangala, for purchase of machinery, part pre-payment of debt and other general corporate purposes.
The Book Running Lead Managers to this Issue are ICICI Securities and IIFL Holdings. The equity shares offered through both the issues are proposed to be listed on the BSE and the NSE.