Premier Industrial Corp, Duroflex, 3 others get Sebi's nod to float IPO

New Delhi, Feb 13 (PTI) As many as five companies, including Premier Industrial Corporation and mattress maker Duroflex, have secured Sebi approval to launch their IPOs, an update with the markets regulator showed on Friday. Besides, pharmaceutical company Virupaksha Organics, Mumbai-based Hexagon Nutrition, and Om Power Transmission have received approvals from the regulator. These companies, which filed their preliminary IPO papers with Sebi between September and October, received Sebi’s observations between February 10 and 13, the update showed. In regulatory parlance, receipt of observations allows companies to proceed with their public issues. According to the draft papers of Premier Industrial Corporation, the proposed initial public offering (IPO) comprises a fresh issue of up to 2.25 crore shares and an OFS of up to 54 lakh shares. The company intends to use the proceeds for setting up a new wire manufacturing facility at Honad, Khalapur, Raigad (Maharashtra) and for expanding its existing facility at Wada, Palghar (Maharashtra) by increasing the capacity of certain products. Funds will also be allocated towards working capital and general corporate purposes. In addition, the company may consider a pre-IPO placement of up to Rs 30 crore, which, if undertaken, will reduce the size of the fresh issue. Premier Industrial Corporation is among the fastest-growing manufacturers in both powders and wires categories of the welding consumables industry. The proposed IPO of mattress maker Duroflex is a mix of fresh issue of equity shares worth Rs 183.6 crore and an offer for sale of up to 2.25 crore shares by promoters and existing investors. As part of the OFS, Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph will offload a portion of their shareholdings. Mumbai-based Lighthouse Funds, through its affiliates, will also sell its holding in the sleep solutions company Duroflex. The company plans to utilise the proceeds from the fresh issue towards setting up 120 new company-owned company-operated (COCO) stores, meeting lease, sub-lease rent, and license fee obligations for existing COCO stores and the manufacturing facility, funding marketing and advertising initiatives to enhance brand visibility, and general corporate purposes. Founded in 1963, Duroflex is among the top three mattress companies in India by market share, and operates across mattresses, foam, furniture, pillows, accessories, and other bedding products. Hyderabad-based pharmaceutical company Virupaksha Organics proposed IPO is entirely a fresh issue of equity shares worth Rs 740 crore. It may consider raising Rs 148 crore in a pre-IPO placement round. If such placement is undertaken, then the issue size will be reduced. Proceeds from the fresh issue worth Rs 360 crore will be used by Virupaksha to fund its capital expenditure requirement for capacity expansion, Rs 195 crore earmarked for payment of debt and the balance towards general corporate purposes. Virupaksha Organics is a research and development-driven Indian pharmaceutical company engaged in the manufacturing of active pharmaceutical ingredients and intermediates. Hexagon Nutrition’s proposed IPO is entirely an OFS of over 3.08 crore equity shares by promoters. Incorporated in 1993, Hexagon Nutrition is engaged in developing and manufacturing products across micronutrient premixes, branded wellness and clinical nutrition, therapeutic formulations, and ready-to-use foods. Also, the proposed IPO of Om Power Transmission is a mix of fresh issue of 90 lakh shares and an offer-for-sale of 10 lakh shares by promoters. Proceeds from the fresh issue will be used towards the purchase of machinery and equipment, repayment of debt, funding long-term working capital requirements, and general corporate purposes. Ahmedabad-based Om Power Transmission is engaged in executing high-voltage and extra-high voltage transmission lines, substations, and underground cabling projects, and providing comprehensive operation and maintenance (O&M) services. The shares of the companies will be listed on the BSE and NSE. PTI HG HG BAL BAL