Upcoming IPOs: SEBI Approves Public Issues Of EAAA India Alternatives, MV Electrosystems, Yatayat Corp

New Delhi:

Three companies -- EAAA India Alternatives, an arm of Edelweiss Financial Services, MV Electrosystems and Yatayat Corporation India -- have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Friday.

These companies, which filed their preliminary IPO papers between December and January, obtained its observation during April 20-23.

ALSO READ | NSE IPO In Focus After SEBI Expert Panel Clears Key Rs 1,800 Crore Settlement Plan: Reports

In Sebi's parlance, issuance of observations implies its go-ahead to launch public offerings.

EAAA India Alternatives is looking to float a Rs 1,500-crore IPO. The proposed issue will be entirely an offer-for-sale (OFS) by the Edelweiss Group. Consequently, the company will not receive any proceeds from the IPO, with the entire amount going to the selling shareholder.

MV Electrosystems, which manufactures electrical and power electronics equipment for railway rolling stock, plans to raise Rs 290 crore through its maiden public offering, according to the draft red herring prospectus (DRHP).

The city-based company's maiden public offering is a completely fresh issue of equity shares.

Madhuri Madhusudan Kela, wife of well-known investor Madhusudan Kela, owns a 5.6 per cent stake in the company.

Proceeds from the fresh issue worth Rs 180 crore will be used for funding long-term working capital requirements of the company, Rs 21 crore for investment in research, design and development activities for new power electronic equipment, and a portion will be used for general corporate purposes.

ALSO READ | SEBI Slashes Social Impact Fund Entry: Minimum Investment Drops From Rs 2 Lakh To Rs 1,000

Logistics and transportation services firm Yatayat Corporation India's IPO comprises a fresh issue of up to 77 lakh equity shares and an OFS of up to 56 lakh equity shares by a promoter, taking the total offer size to up to 1.33 crore equity shares, draft papers showed.

Proceeds from the fresh issue are proposed to be utilised towards meeting working capital requirements and general corporate purposes.

All three companies are proposed to list on the BSE and NSE. PTI SP DRR DRR