SEBI gave a green pass to the following companies by approving their draft offer documents:

  • MedPlus Health Services – Pharmacy retail chain
  • RateGain Travel Technologies – Travel technology services firm
  • Fusion Micro Finance – Microlender
  • Puranik Builders – Real estate developer
  • Prudent Corporate Advisory Services – Retail wealth management firm
  • Tracxn Technologies – Private market intelligence platform

These 6 businesses submitted preliminary IPO papers with SEBI between August and September and received the observation letters from the regulator between 16 and 18 November.

IPO details

MedPlus Health Services

IPO size – Rs. 1,639 cr.

The proceeds will be utilised to pay the company’s subsidiary Optival’s working capital requirements.

RateGain Travel Technologies

IPO size – Rs. 400 cr.

The proceeds will be used to repay debt owed to Silicon Valley Bank by RateGain UK, one of RateGain’s subsidiaries. They also look forward to paying for the acquisition of Distribution Hospitality Intelligent Systems Company (DHISCO). Further, the money will also be allocated for strategic investments, acquisitions, inorganic growth, technological innovation, artificial intelligence, and other organic development efforts. RateGain also wants to use funds for specific capital equipment for the data centre and other business objectives.

Fusion Micro Finance

IPO size – Rs. 600 cr.

It wants to use the net proceeds of the new issuance to increase the microfinance firm’s capital base.

Puranik Builders

IPO size – Rs. 510 cr.

The proceeds will be used to prepay or repay all or a portion of certain outstanding borrowings taken from banks and other lenders, and for other general company purposes.

Prudent Corporate Advisory Services

Entirely an offer for sale (OFS) of 85.49 lakh equity shares.

The company will not receive any profits from the IPO. All proceeds will be received by the selling shareholders in proportion to the offered shares sold by the individuals.

Tracxn Technologies

Offer for sale (OFS) of 3.86 cr. equity shares by promoter and investor selling shareholders.

The offer’s goals are to reap the benefits of listing the shares on stock exchanges and to sell up to 3.86 cr. shares by the selling shareholders.

The six firms’ equity shares are anticipated to get listed on the BSE and NSE.

Ayushi Mishra

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