Sebi approves Thyrocare Technologies, Ujjivan Financial IPO plans
Thyrocare’s Rs.400-crore IPO is an offer for sale; Ujjivan aims to raise Rs.1,200 crore through a fresh issue of shares
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Mumbai: Securities and Exchange Board of India (Sebi) has approved draft initial public offering (IPO) proposals of two companies–Thyrocare Technologies Ltd and Ujjivan Financial Services Ltd, according to information available on the regulator’s website.
Both companies had filed their draft IPO prospectus on 4 January.
Diagnostics firm Thyrocare’s Rs.400-crore IPO is an offer for sale by private equity investor CX Partners and the firm’s promoters. CX Partners which holds 21% stake in the company is looking to sell almost 90% of its holding through the public issue.
Other PE investors in the company—Norwest Venture Partners and Samara Capital are not selling their stakes. Norwest and Samara hold 9.43% and 2% respectively in Thyrocare Technologies.
JM Financial Institutional Securities Ltd, Edelweiss Financial Services Ltd, and ICICI Securities Ltd are merchant bankers to the Thyrocare issue.
Micro-lender Ujjivan which received a provisional license to convert itself to a small finance bank, aims to raise Rs.1,200 crore through a fresh issue of shares as well as share sale by existing shareholders.
On 19 February, Mint had reported that Ujjivan raised over Rs.300 crore from a clutch of investors in a private placement round ahead of its planned IPO. Ujjivan originally planned to raise Rs.650 crore as primary capital through its IPO. The pre-IPO fund-raising will bring the overall size of the IPO down to around Rs.1,200 crore, from the planned issue size of around Rs.1,500 crore.
Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, ICICI Securities Ltd and IIFL Holdings Ltd are financial advisors to Ujjivan’s IPO.
More than two dozen companies have filed their draft papers with Sebi and most of them have already received regulatory approval, data from Prime Database showed.
So far in 2016, three companies have raised close to Rs.1,300 crore. Last year, 21 firms raised almost Rs.13,614 crore through the IPO route, data showed.
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