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Business News/ Companies / News/  Portea, Cyient DLM, and others get IPO nod
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Portea, Cyient DLM, and others get IPO nod

The companies filed their preliminary IPO papers with the regulator between July 2022 and January 2023 and received approval during March 29-31

Portea, Cyient DLM, and others get IPO nodPremium
Portea, Cyient DLM, and others get IPO nod

Healthvista India, which runs the home healthcare business Portea Medical, and Cyient DLM, the subsidiary of IT services Cyient are among the four companies that have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs), according to a Sebi update on Wednesday. The companies filed their preliminary IPO papers with the regulator between July 2022 and January 2023 and received approval during March 29-31.

Healthvista is planning a fresh issue of equity shares aggregating up to 200 crore and an offer for sale of up to 56,252,654 shares., according to its draft red herring prospectus. Venture capital and private equity investors such as Accel Partners, Ventureast, Qualcomm Asia, MEMG CDC Ventures - which is a joint fund launched by British International Investment and Manipal Education and Medical Group (Manipal Group), and Sabre Partners will offload shares, the DRHP says.

The net proceeds from the fresh issue will be utilised towards funding the working capital requirements of its subsidiary Medybiz Pharma Private Ltd., payment of debt, purchase of medical equipment, marketing and brand-building activities, and for inorganic growth initiatives and general corporate purposes.

Cyient DLM, a subsidiary of listed IT services firm Cyient, filed draft papers in January to raise 740 crore via an initial public offering. The IPO comprises a fresh issue and does not include an offer for sale portion, which means the entire funds, excluding issue expenses, will be utilised by the company.

The electronic manufacturing services and solutions provider may also consider a pre-IPO placement of up to 148 crore before filing the IPO papers with the Registrar of Companies, in which case the fresh issue size will reduce accordingly.

Cyient DLM plans to use the fund for incremental working capital requirements, capital expenditure, debt repayment, inorganic growth through acquisitions, and general corporate purposes. Currently, it is 100% owned by Cyient.

Mumbai-based Rashi Peripherals, which also filed for an IPO in January, is planning to raise 750 crore in a fresh issue. Rashi plans to use 400 crore from the IPO proceeds to repay debt and 200 crore to meet working capital needs. The public issue is a fresh issue of shares with no offer-for-sale component. The company may consider a private placement of equity shares for up to 150 crore. If such a placement is completed, the fresh issue size will be reduced.

The IPO of fintech player Zaggle Prepaid Ocean Services consists of a fresh issue of equity shares worth 490 crore as well as an offer for sale of over 1.05 crore shares. Those offering shares in the offer for sale include promoters Raj P Narayanam and Avinash Ramesh Godkhindi, and its investors VentureEast Investment Advisors and GKFF Ventures.

 

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ABOUT THE AUTHOR
Mayur Bhalerao
"Mayur spearheads data-driven reporting on IPOs for Mint. He also covers market trends, and corporate announcements to ensure comprehensive coverage of the financial landscape. Mayur believes in harnessing the power of Bloomberg Terminal and Capital Line to extract and disseminate critical financial data to cross-functional teams within the newsroom and beyond. disseminate critical financial data to cross-functional teams within the newsroom and beyond."
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Published: 05 Apr 2023, 05:32 PM IST
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