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Business News/ Markets / Ipo/  EaseMyTrip, Puranik Builders among 4 companies to get Sebi's go-ahead for IPO
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EaseMyTrip, Puranik Builders among 4 companies to get Sebi's go-ahead for IPO

EaseMyTrip.com is operated by Easy Trip Planners Private Ltd
  • The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019.
  • The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019. (iStockphoto)Premium
    The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019. (iStockphoto)

    NEW DELHI : As many as four companies, including online travel firm EaseMyTrip and realty firm Puranik Builders, have received markets regulator Sebi's go-ahead to float initial public offerings.

    Construction firm Montecarlo and manufacturer of pharmaceutical chemicals Chemcon Speciality Chemicals are the other companies that obtained clearance from Sebi.

    The companies had filed draft offer documents with the Securities and Exchange Board of India (Sebi) during September-December 2019.

    According to latest update with the markets watchdog, EaseMyTrip and Puranik Builders obtained Sebi's "observations" on January 28, while the same for Montecarlo and Chemcon Speciality Chemicals was obtained on January 31.

    Sebi's observations are necessary for any company to launch public issues such as initial public offer, follow-on public offer and rights issue.

    Going by the draft papers, EaseMyTrip.com plans to float a 510 crore initial public offering (IPO), through which the company's founders Nishant Pitti and Rikant Pitti will each sell shares to the tune of 255 crore through offer-for-sale mechanism.

    EaseMyTrip.com is operated by Easy Trip Planners Private Ltd.

    The IPO of Puranik Builders consists of fresh issue of shares worth 810 crore, besides an offer for sale up to 18,59,620 equity shares by the company's promoters and existing shareholders.

    According to market sources, the IPO size could be estimated at 1,000 crore.

    Montecarlo filed fresh papers with Sebi in September 2019 to launch an IPO comprising fresh issuance of shares worth 450 crore, besides an offer for sale of up to 30 lakh equity stocks by existing shareholder Kanubhai M Patel Trust.

    According to market sources, Montecarlo's IPO size is estimated to be 550 crore.

    In May 2018, Montecarlo had approached Sebi with draft prospectus seeking its approval to raise funds through initial share-sale and secured the market regulator's nod in August last year to float the public issue. However, the company did not launch the IPO.

    Chemcon Speciality Chemicals' IPO comprises of fresh issue of shares worth 175 crore and an offer for sale of 43 lakh equity shares from the promoters.

    Sources pegged the company's IPO size at 350 crore.

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    Published: 03 Feb 2020, 08:44 PM IST
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