Upcoming IPO: boAt, Allchem Lifescience, Jain Resource Recycling receive SEBI nod to launch IPOs

Upcoming IPO: Imagine Marketing Ltd (boAt), Allchem Lifescience, and Jain Resource Recycling have received final observation by the Securities and Exchange Board of India (SEBI) for launching their initial public offerings (IPOs).

boAt IPO

boAt, recognised for its headphones and smartwatches, submitted its IPO application in April via a confidential route. The confidential filing method, launched by SEBI in November 2022, enables companies to privately present their IPO documentation. This strategy assists in safeguarding crucial business details from rivals, offers increased flexibility regarding the IPO timing, and protects companies from early public examination or possible legal issues, according to reports.

The firm, supported by Warburg Pincus, is aiming for a valuation of ₹13,000 crore, as per reports.

This represents the company's second attempt to launch an IPO. Previously, the firm submitted draft papers in January 2022 for a ₹2,000-crore initial public offering, which included a new issue of equity shares valued at ₹900 crore and an offer for sale (OFS) totalling ₹1,100 crore.

Founded in 2013 by Aman Gupta and Sameer Mehta, Imagine Marketing provides a diverse range of products, including audio equipment, smart wearables, personal grooming items, and mobile accessories.

Allchem Lifescience IPO

Allchem Lifescience IPO consists of a fresh issue of equity shares with a face value of ₹10 each, amounting to a total of ₹190 crore, alongside an offer for sale of up to 7,155,000 equity shares of the same face value. The offer for sale includes a maximum of 3,577,500 equity shares by Kantilal Ramanlal Patel and an equal number by Manisha Bipin Patel (Promoter Selling Shareholder).

Emkay Global Financial Services serves as the sole book-running lead manager for the issue.

Jain Resource Recycling IPO

The public offering totalling up to ₹2,000 crore includes a new issue of equity shares amounting to ₹500 crore and an offer for sale (OFS) up to ₹1,500 crore.

Jain Resource Recycling plans to use the net proceeds for the prepayment or scheduled repayment of some of the company's existing borrowings, as well as for general corporate purposes.

The firm mainly specialises in producing non-ferrous metal products by recycling non-ferrous metal scraps.

The book-running lead managers for the issue are DAM Capital Advisors Limited, ICICI Securities Limited, Motilal Oswal Investment Advisors Limited, and PL Capital Markets Private Limited.

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