Fedbank Financial, Dreamfolks, Archean Chemical Get Sebi’s Nod To Float IPOs

Fedbank Financial, Dreamfolks, Archean Chemical Get Sebi’s Nod To Float IPOs

Dreamfolks Services’ IPO is entirely an OFS of up to 2,18,14,200 equity shares by promoters

New Delhi:

Three companies — Federal Bank’s subsidiary Fedbank Financial Services, airport service aggregator platform Dreamfolks Services and speciality marine chemical manufacturer Archean Chemical Industries — have received capital markets regulator Sebi’s go ahead to raise funds through Initial Public Offerings (IPOs).

These companies, which filed their preliminary IPO papers with Sebi in January and February, obtained observation letter from the regulator during May 9-13, an update with the the capital markets watchdog showed on Tuesday.

In Sebi’s parlance, its observation implies the company concerned has received the approval to launch the IPO.

Going by the draft papers, the IPO of Fedbank Financial Services Ltd (FedFina) comprises fresh issue of equity shares worth up to Rs 900 crore and an Offer For Sale (OFS) of up to 1,64,97,973 equity shares by Federal Bank and up to 2,92,16,313 equity shares by True North Fund VI LLP.

The company proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier – I capital base to meet its future capital requirements arising out of the growth of business and assets.

Dreamfolks Services’ IPO is entirely an OFS of up to 2,18,14,200 equity shares by promoters — Liberatha Peter Kallat, Dinesh Nagpal and Mukesh Yadav.

The public issue will constitute 41.75 per cent of the post offer paid-up equity share capital of the company.

Archean Chemical Industries’ IPO consists of a fresh issue of equity shares aggregating up to Rs 1,000 crore and an OFS of up to 1.9 crore shares by the promoter and investors, including the India Resurgence Fund, a joint venture between Piramal Group and Bain Capital.

According to market sources, the company is expected to raise anywhere between Rs 2,000 crore and Rs 2,200 crore through the initial share sale.

The company plans to use the proceeds of the fresh issue for the redemption of non-convertible debentures issued by it.

The equity shares of the three companies will be listed on the BSE and NSE. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

Assam Press