Puranik Builders to get Sebi's go-ahead for IPO
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 Rs 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 Rs 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 Rs 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 Rs 1,000 crore.
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