India: Mahanagar Gas, GVR Infra, Equitas, Maini Precision & GNA Axles get Sebi nod for IPO

Photo: Reuters

2016 has kicked off with five more companies including Mahanagar Gas Ltd, Equitas Holding, GVR Infra Projects, GNA Axles and Maini Precision Products receiving market regulator Sebi’s approval for their initial public offering (IPO), PTI reported.

These are the companies which filed their draft red herring prospectus (DRHP) in September-November quarter 2015 and are expected to raise at least Rs 2,500 crore ($369.8 million), an ET report said, citing sources.

Most of them plan to use the money for expansion and working capital requirements.

Microfinance firm Equitas Holdings IPO will comprise fresh issue of Rs 600 crore as well as the same amount of shares to sell by existing investors. GVR Infra will sell fresh shares worth Rs 400 crore besides selling 43.22 lakh shares by its existing investor IDFC PE.

Mahanagar Gas’ IPO includes up to 12.34 million shares sale by GAIL and an equal volume by UK’s British Gas Asia Pacific Holdings.

GNA Axels and Maini Precision Products’ include 63 lakh shares and 30.3 lakh shares respectively for sale.

Like in 2015, the IPO market is expected to see a huge rush this year also. There are 20 companies that have secured SEBI’s approval to raise Rs 7,315 crore, with 11 still on the wait-list to mop up Rs 5,445 crore, according to Pranav Haldea, MD of Pime Database.

Last year, around $2 billion was raised by Indian companies through the IPO route against $226 million in 2014, indicating a seven-fold growth.

Also Read: India 2015: IPO activity sees sharp recovery as firms raise close to $2b
India 2016: IPO exits, stressed asset sales & control deals will be top PE trends
Malaysia IPOs: A challenging 2015, slower 2016 for co listings

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.