Arkade Developers, Juniper Hotels, and two more approved for Sebi IPOs
As per Securities and Exchange Board of India (Sebi) updates, approval has been granted to four companies, namely Juniper Hotels (operator of hotels under the Hyatt brand), Arkade Developers, CJ Darcl Logistics (logistic firm), and Indo Farm Equipment (manufacturer of tractors, pick and carry cranes, and other farm equipment), to raise funds through initial public offerings (IPOs).
The regulatory nod for these companies, which submitted their preliminary IPO papers to Sebi between September and October 2023, was received during January 24-29. In the terminology of Sebi, the receipt of the regulator's observation signifies approval to proceed with the public issue.
Interestingly, Sebi has chosen to return the draft IPO documents of Kronox Lab Sciences and Shree Tirupati Balajee Agro Trading Company without providing any explanation for this decision, as indicated in the update.
Juniper Hotels, in its proposed maiden public issue, plans to issue entirely fresh equity shares valued at Rs 18 billion. The company intends to allocate the net proceeds of Rs 15 billion for debt repayment, while a portion of the funds will be earmarked for general corporate purposes.
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