Both Senores Pharmaceuticals and Sagility India have received observation letters from SEBI, which means they have received the green light to proceed with their IPOs. In SEBI’s terminology, receiving an observation letter indicates that the company is allowed to move ahead with its public issue.
Senores Pharmaceuticals IPO
The Securities and Exchange Board of India (SEBI) has granted approval to the initial public offering (IPO) of Ahmedabad-based Senores Pharmaceuticals Ltd. The pharmaceutical company had filed its draft papers in July for the public issue, which will include a fresh issue worth up to Rs 500 crore and an offer for sale (OFS) of 27 lakh equity shares.
Prominent shareholders participating in the OFS include promoter entities Swapnil Jatinbhai Shah, Ashokkumar Vijaysinh Barot, Sangeeta Mukur Barot, and non-promoter investor Prakash M. Sanghvi. Currently, promoters hold a 66.67% stake in the company.
From the fresh issue, Rs 107 crore will be allocated to setting up a manufacturing facility for sterile injections at the company’s Atlanta facility in the U.S. via Havix Group, Inc. An additional Rs 93 crore will be used to repay existing debt, with the remaining funds aimed at working capital, acquisitions, and other strategic expansion initiatives.
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Sagility India IPO
SEBI also approved the IPO of Bengaluru-based Sagility India Ltd. The company aims to sell 98.44 crore shares held by its promoter entity, Sagility BV, which is an affiliate of EQT Private Capital Asia. Since the entire issue is an OFS, all proceeds from the IPO will go to the selling shareholder, meaning Sagility India itself will not directly receive any funds from the offering.
Sagility India specialises in technology-driven services, providing support to payers such as U.S.-based health insurance companies and healthcare providers, including hospitals, physicians, and medical device companies.
Senores and Sagility IPO Details
Senores Pharmaceuticals is aiming to use a portion of the funds to set up an Atlanta-based facility to produce sterile injections, while also repaying debt and investing in inorganic growth opportunities. Sagility India, on the other hand, is offering all its shares for sale, with the proceeds going directly to its promoter, Sagility BV. The company’s IPO focuses on providing an exit for the promoter rather than raising capital for business operations.
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JSW Cement IPO
On the other hand, the initial public offering for JSW Cement Ltd. remains on hold as SEBI has yet to give its approval. The JSW Group company, which filed its preliminary papers in August, aims to raise Rs 4,000 crore through the IPO. The proposed public issue consists of a fresh issue of Rs 2,000 crore and an offer for sale of Rs 2,000 crore by existing shareholders. The proceeds are expected to support the company’s growth plans, but SEBI has not yet cleared the filing for the IPO launch.
