Capital market regulator SEBI has given its green light to Greensignal Bio Pharma and Endurance Technologies to launch their IPOs. The upcoming IPOs received SEBI observation on 9 September, the regulator said on its website. With the latest approvals, India’s IPO pipeline has swelled to 18. Recently, L&T Technology Services concluded its IPO while GNA Axles IPO will conclude today. ICICI Prudential Life will open its IPO on 19 September while HPL Electric IPO will open for subscription on 22 September.
Greensignal Bio Pharma = BCG specialist
In its prospectus, Greensignal Bio Pharma said it plans to sell 14,579,560 equity shares through an offer for sale (OFS) in the IPO. The offer will represent 38% of its equity share capital.
The Chennai-based company is a manufacturer of BCG vaccines for newborn children. “We are one of the four companies worldwide who have been WHO-prequalified to supply the BCG vaccine to UNICEF,” the company said in its draft prospectus. Greensignal Bio Pharma has also secured a long term arrangement dated 23 November 015 with UNICEF to supply the BCG vaccine. The company also supplies the BCG vaccine to Indonesia and Nepal which are countries outside the UNICEF ambit. In total, its products are exported to 17 countries either directly through UNICEF or indirectly through other arrangements.
Actis to exit through Endurance Technologies IPO
Actis-backed Endurance Technologies has also received SEBI’s go-ahead for its IPO which will involve sale of 24,613,024 shares through OFS. Actis Advisers plans to offload its entire shareholding of 19,295,968 shares through the IPO while the remaining shares will be sold by company promoter Anurang Jain.
Aurangabad-based Endurance makes various components such as aluminium die castings, suspensions, transmissions and brakes for its clients which include Bajaj Auto, Mahindra & Mahindra (M&M), Eicher, Royal Enfield, Harley Davidson and Tata Motors. The company made a profit of INR289.8 crore (INR2.89 billion) on revenues of INR5,240 crore (INR52.4 billion) in FY2016. To get a detailed understanding of Endurance Technologies’ business and financial performance, head to this page.