IPO Alert: Premier Energies, P N Gadgil, Ecos India and KRN Heat Exchanger IPOs get SEBI nod

Sebi has granted approval for IPOs by Premier Energies, P N Gadgil Jewellers, Ecos India Mobility, and KRN Heat Exchanger. The offerings include a mix of fresh issues and Offers For Sale, with the companies aiming to raise substantial funds for expansion and debt reduction.

4 new IPOs get SEBI nod: Premier Energies, P N Gadgil, Ecos India, and KRN Heat Exchanger IPOs in focus. (Photo credit: depositphotos)

New Delhi: Markets regulator SEBI approved the IPO applications of four companies, namely, Premier Energies, P N Gadgil Jewellers, Ecos India Mobility and Hospitality, and KRN Heat Exchanger. The clearance was given via SEBI observation letters issued between July 22 and July 26.

Premier Energies IPO

The solar cell producer plans to undertake an IPO consisting of a new issuance of equity shares worth Rs 1,500 crore and an Offer For Sale (OFS) of up to 2.82 crore shares.

The OFS component consists of divestments by:

• South Asia Growth Fund II Holdings
• South Asia EBT Trust
• Promoter Chiranjeev Singh Saluja

The fresh issue proceeds worth Rs 1,168 crore will be used to invest in its subsidiary, Premier Energies Global Environment and to fund the establishment of a 4GW solar PV TOPCon cell and module manufacturing facility in Hyderabad, apart from general corporate purposes.

P N Gadgil Jewellers IPO

The jewellery store chain plans to raise Rs 1,100 crore via IPO with a fresh issue worth Rs 850 crore and an OFS of Rs 250 crore from promoter SVG Business Trust. Fresh issue earnings will be used for:

• Opening 12 new stores in Maharashtra
• Debt repayment
• General company expenses

Ecos India Mobility & Hospitality IPO

Ecos India Mobility plans to raise funds via offer for sale of promoter stake held by Rajesh Loomba and Aditya Loomba equalling 1.8 crore shares.  The proceeds will go directly to the promoters.

KRN Heat Exchanger IPO

KRN Heat Exchanger IPO will comprise 1.93 crore freshly issued shares. The IPO proceeds will be used to establish a new manufacturing plant in Neemrana, Alwar, Rajasthan, through its fully owned subsidiary, KRN HVAC Products.

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