Primary market action: Nearly a dozen companies file IPO papers with SEBI

Nearly a dozen companies, including renewable energy firm Inox Clean Energy, real estate firm Shreejikrupa Project, consumer appliances maker Vardhman Appliances and Wadhwa Group Holdings, have filed preliminary papers with markets regulator Sebi to raise funds through initial public offerings (IPOs).

The other companies that have filed preliminary papers are Pioneer Fabricators, Pentacle Consultants (I), Tenty, PCI Infraprojects, Sanghvi Housing & Infrastructure, Momai Art and Biocon Electric.

The filings, made between September 29 and 30, come amid sustained activity in the primary market, with companies looking to raise capital for business expansion, working capital requirements, debt repayment and other corporate purposes.

Inox Clean Energy is the largest issue among the companies that have disclosed their offer size. Its IPO comprises a fresh issue of equity shares worth up to Rs 8,000 crore and an offer for sale (OFS) of shares worth up to Rs 2,000 crore by promoter Devansh Jain, taking the proposed issue size to up to Rs 10,000 crore.

The company, part of the INOXGFL Group, plans to use proceeds from the fresh issue to repay or prepay, in full or in part, certain outstanding borrowings of the company and its subsidiaries, besides meeting general corporate requirements.

Shreejikrupa Project's proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 410 crore and an OFS worth up to Rs 90 crore by existing shareholders, totalling up to Rs 500 crore.

The company plans to use the fresh issue proceeds to fund capital expenditure, including the purchase and installation of equipment and machinery and scaffolding, part-finance incremental working capital requirements and for general corporate purposes.

Vardhman Appliances' proposed IPO comprises a fresh issue of equity shares worth up to Rs 250 crore and an OFS of up to 2.50 crore equity shares. The company plans to utilise the proceeds from the fresh issue for setting up a new project in Baghpat, Uttar Pradesh, and payment of debt. A portion of the proceeds will also be invested in wholly owned subsidiary Lazer India for repayment of its outstanding borrowings and general corporate purposes.

Wadhwa Group Holdings, the holding company of real estate developer The Wadhwa Group, has filed preliminary papers with Sebi through the confidential pre-filing route.

Under this route, companies can keep their draft offer documents out of the public domain until the regulatory review process reaches a more advanced stage.

Consequently, details regarding the offer structure, financial performance, valuation and proposed listing timeline are not available at this stage.

Pioneer Fabricators' proposed IPO will entirely comprise a fresh issue of shares worth Rs 190 crore, with no OFS component. The company plans to use the IPO proceeds to meet working capital requirements and purchase plant and machinery and undertake civil construction for existing and proposed manufacturing units.

Pentacle Consultants has proposed a fresh issue of equity shares worth up to Rs 106.69 crore and an OFS of 21.25 lakh equity shares by promoter Pallavi Mahendra More.

Of the fresh issue proceeds, Rs 22.16 crore will fund the proposed acquisition of Segmental Infrastructure Development Ltd, while Rs 6.5 crore will repay or prepay certain borrowings. Another Rs 19.93 crore will go towards incremental working capital requirements, with the remaining amount earmarked for inorganic growth through unidentified acquisitions, general corporate purposes and issue-related expenses.

Tenty Ltd's proposed IPO comprises a fresh issue of 73.36 lakh shares and an OFS of 12.5 lakh shares by promoters Ranks Fiscals Pvt Ltd and Kanishk Goyal.

The company plans to use Rs 36.37 crore from the fresh issue proceeds to repay or prepay certain borrowings. Another Rs 22.58 crore would be infused into Polar Elektric Ltd to repay or prepay its borrowings, while Rs 136 crore is proposed to be invested in the company to meet its incremental working capital requirements. A further Rs 25.41 crore is earmarked for marketing, advertising and brand promotion of the POLAR brand.

PCI Infraprojects' proposed IPO comprises a fresh issue of 98.25 lakh equity shares and an OFS of 16.75 lakh equity shares by promoter Ankit Tayal. The proceeds from the fresh issue will be used to meet the company's working capital requirements and for general corporate purposes.

Real estate firm Sanghvi Housing & Infrastructure's IPO is an entirely fresh issue of 60 lakh shares, with no OFS component.

The company has earmarked Rs 164.77 crore from the IPO proceeds for investments in its subsidiaries. The funds will partly finance the development and construction costs of three ongoing projects — Sanghvi Horizon, Sanghvi Boulevard and Sanghvi Sapphire. The company also plans to use the proceeds for acquiring future projects and general corporate purposes.

Mumbai-based gold jewellery manufacturer Momai Art's proposed IPO comprises a fresh issue of 1.95 crore equity shares and an OFS of 45 lakh shares by promoters.

The proceeds from the fresh issue will be used to meet working capital requirements and for general corporate purposes.

Biocon Electric's proposed IPO comprises a fresh issue of 48 lakh equity shares and an OFS of 11 lakh equity shares by promoters. The company plans to use the issue proceeds to meet working capital requirements and for general corporate purposes.

Apart from these, over two dozen companies, including AssetGro Fintech Ltd, the parent company of StockGro, and EverBrands India Ltd, which operates Subway restaurants, have filed their IPO papers with SEBI over the last few days.

The filings add to the growing pipeline of companies looking to tap the primary market for raising capital.