Upcoming IPOs: Blackstone-owned International Gemological Institute, Ventive Hospitality, and five others get SEBI nod

Upcoming IPO: Blackstone-owned International Gemological Institute (India) Limited, Ventive Hospitality, Concord Enviro Systems Limited, Carraro India Limited, Trualt Bioenergy Limited, Smartworks Coworking Spaces Limited, and Ecom Express Limited received the final approval from the Securities and Exchange Board of India (SEBI) for going ahead with their initial public offering (IPO), according to a regulatory filing on November 29. 

International Gemological Institute IPO Details

The International Gemological Institute (India) Limited is Blackstone-owned and the largest certification and accreditation provider for natural diamonds, laboratory-grown diamonds, studded jewellery, and coloured stones.

The company plans to raise nearly ₹4,000 crore from the public markets to fund its acquisition goals and general corporate purposes.

“Our Company proposes to utilize a portion of the net proceeds towards acquiring 100 per cent of the share capital of IGI Belgium Group and IGI Netherlands Group from our promoter. Following the completion of the proposed acquisitions, our company will become the 100% shareholder of IGI Belgium and IGI Netherlands, and will be responsible for operation of the IGI business globally,” said the company in its DRHP filing.

The IPO, through a book-built issue, is offering a mix of fresh issues worth up to ₹1,250 crore and an offer-for-sale (OFS) component of up to ₹2,750 crore by BCP Asia II TopCo Pte. Ltd, the promoter of the jewellery certifier.

The company disclosed that not more than 75 per cent of the public issue will be allocated to Qualified Institutional Buyers (QIBs), not more than 15 per cent will be allocated to Non-Institutional Investors (NIIs), and 10 per cent will be available for retail investors, according to the draft papers.

Axis Capital Limited, Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, and SBI Capital Markets Limited are the book-runners of the public issue. KFin Technologies Limited is the registrar for the offer. 

Concord Enviro IPO Details

Concord Enviro Systems Limited is a Mauritius-based AF Holdings-backed water and wastewater treatment solutions provider offering a fresh issue of equity shares valued at ₹192.3 crore and an offer-for-sale (OFS) of 51,94,520 or 51.94 lakh equity shares by existing shareholders.

The company has more than 353 domestic and 24 international clients across multiple industries, including pharmaceuticals, chemicals, food and beverage, defence and energy, automotive, steel, and textiles. Concord Enviro Systems has two manufacturing facilities in India and the UAE, according to the company statement.

AF Holdings, which has a 39.07 per cent stake in the firm, will sell 47.4 lakh equity shares through the offer-for-sale (OFS), while the Goel family, the promoters with a 60.93 per cent stake, will offload 4,54,520 equity shares through the issue.

Motilal Oswal Investment Advisors and Equirus Capital Private are serving as book-running lead managers for the issue, while Link Intime India is acting as the registrar for the offer. 

Ventive Hospitality IPO Details

Ventive Hospitality Limited is a hospitality asset owner that focuses primarily on luxury offerings in the business and leisure segments. The company’s assets are managed by or franchised through global brands such as Marriott, Hilton, Minor, and Atmosphere.

The Ventive Hospitality IPO through a book-built issue involves a fresh equity issue of up to ₹2,000 crore, with a face value of Re 1 per share.

As of March 2024, the portfolio consists of 11 operational hospitality assets in India and the Maldives, with a total of 2,036 rooms across luxury, upper-upscale, and upscale segments.

JM Financial, Axis Capital, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Securities, Kotak Mahindra Capital Company, and SBI Capital Markets are serving as the book-runner for the issue. 

Carraro India IPO Details

Carraro India is a manufacturer of axles and transmission systems for agricultural tractors and construction vehicles.

The company aims to raise ₹1,811.65 crore through an entire offer-for-sale (OFS) by the company’s promoter, Carraro International S E, a holding entity under the Carraro S.p.A. group.

The Italy-based Carraro S.p.A. is the parent company of the Carraro Group, which specializes in manufacturing transmission systems like axles, transmissions, and drives. These are used in agricultural and construction equipment for off-highway vehicles.

Carraro India operates out of two manufacturing plants in Pune, and the company has supplied products to 38 manufacturers across India in the financial year 2024, with 64.82 per cent of its revenue coming from domestic sales.

Axis Capital Limited, BNP Paribas and Nuvama are the book-running lead managers for the public offer, while Link Intime India Pvt. Ltd. is the registrar of the offer. 

Trualt Bioenergy IPO Details

Bengaluru-based TruAlt Bioenergy is a prominent biofuel producer in India. The company is offering a fresh issue of ₹750 crore and an offer-for-sale (OFS) of up to 36 lakh equity shares, with a face value of ₹10 per share.

The company will use ₹172.68 crore raised from the public offer to finance capital expenses for establishing multi-feed stock operations. This will enable the utilisation of grains as extra raw material in the ethanol plant at TBL Unit 4, which has a capacity of 300 kilolitres (KLPD). Additionally, ₹425 crore will be used to cater to the working capital needs and for general corporate purposes.

The company is currently acknowledged as the biggest ethanol producer in India based on its installed capacity, boasting a daily production capability of 1,400 KLPD as of March 31, 2024.

DAM Capital Advisors Limited and SBI Capital Markets Limited are the book-runners for the public issue, while Bigshare Services Private Limited is serving as the registrar for the offer. 

Smartworks Coworking Spaces IPO Details

Smartworks Coworking Spaces Limited is a prominent platform offering managed campuses and office experiences. The company specialises in taking over big, empty shell properties in desirable locations and turning them into fully furnished, technologically advanced campuses with all the luxuries of today’s universities.

The IPO consists of an offer for sale (OFS) component from 67.59 lakh shares and a new issue of equity shares valued at ₹550 crore.

The money raised from the fresh issue, totalling ₹282.30 crore, will be used for security deposits and capital expenditures associated with the fit-out of new centres. Another ₹140 crore will be set aside for loan repayment, and the remaining funds will be used for general corporate purposes.

JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd, and Kotak Mahindra Capital Company Ltd are the book-running managed for the public issue. 

Ecom Express IPO Details

Warburg Pincus-backed Ecom Express Limited is a B2C e-commerce logistics solutions provider. The company runs a pan-Indian express logistics network that handles reverse logistics (returns), fulfilment services (warehousing), first-mile pickup, mid-mile transportation, and last-mile delivery.

The company, through a book-built issue, is offering a fresh issue of equity shares up to ₹1,284.5 crore and an offer for sale (OFS) aggregating up to ₹1315.5 crore. Ecom Express aims to raise a total of ₹2,600 crore from the Indian stock markets.

Axis Capital Ltd, IIFL Securities Ltd, Kotak Mahindra Capital Company Ltd, and UBS Securities India Private Ltd. are the book-running lead managers for the public issue.

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