India Shelter Finance Corporation, headquartered in Gurugram, and BLS E-Services, based in Delhi, have submitted draft papers for their initial public offerings (IPOs) to the Securities and Exchange Board of India (Sebi), the market regulator.
India Shelter Finance aims to raise 1,800 crore rupees from its IPO. The public offering includes a new share issue valued at Rs 1,000 crore and an Offer to Sell (OFS) of Rs 800 crore.
Catalyst Trusteeship Limited, Madison India Opportunities IV, MIO Starrock, Nexus Ventures III and Nexus Opportunity Fund II will divest their holdings.
Former company Satyaprakash Housing Finance India (SHFIL) obtained the certificate of registration in 1998. It was taken over by a group of professionals and in 2010 a new certificate of registration was issued by the National Housing Bank up to Rs 50,000 to city households for the construction, expansion, renovation and purchase of new homes.
The Company has appointed ICICI Securities Limited, Citigroup Global Markets India Private Limited, Kotak Mahindra Capital Company Limited and Ambit Private Limited as Book Running Lead Managers (BRLMs).
The net proceeds from the issuance of new shares will be used to meet future capital requirements and general corporate purposes.
Meanwhile, BLS E-Services Fresh has not disclosed the size of the IPO in its draft Red Herring prospectus (DRHP), although the offering will be a new issue of 24,130,000 shares. BLS E-Services operates a web-based service portal to access various services offered by government and service partners. The company claims to provide end-to-end integrated solutions for various services consumed through this portal. The Company’s net assets at the end of the quarter of March 2023 were Rs. 106.94 crore and total sales for the quarter were Rs. 246.29 crore.
The company intends to use the proceeds from the IPO to strengthen its technology infrastructure to develop new capabilities and consolidate existing platforms, the DRHP said. In addition, the company will support its organic growth funding initiatives by establishing BLS stores. In addition, it is planned to achieve inorganic growth through acquisitions.
Diwakar Aggarwal, Shikhar Aggarwal, Karan Aggarwal, Gaurav Aggarwal and Nimit Aggarwal are promoters of the company.
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