SEBI Clears Five IPOs as LEAP India Lines Up Rs 2,400-Crore Offer

Overview

• SEBI issued observation letters between Nov. 25 and Dec. 5 to LEAP India, Eldorado Agritech, Molbio Diagnostics, Foodlink F&B Holdings and Technocraft Ventures.
• LEAP India’s proposed Rs 2,400-crore offering comprises a Rs 400-crore fresh issue and a Rs 2,000-crore OFS led by promoter Vertical Holdings II, with KIA EBT Scheme 3 also selling shares.
• LEAP India plans to use about Rs 300 crore of fresh proceeds to repay debt, with the remainder earmarked for working capital.
• Eldorado seeks Rs 1,000 crore (Rs 340 crore fresh; Rs 660 crore OFS) for debt reduction and corporate purposes; Molbio targets a Rs 200-crore fresh issue plus a 1.25-crore-share OFS to fund new R&D facilities; Foodlink plans a Rs 160-crore fresh issue and a 1.19-crore-share OFS to add kitchens and restaurants; Technocraft proposes a fresh issue up to 95.05 lakh shares and a 23.76-lakh-share OFS to fund working capital.
• In a separate update, Inox Clean Energy and Sky Alloys & Power withdrew draft IPO papers on Dec. 5; industry sources indicate Inox intends to refile after reflecting an estimated Rs 5,000-crore pre-IPO raise in its financials.