Oswal Cables, Jerai Fitness, Premier Industrial & Tempsens Instruments file DRHPs for IPOs

Amid the ongoing flood of IPOs and DRHPs, four new companies including Oswal Cables, Jerai Fitness, Premier Industrial Corporate and Tempsens Instruments (India) have filed their draft papers with the capital markets Sebi to launch their IPOs. Here are the details of these issues:

Oswal Cables DRHP details
Oswal Cables Limited has submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), signalling its intention to launch an initial public offering (IPO). The issue comprises a fresh issue of equity shares worth up to ₹300 crore and an offer for sale (OFS) of up to 2.22 crore shares by promoter group shareholders.

According to the DRHP, the proceeds from the fresh issue are earmarked for several purposes. A notable portion of ₹186.16 crore will fund the establishment of a new project, while ₹40 crore is allocated to reduce existing debt obligations. The remainder will be directed towards general corporate requirements, reflecting a multi-pronged approach to capital deployment.

The equity shares, each with a face value of ₹5, are poised for listing on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Pantomath Capital Advisors Private Limited has been appointed as the Book Running Lead Manager (BRLM), and MUFG Intime India Private Limited, formerly Link Intime, will act as the Registrar to the Offer.

Oswal Cables is headquartered in India and specialises in the manufacture of power transmission and distribution products, offering solutions with production capabilities up to the 765 kV range. The company’s products are utilised across diverse industry applications and are underpinned by a de-risked business model and longstanding customer relationships.

Jerai Fitness DRHP details
Jerai Fitness Limited, an Indian manufacturer of fitness equipment with over three decades of experience, has filed its DRHP with SEBI for an IPO. The offering consists entirely of an offer for sale (OFS) of up to 4,392,500 equity shares of ₹10 each, including sales by Rajesh Ramsukh Rai, Rinku Rajesh Rai (promoter selling shareholders), and Rajesh Ramsukh Rai HUF (promoter group selling shareholder).

Jerai Fitness supplies equipment tailored to a diverse clientele including commercial gyms, hotels, corporations, real estate projects, and international clients in markets such as Japan, UAE, Australia, Serbia, and Sweden. The company’s longstanding presence has enabled the development of key operational areas such as manufacturing, inventory management, distribution, and customer service. It maintains a pan-India presence with 14 exclusive showrooms.

Shares of Jerai Fitness are expected to be listed on both the BSE and NSE. Emkay Global Financial Services Limited and Catalyst Capital Partners Private Limited are the appointed Book Running Lead Managers for the issue, according to company disclosures.

Premier Industrial Corporation DRHP detail

Premier Industrial Corporation Limited, one of the fastest-growing manufacturers in the welding consumables industry, has submitted its DRHP to SEBI. The IPO comprises 27.9 million equity shares of ₹10 each, including a fresh issue of up to 22.5 million shares and an OFS of up to 5.4 million shares by various shareholders.

The offer for sale includes equity shares offered by Arvind Chhotalal Morzaria, Dilip Chhotalal Morzaria, Subhash Chhotalal Morzaria, Lalit Navinchandra Morzaria, and Nirmala Navinchandra Morzaria. In consultation with the Book Running Lead Managers (BRLMs), Premier Industrial Corporation may consider a pre-IPO placement aggregating up to ₹30 crore before filing its RHP, which would reduce the fresh issue size if undertaken.

Premier Industrial Corporation commenced operations in 1979 as a partnership firm, originally authorised to deal in metal and ferro alloys and manufacture foundry materials. Over time, it has diversified its portfolio to include alloy and metal wires and has expanded into export markets. Unistone Capital Private Limited is the sole BRLM for the issue.

Tempsens Instruments (India) DRHP details
Vadodara-based Tempsens Instruments (India) has filed its DRHP with SEBI for an IPO. The offering comprises a fresh issue of up to ₹118 crore and an offer for sale of up to 17,925,071 equity shares by promoters Amit Talesara, Puneet Talesara, Chandra Prakash Talesara, and other selling shareholders Ankit Talesara and Nirmal Kumar Pande.

The proceeds from the fresh issue—₹35.37 crore—are intended to fund capital expenditure for electrical heating solutions and specialised cable solutions, while ₹55 crore is earmarked for pre-payment or repayment of certain company borrowings and for general corporate purposes. Up to 50% of the issue is reserved for Qualified Institutional Buyers (QIBs), not less than 15% for Non-Institutional Investors (NIIs), and at least 35% for Retail Individual Investors (RIIs), with the issue being made via the book-building process in line with SEBI ICDR Regulations.

Tempsens’ DRHP also notes the possibility of a pre-IPO placement of up to ₹23.6 crore in consultation with the book-running lead managers, with any amount raised via this route reducing the size of the fresh issue. The company’s revenue from operations for FY25 stood at ₹378.5 crore, up from ₹236.9 crore in FY23, while net profit increased to ₹62.5 crore from ₹33.2 crore over the same period. ICICI Securities and JM Financial are the BRLMs, and KFin Technologies will serve as registrar to the issue.