Pennar Engineered Building Systems has received approval from market regulator Sebi to float an initial public offer (IPO). With this, the number of firms that have got Securities and Exchange Board of India (Sebi) nod for an IPO since the beginning of the year has gone up to 22.
The company, a subsidiary of Hyderabad-based Pennar Industries, in March had filed its draft red herring prospectus (DRHP) with Sebi through its lead merchant banker, Motilal Oswal Investment Advisors.
Sebi issued its final observations on the draft offer documents on July 10, which is necessary for any company to launch a public offer. According to the draft prospectus, the public issue comprises a fresh issue of equity shares to raise up to Rs 58 crore, besides an offer for sale by private equity investor Zephyr Peacock.
The 22 firms that have got Sebi approval include Catholic Syrian Bank, S H Kelkar & Company, Prabhat Dairy, Syngene International, the research arm of biotechnology major Biocon, infrastructure firm Dilip Buildcon and Kalpataru Power Transmission's subsidiary Shree Shubham Logistics.
In addition, Amar Ujala Publications, which publishes Hindi daily Amar Ujala, AGS Transact Technologies, SSIPL Retails, Navkar Corporation and Precision Camshafts have secured Sebi's go-ahead. Pennar Engineered Building Systems is one of the leading, custom-designed building systems solutions providers in the country.