ipo market: Popular Vehicles, Azad Engineering file draft IPO papers with Sebi

Two firms — Widespread Automobiles and Providers Ltd and Azad Engineering have filed their respective draft purple herring prospectus with market regulator Sebi.

Widespread Automobiles and Providers IPO includes recent fairness subject of Rs 250 crore and a proposal on the market as much as 1.42 crore shares.

Banyan Tree Progress Capital is the only promoting shareholder underneath the OFS.

The corporate is a number one diversified vehicle dealership in India when it comes to income as of FY23, having a completely built-in enterprise mannequin.

They cater to the entire life cycle of car possession, proper from the sale of latest autos, servicing and repairing autos, distributing spare components and equipment, to facilitating sale and alternate of pre- owned autos, working driving colleges and facilitating the sale of third-party monetary and insurance coverage merchandise.

Internet proceeds from the recent subject will likely be used in direction of compensation of debt availed by the corporate and its subsidiaries and for different common company functions.ICICI Securities, Nuwama Wealth and Centrum Capital are the e-book working lead managers to the difficulty.In the meantime, Azad Engineering’s IPO features a recent subject of as much as Rs 240 crore and an OFS of Rs 500 crore. Underneath the OFS, Rakesh Chopdar, Piramal Structured Credit score Alternatives Fund and DMI Finance will promote shares.

The corporate proposes to utilise the web proceeds for funding capital expenditure of the corporate, compensation of debt and common company functions.

Azad Engineering is likely one of the key producers of their certified product traces supplying to international unique tools producers within the aerospace and defence, power, and oil and fuel industries, manufacturing extremely engineered, advanced and mission and life-critical elements.

The corporate makes advanced and extremely engineered precision cast and machined elements which are mission and life-critical and therefore, a few of their merchandise have a zero components per million defects requirement.

Axis Capital, ICICI Securities, SBI Capital Markets and Anand Rathi are the e-book working lead managers to the difficulty

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