Akums Drugs, Ceigall India among four companies to get SEBI's nod to float IPO

Akums Drugs and Pharmaceuticals has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO).

Ceigall India, Orient Technologies and Gold Plus Glass Industry Ltd also received SEBI approval to launch their initial share sale offers.

Akums Drugs and Pharmaceuticals IPO

According to Akums Drugs and Pharmaceuticals' draft IPO papers, the public offer consists of a fresh issuance of equity shares valued at ₹680 crore and an offer-for-sale (OFS) component of 1.86 crore shares.

Proceeds from the IPO will be used to settle debt, fund working capital requirements, fund inorganic growth through acquisition, and for general corporate purposes.

Akums Drugs, founded in 2004, is a pharmaceutical contract development and manufacturing organisation (CDMO) offering a comprehensive range of domestic and international pharma products and services.

Gold Plus Glass Industry IPO

Float glassmaker Gold Plus Glass Industry IPO combines a fresh issue of shares worth ₹500 crore with OFS of up to 1.56 crore shares.

The Delhi-based firm is one of the major float glassmakers in India, with a 22% share of manufacturing capacity as of September 2023.

Its products are used in construction, automotive, and industrial industries.

Ceigall India IPO

The IPO of infrastructure company Ceigall India is a mix of a fresh issue of ₹617.69 crore and an OFS of up to 1.43 crore shares by the promoters, and an individual selling shareholder.

Established in 2002, Ceigall India is an infrastructure construction firm with experience in undertaking specialised structural work such as elevated roads, bridges, railway over bridges, flyovers, highways, tunnels, expressways and runways.

As of January 2024, the company's order book stood at ₹9,206.4 crore, with NHAI contributing 82% of the order book.

Orient Technologies

IT solutions provider Orient Technologies' initial share sale consists of a fresh issuance of ₹120 crore and an OFS of up to 46 lakh equity shares by promoters.

Over the years, the firm has developed deep expertise in creating products and solutions for specialised disciplines in IT Infrastructure, IT-enabled services (IteS), and Cloud and Data Management Services.

Shares of these four companies will be listed on BSE and NSE.