Education platform Crizac and textiles firm Borana Weaves secure SEBI approval to launch IPOs

Market regulator Securities and Exchange Board of India (SEBI) has approved two initial public offerings (IPOs) in March.

Student recruitment solutions provider Crizac Ltd and textile company Borana Weaves Ltd have received final observation on their draft IPO papers from SEBI. The companies can now launch their public offers within a year.

Let’s take a look at the specific details of both these public issues:

Crizac IPO

Kolkata-based Crizac Ltd is a B2B education platform for agents and global institutions. It offers international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, the Republic of Ireland, Australia and New Zealand.

The company had refiled its IPO papers with SEBI on November 18, 2024.

The Crizac IPO is entirely an offer-for-sale (OFS) of up to ₹1,000 crore by the promoter selling shareholders. It involves the sale of equity shares of up to ₹841 crore by promoter Pinky Agarwal and up to ₹159 crore by another promoter Manish Agarwal.

The offer would be made through the book-building process, according to the draft papers filed by the company. The issue's registrar is Link Intime India Pvt Ltd, while Equirus Capital Pvt Ltd and Anand Rathi Advisors Ltd are the book-running lead managers.

Borana Weaves IPO

Borana Weaves Ltd is a textile manufacturer headquartered in Surat, Gujarat. It specialises in the production of unbleached synthetic grey fabric, which is a versatile base material used for further processing, including dyeing and printing.

The company had filed its draft red herring prospectus with SEBI in November 2024. The company had said in its statement that the public issue will consist of up to 70 lakh equity shares with a face value of ₹10 each.

The Borana Weaves IPO will consist entirely of a fresh issuance, with no OFS component.

Beeline Capital Advisors Pvt Ltd is the book-running lead manager to the issue, while KFIN Technologies Ltd is the registrar.

The Borana Weaves IPO aims to finance the cost of establishing a new manufacturing unit in Surat to expand its production capabilities and produce grey fabric. The company also aims to secure funding for incremental working capital requirements and general corporate purposes.