Upcoming IPOs: Kalpataru, Unimech Aerospace get SEBI approval to float public offers

Kalpataru Ltd, the Mumbai-based real estate arm of Kalpataru Group, and high precision engineering solutions provider Unimech Aerospace and Manufacturing Ltd have received SEBI (Securities and Exchange Board of India) approval to launch their initial public offerings (IPOs), according to an update with the market regulator on Monday, November 25.

Through the initial share sale offers, Kalpataru and Unimech Aerospace aim to raise ₹1,590 crore and ₹500 crore, respectively.

The companies filed their preliminary papers with SEBI in August and obtained observations during November 21-22, as per the update.

In SEBI parlance, obtaining the observations means its go-ahead to launch the public issues.

Kalpataru Limited IPO

Kalpataru's IPO consists of a fresh issue of shares totalling up to ₹1,590 crore, the filings noted. The company would use ₹1,192.5 crore to repay the debt.

Other companies in the Kalpataru Group are Kalpataru Projects International Ltd, Property Solutions (India) and Shree Shubham Logistics Ltd.

Unimech Aerospace IPO

The IPO of Unimech Aerospace, a Bengaluru-based firm, is a combination of a fresh issue of equity shares worth ₹250 crore and an offer of sale (OFS) of up to ₹250 crore by the promoters, as per the draft red herring prospectus (DRHP). The offer also includes a reserved subscription component for eligible employees.

The company will use the funds to purchase machinery and equipment, fund working capital requirements, invest in its material subsidiary and payment of debt. Some of the funds will also go towards general corporate purposes.

Unimech Aerospace is a high-precision engineering solutions company specialising in complex manufacturing solutions for the aerospace, defence, energy and semiconductor industries.

Shares of the two companies will be listed on the BSE and NSE.