New IPOs Alert: Sunil Gold India files DRHP; Eastman Auto and Power, 2 others get SEBI's nod

New IPOs Alert: The primary market is set for heightened activity as capital markets regulator Securities and Exchange Board of India (SEBI) has approved initial public offerings of Eastman Auto and Power, Milestone Gears and Bonbloc Technologies to raise funds via initial public offerings. Sunil Gold India Ltd has also filed preliminary papers with SEBI.

Eastman Auto and Power filed IPO papers confidentially with the markets regulator in December to raise funds. The proposed initial share sale is expected to consist of a fresh issuance of new shares and an offer for sale (OFS) component.

Milestone Gears is looking to raise ₹1,100 crore through its IPO, which will be a mix of a fresh issue of shares worth ₹800 crore and an OFS component of ₹300 crore by promoters Ashok Kumar Tandon, Aradhna Tandon, Amit Tandon and Aman Tandon and shareholder Gagandeep Kaur Chawla.

The funds generated will be used for debt payment, investment in a new greenfield project and general corporate purposes.

The company makes high-precision, complex engineered transmission components used in tractors, construction equipment, electric vehicles, locomotives, windmills and other heavy industries.

Bonbloc Technologies' IPO is a combination of new equity shares worth ₹230 crore and an OFS of 3 crore equity shares by promoter Bonbloc Inc, according to the draft red herring prospectus (DRHP).

The funds raised will be used for investment in the development of its products and platforms, fund inorganic growth through unidentified acquisitions, purchase laptops and for general corporate purposes.

Bonbloc is an artificial intelligence-native enterprise technology company that provides SaaS solutions and AI-powered Internet of Things.

Sunil Gold India files DRHP

Sunil Gold India has filed a DRHP with the markets regulator SEBI to raise funds through a public issue.

The proposed share sale is a mix of a fresh issue of 2 crore shares and an OFS of up to 65 lakh shares by promoters Shrenik Jain and Anil Jain, according to the IPO papers filed on Friday.

The company intends to use the fresh issue proceeds to the tune of ₹200 crore to back working capital needs and general corporate purposes.

The Mumbai-based company is a business-to-business (B2B) supplier of gold jewellery.