Sunshine Pictures, Lumino Industries, M&B Engineering get Sebi's nod to float IPOs

New Delhi: Film and television producer-director Vipul Shah-backed Sunshine Pictures, Lumino Industries and M&B Engineering have received Sebi's go-ahead to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Tuesday.

The three firms, which filed their preliminary IPO papers with Sebi during January-February, obtained their observations between June 9 and June 13.

In Sebi's parlance, obtaining observations means its go-ahead to float the public issue.

As for the Sunshine Pictures issue, its IPO comprises a total offer size of 83.75 lakh equity shares, including a fresh issue of 50 lakh shares and an Offer-for-Sale (OFS) of 33.75 lakh shares by promoters, according to the draft red herring prospectus (DRHP).

Promoter Vipul Amrutlal Shah is proposing to sell 23.69 lakh shares, while Shefali Vipul Shah plans to offload 10.05 lakh shares.

The company plans to utilise the proceeds from the fresh issue to meet its long-term working capital requirements, allocating up to ₹94 crore to support future growth and operations, along with other general corporate purposes.

Lumino Industries, an EPC company specialising in conductors, power cables, and power EPC projects, is looking to mobilise ₹1,000 crore through its maiden public issue. The IPO comprises a mix of a fresh issue of shares worth ₹600 crore and an OFS of ₹400 crore by promoters.

The Kolkata-based company will use ₹420 crore proceeds from the fresh issue to reduce borrowing, and ₹15 crore will go for capex, while the rest will be used for general corporate purposes.

M&B Engineering, provider of Pre-Engineered Buildings (PEB) and Self-Supported Roofing, plans to raise ₹653 crore through its initial share sale.

The Gujarat-based company's proposed IPO is a combination of a fresh issue of equity shares valued at ₹325 crore and an OFS of ₹328 crore by promoters, the draft papers showed.

Proceeds from the fresh issue to the extent of ₹63.9 crore will be used for purchasing equipment and machinery for the company's manufacturing facilities, ₹60 crore for payment of debt, ₹110 crore to meet the company's working capital requirements and the remaining funds will be allocated towards general corporate purposes.