Upcoming IPOs: Varmora Granito, Knack Packaging, 2 others get SEBI's nod for public offers

Upcoming IPOs: Markets regulator Securities and Exchange Board of India (SEBI) has given its nod to four companies to raise funds via initial public offerings. They include Knack Packaging, Shivalaya Construction, Varmora Granito and Behari Lal Engineering.

These companies, which had filed their draft papers between August and September, are collectively looking to raise over ₹1,400 crore through IPOs. They received SEBI's observation during December 15-26.

In SEBI's parlance, receipt of observations means an approval to launch their initial share sale.

All four IPOs will be a combination of fresh issuance of equity shares as well as an offer for sale (OFS) by existing shareholders.

Knack Packaging IPO

Packaging solutions provider Knack Packaging is looking to raise ₹475 crore by offering new shares along with an OFS of 70 lakh shares by promoters and an existing shareholder.

The fresh issue proceeds will be utilised to establish a new manufacturing facility in Gujarat and general corporate purposes.

Shivalaya Construction IPO

The initial share sale of integrated EPC player Shivalaya Construction will be a fresh issuance worth ₹450 crore and an OFS of 2.48 crore shares by promoters.

The objectives of the offer include debt repayment and general corporate purposes.

Varmora Granito IPO

Tile maker Varmora Granito's initial public offering will be a mix of a fresh issue worth ₹400 crore and an OFS of 5.24 crore shares.

Funds to the tune of ₹320 crore will be utilised for debt repayment, and the remainder for corporate general purposes.

Behari Lal Engineering IPO

Iron and steel manufacturer Behari Lal Engineering's IPO will be a fresh issue of ₹110 crore and an offer for sale of 78.54 lakh shares.

The company will utilise the funds raised for capital expenditure, debt clearance, and other corporate purposes.

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