Upcoming IPOs: Carlsberg India, TMC Transformers, two others get SEBI approval to launch public issues

Carlsberg India Ltd, the Indian unit of Danish brewing giant Carlsberg Group, transformer maker TMC Transformers (India), chemical distributor Ujin Pharma and automotive rubber products manufacturer Matangi Rubber have received clearance from Securities and Exchange Board of India (SEBI) to raise funds through their proposed initial public offerings (IPOs).

The four companies had filed their draft red herring prospectuses (DRHPs) between May and July. They received the market regulator's observations on their IPO proposals between September 28 and October 1.

In SEBI's terminology, receiving an observation means the regulator's go-ahead to launch public issues.

Carlsberg India IPO

Carlsberg India had filed confidential preliminary papers with SEBI on July 1. This type of filing allows companies to keep sensitive information private till the later stages of IPO.

With this move, Carlsberg joined a growing list of multinational companies looking to tap India's equity markets. South Korean conglomerates – Hyundai Motor and LG Electronics – have already listed their Indian subsidiaries to unlock shareholder value.

The proposed initial share sale will be solely an offer for sale (OFS) component without fresh issuance of shares.

TMC Transformers IPO

The proposed ₹550 crore IPO of TMC Transformers (India) Ltd will be a fresh issuance of equity shares.

The funds raised will be used for capital expenditure for establishing a greenfield Extra High Voltage (EHV) transformer manufacturing unit, incremental working capital needs and general corporate purposes.

Ujin Pharma IPO

The public offer of Ujin Pharma is a mix of a fresh issuance of 1.18 crore shares and an OFS of 72.82 lakh shares by promoters Umang Ketan Mehta and Jinesh Rasiklal Sheth.

The company intends to use fresh issue proceeds to the tune of ₹61.7 crore in Altra Agro-Chem and ₹21.6 crore in Altra Pharma-Chem through subscription to shares, making both firms its subsidiaries. Around ₹25 crore will be used for debt clearance, and the rest for general corporate purposes.

Matangi Rubber IPO

The proposed IPO of Matangi Rubber is a combination of a fresh issuance of 57,61,831 shares and an OFS of 15,15,150 shares by the promoter and existing investors.

The money raised will be used for repayment of debt, capital expenditure needs and general corporate purposes.

Meanwhile, at least 16 companies have filed DRHPs with SEBI. They include Anarock Property Consultants, BS Sponge, Inox Air Products, Grace Renewable Energy, Dosti Realty, Soleos Energy, Rudra Green Ship Recycling, NNT Developers, Tanvi Exports India, Moneytree Realty Services, Vinir Engineering, Rathod Jewellery Manufacturing, Sunil Gold India, PES Installations, Sarva Foam Industries and Kataline.