Upcoming IPOs: Dhariwal Buildtech, ESDS Software Solution, BLS Polymers get SEBI's approval to float public offers

Upcoming IPOs: Markets regulator Securities and Exchange Board of India (SEBI) has given its nod to three companies – Dhariwal Buildtech, ESDS Software Solution and BLS Polymers – to raise funds via initial public offerings, according to the latest update on the SEBI website on Tuesday, December 23.

The companies had filed their draft red herring prospectuses (DRHPs) between April and September. They received SEBI's observation during December 15 to December 19 period. In SEBI's terminology, receiving an observation means approval to launch a public offer.

Dhariwal Buildtech IPO

The initial public offering of construction firm Dhariwal Buildtech will be a mix of a fresh issuance of equity shares aggregating to ₹950 crore, as per its DRHP.

Fresh issue proceeds to the tune of ₹300 crore will be utilised for debt clearance of the company's material subsidiaries, ₹203 crore to buy construction equipment, ₹174.2 crore for repayment or prepayment of outstanding borrowings availed by the firm and the remainder of funds for general corporate purposes.

The company is a leading infrastructure construction firm, specialising in roads and highways, state highways, PMGSY roads, bridges, railway overbridges and tunnels, as well as railway, irrigation, rural infrastructure and other civil works projects.

ESDS Software Solution IPO

Data centre services provider ESDS Software Solution is looking to raise ₹600 crore through its IPO, via a completely fresh issuance of shares.

This marks the company's second attempt to go public, after it had earlier filed draft papers in September 2021.

According to the preliminary papers, proceeds worth ₹480.7 crore will be used to buy and install cloud computing equipment and other infrastructure for its data centres, and the remainder for general corporate purposes.

ESDS Software Solution provides a full range of cloud, managed services, data centre infrastructure and software solutions. Its offerings span infrastructure-as-a-service (IaaS), including colocation and data centre services, cloud services and cloud computing, along with managed services and software-as-a-service (SaaS).

BLS Polymers IPO

The initial share sale of BLS Polymers Ltd will involve a fresh issue of 1.7 crore equity shares.

From the issue proceeds, about ₹69.84 crore will be utilised to expand its manufacturing unit by increasing capacity for certain existing products, while nearly ₹75 crore will go towards meeting working capital needs. The remaining amount will be allocated for general corporate purposes.

BLS Polymers manufactures a wide range of custom polymer compounds catering to industries such as telecommunications, power, railways, water, and oil and gas distribution.

These compounds are used for sheathing, jacketing and insulating wires and cables, as well as for coating underground pipelines to protect them from corrosion and environmental damage.

The company's diversified product portfolio enables it to offer customised solutions for the wire, cable and infrastructure sectors.

Shares of these companies will be listed on the stock exchanges BSE and NSE.