Upcoming IPOs: Sai Life Sciences, Rubicon Research, 2 others get SEBI nod to raise funds via IPOs

Upcoming IPOs: Pharmaceutical formulations company Rubicon Research, TPG Capital-backed Sai Life Sciences, polyester yarn manufacturer Sanathan Textiles and sheet metal manufacturer Metalman Auto have received market regulator Securities and Exchange Board of India's (SEBI) nod to raise ₹3,000 crore collectively via initial public offerings (IPOs).

The four companies filed their draft red herring prospectus (DRHP) or draft IPO papers with SEBI between July and August. They obtained observation from the market regulator on October 31.

In SEBI's terminology, obtaining observations conveys its go-ahead to float public issues.

Rubicon Research IPO

The ₹1,085 crore initial share sale is a mix of fresh issuance of shares worth ₹500 crore and an offer-for-sale (OFS) component worth ₹585 crore.

The money raised will be used for debt repayment, fund inorganic growth and general corporate purposes.

Sai Life Sciences IPO

The Hyderabad-based company's IPO is a fresh issue of ₹800 crore and an OFS of 6.15 shares. The net proceeds from the offer will be used to clear debt and serve general corporate purposes.

IIFL Securities Ltd, Axis Capital Ltd, SBI Capital Markets Ltd and JM Financial Ltd are the issue's book-running lead managers, while Link Intime India Pvt Ltd is the registrar.

Sanathan Textiles IPO

The company seeks to raise ₹800 crore by offering new equity shares worth ₹500 crore and an OFS of shares aggregating ₹300 crore.

The funds generated will be used to invest in a subsidiary Sanathan Polycot Private Ltd for long-term working capital requiremnts and repayment of debt, apart from general corporate purposes.

Metalman Auto

The sheel metal maker's offer consists of a fresh issue of equity shares valued at ₹350 crore as well as an OFS of 1.26 crore.

The money raised will be used for capital expenditures related to the procurement of plant and machinery at a manufacturing facility in Madhya Pradesh.