SEBI Nod for FirstMeridian Business, IRM Energy & Lohia Corp IPOs

SEBI Nod for FirstMeridian Business, IRM Energy & Lohia Corp IPOs

SEBI Approves FirstMeridian Business, Lohia Corp, and IRM Energy IPOs

The Securities and Exchange Board of India (SEBI) has approved the initial public offerings (IPOs) of three companies, namely FirstMeridian Business Services, Lohia Corp, and IRM Energy. The draft prospectuses of these companies were filed with SEBI between September 2022 and January 2023, and they all received observation letters from the regulatory body between February 21-24.

FirstMeridian Business Services:

FirstMeridian Business Services is looking to raise funds through an IPO by issuing fresh equity shares worth Rs 50 crore and an Offer for Sale (OFS) of Rs 690 crore, according to its Draft Red Herring Prospectus (DRHP). The company offers a wide range of services, including general staffing and allied services, contract staffing solutions, workforce automation, trade marketing, and global technology through short and long-term technology contract staffing. Some of its major clients include Adani Ports and Special Economic Zone, Dell International Services India, PhonePe, Usha International, Exide Industries, and Eureka Forbes.

The book running lead managers to the issue are JM Financial, DAM Capital Advisors, Edelweiss Financial Services, and IIFL Securities.

Investors are eagerly awaiting the launch of these IPOs, and experts predict that they will receive strong demand from the market given the robust business models and strong financial performance of these companies. Stay tuned for further updates on these exciting IPOs!

Lohia Corp:

Lohia Corp, headquartered in Kanpur, specializes in the production of machinery and equipment utilized in manufacturing technical textiles, specifically for producing woven fabric and sacks made of polypropylene and high-density polyethylene.

The upcoming IPO of Lohia Corp will consist of 31.70 million shares offered for sale by its shareholders and promoters. The issue will be managed by ICICI Securities, HSBC Securities and Capital Markets India, IIFL Securities, and Motilal Oswal Investment Advisors as lead managers.

IRM Energy:

IRM Energy, a city gas distribution firm, plans to issue up to 10,100,000 equity shares. The proceeds from this offering will be utilized to finance capital expenditures for expanding the city gas distribution network in Namakkal and Tiruchirapalli, Tamil Nadu, to repay debt, and for other general corporate purposes.

The company operates in three states, namely Gujarat, Punjab, and Tamil Nadu, providing piped natural gas (PNG) and compressed natural gas (CNG) services.

HDFC Bank and BOB Capital Markets will serve as book-running lead managers for the issue.

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