Balaji Solutions, Enviro Infra Engineers Nod by Sebi for IPO

Two companies have filed preliminary IPOs with Sebi in August and September 2022, received the observation letters on January 23, an update with the Securities and Exchange Commission of India (Sebi) showed on Tuesday.

In Sebi’s words, the receipt of the observation letter from the regulator means that the initial sale of the shares will be made.

According to the draft Red Herring Prospectus (DRHP), Balaji Solutions’ public offering includes a new issue of equity shares valued at up to $120 crore and an offer to sell (OFS) up to lakh 75 lakh equity shares by one promoter and one promoter organization.

According to OFS, Rajendra Seksaria and Rajendra Seksaria HUF will reduce the share load.

The company may consider a composite pre-IPO position up to $24 billion. If such an arrangement is completed, the scale of new issuance will be reduced.

Proceeds from new issue value $86.60 crore will be used to finance the company’s increased working capital requirements and general corporate purposes.

Balaji Solutions is an IT hardware & peripherals and mobile accessories company engaged in the business of manufacturing and branding products under the leading brand “Foxin”.

The draft papers show that the Enviro Infra Engineers IPO includes the sale of 950,000 equity shares with no OFS component.

The money raised through the issuance will be used to meet the working capital requirements and general purpose of the company.

Enviro Infra Engineers is involved in the design, construction, operation and maintenance of water and wastewater treatment plants as well as water supply projects for government agencies.