Navkar Corporation Gets Sebi Nod for Rs 600 Cr IPO

New Delhi: Navkar Corporation, a logistics company, has received approval from the Securities and Exchange Board of India (Sebi) to raise up to Rs 600 crore through an IPO or initial public offering.

Auto component maker Precision Camshafts has also received Sebi's nod to float an IPO.

The two Maharashtra-based companies had filed their respective draft red herring prospectuses (DRHP) with Sebi in March this year for the proposed public offers.

Sebi issued its final observations on the draft offer documents on May 22, which is necessary for companies to launch any public offer.

As per the draft papers, Navkar Corporation would mobilise up to Rs 510 crore by issuing fresh equity shares, while Sidhhartha Corporation would rake in up to Rs 90 crore through sale of existing shares.

The funds would be used for capacity enhancement of the Somathane container freight station (CFS), development of the non-notified areas of CFSs and establishment of a logistics park at Valsad in Gujarat.

The issue is being managed by Axis Capital, SBI Capital Markets and Edelweiss Financial Services.

Precision Camshafts, in its draft papers, said that the proposed IPO comprises a fresh issue of equity shares worth Rs 240 crore and an offer for sale of up to 86.40 lakh equity shares.

Proceed of the issue will be utilised for establishing a machine shop for ductile iron camshafts at the company's export oriented unit in Solapur, Maharashtra and for other general corporate purposes.

SBI Capital Markets Ltd, HDFC Bank and India Infoline Ltd are the book running lead managers to the issue.

Apart from these two firms, as many as 10 companies, including Sadbhav Infrastructure Projects, Manpasand Beverages and UFO Moviez India have already received Sebi's approval to launch their IPOs. Some of them have already hit the capital markets.