IPO: SEBI clears IPO of First Meridian Business, IRM Energy, Lohia Corp

IPO: Stock market regulator SEBI has approved three companies – First Meridian Business Services Limited, IRM Energy Limited and Lohia Corp – to raise funds through Initial Public Offering (IPO). These companies filed their initial IPO documents between September 2022 and January 2023.  They got the go-ahead from the Securities and Exchange Board of India (SEBI) during February 21-24. 

Know the technicalities related to IPOs of three companies

According to the Draft Red Herring Prospectus (DRHP), First Meridian Business Services Limited’s Rs 740 crore IPO includes fresh issue sale of Rs 50 crore and offer for sale (OFS) of Rs 690 crore. IRM Energy is expected to get Rs 650-700 crore through the IPO. Under the IPO of Lohia Corp, the promoters and other shareholders of the company will offer up to 3.17 crore equity shares.

Promoters of First Meridian Business Services to sell shares

Under the OFS, the promoters of First Meridian Business Services will sell shares worth Rs 615 crore. While existing shareholders New Lane Trading LLP and SeedThree Trading LLP will sell a total of 42.5 crore and 32.5 crore shares respectively.

Over 10 million shares to be sold in IRM Energy IPO

In IRM Energy’s IPO, 1.01 crore equity shares will be sold through existing shareholders, according to the company’s draft red hearing prospectus. IRM Energy operates in Gujarat, Punjab and Tamil Nadu and provides supply of Piped Natural Gas and Compressed Natural Gas (CNG).

Looking for an IPO in the market during the coming 6 months These companies

According to statistics, Avalon Technologies, Capillary Technologies, among the companies which are preparing to bring IPO in the market during the next 4 to 6 months. , Cogent Systems, Divgi TorqTransfer Systems, Mankind Pharma, Nexus Malls RIET, Signature Global, TVS Logistics and Utkarsh Small Finance Bank (Utkarsh Small Finance Bank).

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