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Fine Organic, Devi Seafoods get Sebi’s nod for IPO

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Two companies — and Devi Seafoods — have received capital markets regulator Sebi’s approval to float initial public offerings.

Fine Organic, Devi Seafoods get Sebi’s nod for IPO
Two companies — Fine Organic Industries and Devi Seafoods — have received capital markets regulator Sebi’s approval to float initial public offerings

According to a PTI report: Fine Organic and Devi Seafoods had filed their IPO papers in February and March, respectively, and both firms obtained Sebi’s ‘observations’ on 11 May, latest update with markets regulator showed.

Sebi’s observations is necessary for any company planning to launch public issues like initial public offer, follow-on public offer and rights issue. With this, the total number of companies receiving Sebi’s (Securities and Exchange Board of India) approval has reached 18 so far this year.

Going by the draft papers, Fine Organic’s IPO will see sale of up to 76,64,994 equity shares by the existing shareholders. Established in 1970, the Mumbai-based firm is a leading producer of speciality additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other speciality applications.

JM Financial and Edelweiss Financial Service will manage the company’s public issue.

Devi Seafoods’ IPO will see sale of shares by the company’s promoters P Brahmanandam, P Suryavathi, P Rama Devi and N Naveena, preliminary papers filed with Sebi showed.

The public offer is expected to fetch Rs 900 crore, according to merchant banking sources.

Axis Capital, ICICI Securities and Kotak Mahindra Capital Company will manage the company’s public issue.

According to the companies, the listing of equity shares will enhance their stability as well as brand image and provide liquidity to their existing shareholders.