Ecom Express, Smartworks Coworking, Metalman Auto: These Delhi-NCR-based firms file for IPO with SEBI

Delhi National Capital Region (NCR)-based companies are turning bullish on raising funds through the initial public offering (IPO) route. In a latest development, three companies - Ecom Express, Smartworks Coworking,  Metalman Auto – have tapped the primary market to raise capital and list their shares on domestic bourses. So far this year, 44 main board IPOs garnered ₹48,211 crore by public listing of their shares on the BSE and NSE.

Here’s all you need to know about these IPOs.

Metalman Auto

The Delhi-based metal fabrication, finishing, and assembly company has filed its draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI). The company, which caters to automotive and non-automotive sectors, plans to issue fresh equities up to ₹350 crore of face value ₹2 each and offer for sale up to 12,636,162 equity share by selling shareholders.

Metalman Auto proposes to utilise the capital raised from equities for procurement of plant and machinery at Pithampur manufacturing and repayment of certain borrowings availed by the company and Metalman Micro Turners. A part of the capital will be used for meeting general corporate purposes.  

Axis Capital Limited, ICICI Securities Limited, and MotilalOswal Investment Advisors Limited are the book running lead managers to the issue.

Incorporated in 1986, Metalman Auto is one of India's first metal fabrication, finishing, and assembly companies, catering to customers overseas in the USA, Canada, Brazil, Chile, Germany, Italy, Sri Lanka, Thailand, Finland, Romania, France, and Taiwan. The company is primarily focused on manufacturing metal components for two-wheeler (including electric vehicles and internal combustion engine); three-wheelers; passenger and commercial vehicles; agri-vehicles; and off-highway vehicles.

Ecom Express

The Gurugram-based company, one of India’s pure-play B2C e-commerce logistics solutions providers, has filed IPO documents with the market regulator to raise up to ₹2,600 crore. The offer comprises fresh issue of equity shares aggregating up to ₹1,284.50 crore and offer for sale by selling shareholders worth up to ₹1,315.50 crore of face value of ₹1 each.

The objective of the issue is to meet capital expenditure for setting-up new processing centers with automation and new fulfilment centres worth up to ₹387.44 crore. The company will also invest for enhancement of technological and data science capabilities including cloud infrastructure; to repay debts, and meet general corporate purposes.

Ecom Express pan-India reach covers over 27,000 PIN codes and has the widest coverage amongst its peers as of March 31, 2024, as per RedSeer report mentioned in the DRHP. With a network of 317 large facilities (covering sorting hubs, processing centers, return centers and fulfilment centers), and 3,421 delivery centers, the PIN codes collectively account for approximately 97% of India’s population, the report noted.

Axis Capital Limited, IIFL Securities Limited,Kotak Mahindra Capital Company Limited and UBS Securities India Private Limited are the book running lead managers to the issue.

Smartworks Coworking Spaces

Smartworks, an office experience and managed campus platform, looks to raise capital through a mix of equity and offer for sale by existing shareholders. The IPO comprises fresh issue of equity shares worth up to ₹550 crore and offer for sale up to 6,759,480 equity share of face value of ₹10 each.

The Gurugram-based company is the largest managed campus operator, amongst the benchmarked peers, in terms of total stock as of March 31, 2024, as per CBRE report mentioned in the DRHP filed with the SEBI.

Smartworks proposes to utilise the net proceeds for repayment of certain borrowings availed by the company; meet capital expenditure for fit-outs in the new centres and for security deposits of the new centres to be deployed in the financial year 2025, 2026, and 2027. The balance amount will be used for general corporate purposes.

JM Financial Limited, BOB Capital Markets Limited, IIFL Securities Limited and Kotak Mahindra Capital Company Limited are the book running lead managers to the issue.

Smartworks Coworking Spaces focuses on mid-to-large Enterprises and has built a growing Client base, which includes Indian corporates, MNCs operating in India and startups. It aims to make enterprises and their employees in India more productive at work by providing value-centric pricing and superior office experience vis-à-vis traditional workspaces, with access to enhanced services and amenities.