Kalpataru, Unimech Aerospace get SEBI’s nod to launch IPOs

In a fresh development in the initial public offering (IPO) market, Kalpataru, Unimech Aerospace and Manufacturing have received markets regulator SEBI's approval to raise funds by listing their shares on the domestic exchanges. Among others, diagnostic services provider Suraksha Diagnostic has filed its red herring prospectus (RHP) with the regulator to launch its IPO. They collectively look to raise around ₹2,100 crore via initial share sale.

As per the data available on the SEBI, real estate developer Kalpataru filed its draft red herring prospectus (DRHP) with the SEBI on August 14, 2024, while high precision machine components manufacturer Unimech Aerospace submitted its IPO papers on August 20, 2024.

Kalpataru, a well-known real estate developer in the Mumbai Metropolitan Region (MMR), plans to raise ₹1,590 crore via IPO route, which is completely a fresh issue of equity shares. The company, engaged in real estate development, including the identification and acquisition of land, planning, designing, execution, sales, and marketing of their projects, intends to use the majority of the fund around ₹1,200 crore for repayment of debt.

ICICI Securities, JM Financial and Nomura Financial Advisory and Securities (India) are the Book Running Lead Managers for the Kalpataru IPO and Link Intime India is the IPO registrar.

On the other hand, Bengaluru-based Unimech Aerospace eyes to raise ₹500 crore through initial share sale. The issue is a mixture of a fresh issue of equity shares worth ₹250 crore and an offer of sale (OFS) of up to ₹250 crore by promoter and the promoter group.

The firm plans to use capital raised from issuance of fresh equities for expansion through the purchase of machinery and equipment, funding working capital requirements, investment in its material subsidiary, payment of debt, and meeting general corporate purposes.

Founded in 2016, Unimech Aerospace and Manufacturing is a high-precision engineering solutions company, offering complex manufacturing solutions for the aerospace, defence, energy and semiconductor industries.

Anand Rathi Advisors Ltd and Equirus Capital Private Ltd are  the book-running lead managers for this issue, while KFin Technologies Ltd is the registrar to the offer.