Four companies, Brainbees Solutions, Unicommerce eSolutions, Interarch Building Products, and Gala Precision Engineering, have received approval from SEBI for their IPO plans.
Brainbees Solutions (FirstCry)
Brainbees Solutions, the parent company of FirstCry, received an observation letter from SEBI on June 25 after filing its DRHP in April.
An observation letter from SEBI allows the company to launch its IPO within a year.
Brainbees’ IPO includes fresh issuance of shares worth ₹1,816 crore and an offer-for-sale of 5,43,91,592 equity shares by existing shareholders.
Selling shareholders in Brainbees’ IPO include SVF Frog (Cayman), Apricot Investments, Mahindra & Mahindra, Valiant Mauritius Partners FDI, PI Opportunities Fund-1, TIMF Holdings (Mauritius), TPG Growth V SF Markets Pte, Think India Opportunities Master Fund LP (Cayman), NewQuest Asia Investments III, and Schroders Capital Private Equity Asia Mauritius II.
SVF Frog (Cayman) and Mahindra & Mahindra are major shareholders with 25.53% and 10.97% stakes, respectively. Kotak Mahindra Capital Company, Morgan Stanley India Company, BofA Securities India, JM Financial, and Avendus Capital are the book-running lead managers for Brainbees’ IPO.
SEBI issued observation letters to Unicommerce eSolutions, Interarch Building Products, and Gala Precision Engineering on June 28.
Unicommerce eSolutions
Unicommerce eSolutions, a Snapdeal-owned SaaS company, filed its DRHP in January 2024 and plans an offer-for-sale of 2,98,40,486 equity shares with no fresh issue component.
The offer-for-sale for Unicommerce includes shares from AceVector (formerly Snapdeal), B2 Capital Partners, and SB Investment Holdings (UK). IIFL Securities and CLSA India are the merchant bankers for Unicommerce’s IPO.
Gala Precision Engineering
Gala Precision Engineering, based in Maharashtra, filed draft papers in February and plans an IPO with a fresh issue of 25,58,416 equity shares and an offer-for-sale of 6,16,000 equity shares.
Promoter Vishanji Harshi Gala is the major selling shareholder in Gala’s offer-for-sale, along with Kirit Vishanji Gala (HUF), Nayna Gala, Satish Kotwani, Hemlata Dhiraj Shah, Dhiraj Nanchand Shah, Urmil Dhiraj Shah, and Rupa Sunil Mehta.
Promoters hold 74.56% stake in Gala Precision Engineering, with the remaining shares held by the public, including Pooja Unichem LLP. PL Capital Markets is the sole merchant banker for Gala’s IPO.
Interarch Building Products
Interarch Building Products, a turnkey pre-engineered steel construction solution provider, filed its draft papers in March.
Interarch’s IPO includes a fresh issue of shares up to ₹200 Crore and an offer-for-sale of up to 44.5 lakh shares by the promoter group and investor-selling shareholders.
The selling shareholders in Interarch’s offer-for-sale are Arvind Nanda, Gautam Suri, Ishaan Suri, Shobhna Suri, and OIH Mauritius. Ambit and Axis Capital are the book-running lead managers for Interarch’s IPO.
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