Sebi Approval to Nova Agri, Netweb Tech India, EMS for IPO Launch
In a significant development, the Securities and Exchange Board of India (Sebi) has given its green signal to agri-input manufacturer Nova Agritech, server maker Netweb Technologies India, and sewerage solution provider EMS for their respective initial public offerings (IPOs).
According to the latest update from the market regulator, Nova Agritech, Netweb Technologies India, and EMS submitted their preliminary papers to Sebi between March and April 2023 and received the regulator’s observations from June 26th to June 30th.
Sebi’s observations are a crucial step toward initiating the IPO process. As per the draft papers, Nova Agritech’s IPO will consist of a fresh issue of equity shares valued at up to Rs 140 crore, along with an offer-for-sale (OFS) component of up to 77,58,620 equity shares belonging to shareholder Nutalapati Venkatasubbarao.
The funds raised from the fresh issue, amounting to Rs 14.20 crore, will be directed towards investing in Nova Agritech’s subsidiary, Nova Agri Sciences. Additionally, Rs 10.49 crore will be allocated for capital expenditure by Nova Agritech and expanding its existing formulation plant. Furthermore, Rs 26.69 crore will be used to fulfill the working capital requirements of Nova Agritech, while Rs 56.74 crore will go towards investment in Nova Agri Sciences, working capital requirements, and general corporate purposes.
Netweb Technologies India’s IPO will include a fresh issue of equity shares worth Rs 257 crore and an offer for sale of 85 lakh equity shares by promoters Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha, and Ashoka Bajaj Automobiles Pvt Ltd.
EMS’s IPO will comprise a fresh issue of equity shares valued at Rs 180 crore, along with an offer for sale of 82.94 lakh shares by promoter Ramveer Singh. Currently, Singh holds a 97.81% stake in the company. The funds raised through the fresh issue will be utilized to meet working capital requirements and other general corporate purposes.
The shares of all three companies will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
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