Sebi has given approval to IRCON, PN Gadgil & Sons and KPR Agrochem to float initial public offerings (IPO).
Rail PSU IRCON and KPR Agrochem had filed their respective preliminary papers with Sebi in March, while Pune-based retail jewellery chain PN Gadgil & Sons filed the IPO papers in May. KPR Agrochem, IRCON and PN Gadgil & Sons have received Sebi’s observations on July 10, July 12 and July 13, respectively, which is necessary for any company to launch public issue.
IRCON’s IPO, will see government divesting 10% stake or over 99 lakh shares. The IPO of KPR Agrochem comprises fresh sale of shares worth Rs.210 crore, besides, an offer of sale of 1.2 crore scrips by the existing shareholders. Further, PN Gadgil & Sons’ public issue will see sale of shares worth approx Rs.500 crore.