AGS Health, PGP Glass, 2 others get Sebi nod to float IPOs

As many as four companies - AGS Health, PGP Glass, Shreni Shares and SRIT India - have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update from the markets regulator showed on Friday.

AGS Health and PGP Glass confidentially submitted draft documents to the Securities and Exchange Board of India in March for their maiden public offerings.

The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately disclosing sensitive business information to the public.


The regulator received preliminary papers of all these firms between February and March and gave its observations during June 16-19, the update showed.

In Sebi's parlance, obtaining its observations means the regulator has given the go-ahead to float the public issue.

Stock broking firm Shreni Shares' proposed public issue comprises a fresh issue of up to 69 lakh shares and an offer for sale (OFS) of up to 82 lakh shares by existing shareholders, according to the Draft Red Herring Prospectus (DRHP).

The company plans to utilise the net proceeds from the fresh issue to meet working capital requirements, repay or prepay certain borrowings, and for general corporate purposes.

SRIT India's IPO comprises an entirely fresh issue of 1.68 crore equity shares by the company, according to the draft paper.

IPO proceeds will be used for modernising existing products and redevelopment, funding its working capital requirements, achieving inorganic growth through unidentified acquisitions and general corporate purposes.