Cotton seeds producer Nuziveedu Seeds files IPO papers with Sebi

NEW DELHI: Leading cotton seeds producer Nuziveedu Seeds has filed its draft papers with capital markets regulator Sebi to float an initial public offer ( IPO).

The proposed public issue comprises fresh issue worth Rs 125 crore and an offer for sale from its promoters and existing private equity investor Blackstone, the company said in its Draft Red Herring Prospectus (DRHP).

The proceed of the issue would be utilised towards loan repayment and for general corporate purposes, it added.

JM Financial Institutional Securities Ltd, JP Morgan India Pvt Ltd, JM Financial Institutional Securities Ltd, Axis Capital Ltd and IDFC Securities Ltd are the merchant bankers to manage the offer.

The promoter group of the company has proposed to offer up to 98.91 lakh equity shares forsale, while private equity giant Blackstone plans to offer 19.78 lakh shares, DRHP added.

Nuziveedu Seeds is among a dozen of companies which has filed IPO documents since January this year.

This year, 14 companies including Biocon's custom research arm Syngene International, S H Kelkar and Company Ltd, Catholic Syrian Bank, Dilip Buildcon and Prabhat Dairy have filed their initial papers to launch IPOs.