AGS Health, PGP Glass, 2 others get SEBI nod for IPO

As many as four companies – AGS Health, PGP Glass, Shreni Shares and SRIT India – have received SEBI’s approval to raise funds through initial public offerings (IPOs), an update from the market regulator showed on Friday.

AGS Health and PGP Glass had secretly submitted draft documents to the Securities and Exchange Board of India in March for their initial public offering.

The confidential filing route allows companies to submit draft offer documents to SEBI for review without disclosing sensitive business information.

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

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

According to the draft red herring prospectus (DRHP), the proposed public issue of stock broking firm Shree’s shares includes a fresh issue of up to 69 lakh shares and an offer for sale (OFS) of up to 82 lakh shares by existing shareholders.

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

According to the draft paper, SRIT India’s IPO is an entirely fresh issue of 1.68 crore equity shares by the company.

The proceeds of the IPO will be used to modernize and redevelop existing products, fund its working capital requirements, achieve inorganic growth through undisclosed acquisitions and general corporate purposes.