The two companies, which filed their initial IPO papers between April and May, received the regulator’s observation on July 17.
In SEBI parlance, issuance of observations means permission to bring up an IPO. According to the draft papers, Absolute Projects’ IPO consists of a fresh issue of 2 crore equity shares with no offer-for-sale (OFS) component.
The funds will be used to modernize Manufacturing Facility I, purchase machinery for Manufacturing Facility II and secure equipment for power EPC projects.
Absolute Projects is an engineering, procurement and construction (EPC) player engaged in the implementation of power transmission and distribution infrastructure projects.
Jindal Supreme’s IPO consists of both a fresh issue of 1.07 crore equity shares and an offer-for-sale (OFS) component of 26.87 lakh equity shares by promoter VVJ Enterprises Pvt Ltd (formerly known as JJ Jindal Infin Pvt Ltd).
The funds raised through the fresh issue will be used to repay debt.
Jindal Supreme manufactures and supplies a wide range of steel pipes and tubes for various infrastructure and industrial applications.
Shares of both the companies will be listed on BSE and NSE. PTI
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