Sebi approves IPOs by FirstMeridian Business, IRM Energy, and Lohia Corp

MUMBAI : The capital markets regulator SEBI has approved First Meridian Business Services Ltd, IRM Energy Ltd, and Lohia Corp to raise funds via initial public offerings (IPOs).

These companies received the observation letters between February 21 and 24, 2023, after submitting their preliminary IPO papers to the market regulator between September 2022 and January 2023.

The 740-crore IPO of FirstMeridian Business Services Ltd includes a fresh issuance of equity shares worth 50 crore and an Offer-For-Sale (OFS) of 690 crore. It intends to use the net proceeds of the new issue to pay down debt and for general corporate purposes.

The staffing company FirstMeridian Business Services promoter Manpower Solutions Ltd will sell 615 crore in shares as part of the OFS, while existing shareholders New Lane Trading LLP and Seedthree Trading LLP will sell 42.5 crore and 32.5 crore, respectively, according to the draft papers.

FirstMeridian Business Services provides general staffing and allied services, global technology solutions, and other human resource services.

The city gas distribution company IRM Energy’s initial public offering (IPO) is a new issue of up to 1.01 crore equity shares by existing shareholders. The company intends to use the net proceeds to fund capital expenditure requirements for development of the city gas distribution network at Namakkal and Tiruchirapalli in Tamil Nadu, to pay debt, and for other general corporate purposes, according to the DRHP.

IRB Energy is in the business of laying, building, operating, and expanding the city or local natural gas distribution network.

The initial share-sale of Lohia Corp, a manufacturer of machinery used in the production of technical textiles, is entirely an OFS of 3.17 crore equity shares by promoters and other shareholders, according to the draft papers

Lohia Corp is leading manufacturers globally of machinery and equipment used in production of technical textile, particularly for manufacturing polypropylene (“PP”) and high density polyethylene (“HDPE”) woven fabric and sacks (“Raffia”), with a global market share of 17.5% across all Raffia machinery and more than 28.7% in machines for PP/ HDPE fabric making.

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