Capital market regulator SEBI has cleared three initial public offerings to raise Rs 1,200 crore cumulatively.
The three companies -- Neolite ZKW Lightings, SS Retail and Aspri Spirits -- filed their preliminary IPO papers in December and received SEBI’s observations during May 6-14.
Automotive lighting products maker Neolite plans to raise ₹600 crore through its maiden public offering. The issue includes fresh share issuance of up to ₹400 crore along with an offer for sale of ₹200 crore by promoters and a shareholder, according to the company’s draft red herring prospectus.
The company will use proceeds from the fresh issue for setting up a new manufacturing facility at Kancheepuram in Tamil Nadu besides purchasing plant and machinery, electronic expansion at existing manufacturing facilities, payment of debt and general corporate purposes.
Neolite ZKW caters to OEMs (original equipment manufacturers) across passenger vehicles, commercial vehicles, off-road vehicles, two-wheelers and three-wheelers. The company has a strategic alliance with ZKW group GMBH (which became a subsidiary of LG Electronics in 2018).
