SEBI Gives Green Light To Absolute Projects And Jindal Supreme IPO Plans

Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd have received approval from the Securities and Exchange Board of India (SEBI) to launch their initial public offerings (IPOs), according to an update published by the markets regulator on Monday.

The two companies secured SEBI's observations on 17 July after filing their draft red herring prospectuses between April and May. In SEBI's approval process, the issuance of observations allows a company to proceed with its proposed public issue. Both companies plan to list their shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

Absolute Projects To Raise Funds Through Fresh Issue

According to the draft papers, Absolute Projects' IPO will comprise a fresh issue of 2 crore equity shares. It has no offer-for-sale component.

The company plans to use the funds for multiple expansion initiatives. These include modernising its Manufacturing Facility I, purchasing machinery for Manufacturing Facility II, and acquiring equipment for its power engineering, procurement and construction (EPC) projects.

Absolute Projects operates in the power EPC space. It executes power transmission and distribution infrastructure projects across the country.

Jindal Supreme IPO Includes Fresh Issue And OFS

Jindal Supreme's IPO will include a fresh issue of 1.07 crore equity shares along with an offer-for-sale of 26.87 lakh equity shares. The OFS will be undertaken by promoter VVJ Enterprise Private Limited, formerly known as JJ Jindal Infin Private Limited.

As per the draft documents, the company intends to use the proceeds from the fresh issue primarily to repay debt. Jindal Supreme manufactures and supplies steel pipes and tubes used across infrastructure and industrial applications. Its product portfolio caters to several end-use sectors.

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