SEBI clears Monomark Engineering, RKB Global IPOs; check issue details
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Monomark Engineering will raise funds through a fresh issue of up to 2.70 crore shares, while RKB Global will combine a 1.26-crore fresh issue with an OFS.
Securities and Exchange Board of India (SEBI) has cleared the proposed initial public offerings (IPOs) of Monomark Engineering (India) Ltd and RKB Global Ltd.
According to regulatory filings, SEBI issued its observations on Monomark Engineering's draft papers on September 4, while RKB Global received its observations on August 31. The companies can now proceed with the next steps for their proposed IPOs.
Monomark Engineering's IPO will consist of a fresh issue of up to 2.70 crore equity shares. There is no offer-for-sale (OFS) component in the issue. The company plans to use the proceeds to meet its incremental working capital requirements and for general corporate purposes.
RKB Global's proposed IPO will comprise a fresh issue of 1.26 crore equity shares and an OFS of 20.20 lakh shares.
Monomark Engineering, RKB Global IPO: Use of funds
RKB Global IPO: The company plans to use the proceeds to purchase plant and machinery for its existing manufacturing unit at Wada. The company will also use part of the funds to install solar panels at the facility and buy machinery for its mining business.
The IPO proceeds will also be used for debt repayment, incremental working capital requirements and general corporate purposes.
Monomark Engineering IPO: The company will use the funds raised primarily for working capital needs and general corporate purposes.
The two IPO approvals come amid continued activity in India's primary market. As many as 23 companies launched their maiden public offerings in August, with several more companies currently preparing to tap the market.
The latest SEBI observations allow Monomark Engineering and RKB Global to move ahead with their IPO plans. The companies are yet to announce the final issue dates and other offer details.
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This article is for informational purposes only and should not be considered investment advice from Kotak Neo. For compliance T&C and disclaimers, Visit www.kotakneo.com/disclaimer
Rochelle Britto has spent 8+ years decoding India's markets, businesses, and consumer economy, reporting for ET Prime and Times Internet along the way, covering the stories behind the numbers.
A Mumbai native and perpetual planner of the next holiday, she stays far, far away from the eternal question, “Where are we going next?” When she's not chasing headlines, she's chasing new cultures, open roads, and a bit of quiet in nature.
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