SEBI Approves Jesons Industries IPO

Jesons Industries, a manufacturer of speciality coating emulsions, have received markets regulator Sebi’s go ahead to raise funds through initial public offerings (IPOs). The initial share-sale of Jesons Industries comprises a fresh issue of equity shares aggregating up to Rs 120 crore and an OFS of up to 12,157,000 equity shares by promoter Dhiresh Shashikant Gosalia, according to the draft red herring prospectus (DRHP). At present, Gosalia holds an 86.53 per cent stake in the company. The public issue includes a reservation of 77,000 equity shares for employees. The Mumbai-based company may consider the private placement of equity shares aggregating up to Rs 24 crore. If such pre-IPO placement is completed, the fresh issue size will be reduced. As per market sources, the issue size will be in the range of Rs 800-900 crore. Proceeds from the fresh issuance of shares will be used to the extent of Rs 90 crore to repay debt, besides general corporate purposes.