NEW DELHI: Supermarket chain Patel Retail and Garuda Construction and Engineering have received capital markets regulator Sebi’s approval to float initial public offerings (IPOs).
The two companies, which filed their preliminary IPO papers with the regulator between April and June, obtained their observations on August 21-23, an update with the Securities and Exchange Board of India (Sebi) showed on Monday. In Sebi’s parlance, obtaining its observations means its go-ahead to float public issues.
Patel Retail’s IPO is a mix of a fresh issue of 90.18 lakh shares and an offer for sale of up to 10.02 lakh shares of promoters, as per the draft red herring prospectus. According to merchant banking sources, the IPO size has been pegged at Rs 250 crore to Rs 325 crore.