Sebi approves IPOs of Absolute Projects and Jindal Supreme

Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd have received Sebi's approval to launch their initial public offerings. The companies plan to use the proceeds for expansion, equipment purchases and debt repayment, with both shares set to be listed on the BSE and NSE

New Delhi: Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd have secured the Securities and Exchange Board of India’s (Sebi) approval to raise funds through initial public offerings (IPOs), an update from the markets regulator showed on Monday.

The two firms, which filed their preliminary IPO papers between April and May, received the regulator’s observations on July 17.

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In Sebi parlance, issuing observations implies approval to launch an IPO.

According to the draft papers, Absolute Projects’ IPO comprises a fresh issue of 2 crore equity shares with no offer-for-sale (OFS) component.

The funds raised will be used to modernise Manufacturing Facility I, procure machinery for Manufacturing Facility II and acquire equipment for Power EPC projects.

Absolute Projects is an engineering, procurement and construction (EPC) company engaged in the execution of power transmission and distribution infrastructure projects.

Jindal Supreme’s IPO consists of a fresh issue of 1.07 crore equity shares and an offer-for-sale (OFS) of 26.87 lakh equity shares by promoter VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited).

The proceeds from the fresh issue will be used to repay debt.

Jindal Supreme manufactures and supplies a wide range of steel pipes and tubes for diverse infrastructure and industrial applications.

The shares of both companies will be listed on the BSE and NSE.