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Security And Intelligence Services gets SEBI nod for IPO

By
IPO, SEBI, Stock Market

New Delhi: Security and Intelligence Services has received market regulator Sebi's go ahead for raising an estimated Rs 500 crore through an initial public offering.

The firm provides security solutions and business support services to a wide range of customers across India and Australia.

The company had filed draft prospectus with Sebi in September and the markets regulator issued final 'observation' on the IPO papers on January 12, which is necessary for every company to launch public offers.

The IPO comprises fresh issue of shares worth Rs 362.25 crore and an offer for sale of up to 6,518,876 shares by the existing shareholders, as per the Draft Red Herring Prospectus (DRHP).

According to sources, the public issue is expected to raise Rs 500 crore.

Proceeds of the issue will be utilised towards repayment of loan, funding working capital requirements and for general corporate purposes.

Axis Capital, ICICI Securities, IIFL Holdings, Kotak Mahindra Capital Company are global coordinators and book running lead managers to the issue.

SBI Capital Markets, IDBI Capital Markets and Securities and Yes Securities (India) Ltd are merchant bankers to the issue.

In 2016, 26 companies hit the capital market to collectively raise over Rs 26,000 crore through their respective IPOs, making it the best year for public offers since 2010.

 

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