Healthvista India, Cyient DLM, Zaggle Prepaid Get SEBI's Go-Ahead To Launch IPO

Three companies -- Cyient DLM, Healthvista India and Zaggle Prepaid Ocean Services -- have received Sebi's go-ahead to raise funds through initial public offering (IPO), PTI reports.

The three companies, which filed their preliminary IPO papers with the regulator between July 2022 and January 2023, obtained its observation during March 29-31, an update with the Securities and Exchange Board of India (Sebi) showed on Wednesday, according to PTI.

In Sebi's parlance, its observation implies its go-ahead to launch the initial share-sale.
Going by the draft papers, electronic manufacturing services firm Cyient DLM's IPO is purely a fresh issue of equity shares worth Rs 740 crore with no offer for sale (OFS) component.

Funds raised through the IPO would be utilised for funding incremental capital requirements, capital expenditure, debt payment, achieving inorganic growth through acquisitions as well as general corporate purposes.

Healthvista India's IPO comprises fresh issue of equity shares aggregating up to Rs 200 crore and an OFS of up to 56,252,644 shares by selling shareholders, according to the draft red herring prospectus (DRHP).

The company is an out-of-hospital healthcare provider with brand Portea.

Under the OFS, Accel Growth III Holdings (Mauritius) Ltd ; Accel India III (Mauritius) Ltd , Ventureast Life Fund III LLC , MEMG CDC Ventures; Qualcomm Asia Pacific Pte Ltd, Accel India V (Mauritius) and Sabre Partners Trust will offload shares.

According to market sources, the IPO is expected to fetch about Rs 1,000 crore, PRI reports.
Accordin to PTI, Proceeds from the fresh issue will be used towards funding working capital requirements of its subsidiary, Medybiz Pharma, payment of debt, purchase of medical equipment, marketing as well as brand building activities, inorganic growth initiatives and general corporate purposes.

The IPO of fintech player Zaggle Prepaid Ocean Services consists of fresh issue of equity shares worth Rs 490 crore and an OFS component of 1.05 crore stocks by promoters, investors and other shareholders, as per the draft papers.

Those offering shares in the OFS include promoters Raj P Narayanam and Avinash Ramesh Godkhindi, and investors VenturEast Proactive Fund LLC, GKFF Ventures, VenturEast SEDCO Proactive Fund LLC, and Ventureast Trustee Company.

Proceeds from the fresh issue would be utilised towards customer acquisition and retention, development of technology and products, payment of debt and for general corporate purposes.
The equity shares of these three companies will be listed on the BSE and NSE.