There is good news for investors trying their luck through Initial Public Offering (IPO). Actually, SEBI has approved the IPO of three companies simultaneously.
Which company: Private sector Federal Bank’s subsidiary FedBank Financial Services, airport services aggregator platform Dreamfox Services and specialty marine chemicals maker Archean Chemical Industries have got approvals to launch their IPOs. The Securities and Exchange Board of India (SEBI) has approved the applications filed by these three companies for approval of IPO.
What SEBI said: Markets regulator SEBI said on Tuesday that ‘conclusion’ letters were issued during May 9-13 on the applications made by these companies. The companies had submitted preliminary documents for IPO approval with SEBI in January-February this year.
Which company’s plan? Equity shares of these three companies will be listed on BSE and NSE. FedBank Financial will issue fresh shares worth Rs 900 crore for sale. Dreamfox Services will make an open sale offer of 2,18,14,200 shares. At the same time, Archion Chemical will issue new shares worth Rs 1,000 crore.
