Jana SFB, Shiva Pharmachem  Onest get SEBI nod for IPO

Jana Small Finance Bank has received final nod from market regulator SEBI to launch its proposed IPO. Besides, Mumbai-based Onest Ltd and Vadodara-based Shiva Pharmachem have also received final observations from the Securities and Exchange Board of India to raise funds through an initial public offering.

Jana SFB had filed a draft red herring prospectus for the proposed IPO that comprised fresh issues aggregating up to ₹575 crore and an offer-for-sale aggregating up to 40.51 lakh shares by investors.

The net proceeds will be utilised for augmenting the bank’s tier–1 capital base and for future capital requirements such as organic growth and expansion and to comply with the regulatory requirements for enhanced capital base, as may be prescribed by the RBI from time to time.

Earlier attempt

Earlier, in 2021, the SFB had received approval from SEBI for IPO but that got lapsed as it did not go through with the public issue plan.

Axis Capital Ltd, ICICI Securities Ltd and SBI Capital Markets Ltd are the Book Running Lead Managers to the Issue.

The IPO of Onest comprises a fresh issue of ₹77 crore and an OFS of up to 32.5 lakh shares by promoter and other selling shareholders, while that of Shiva Pharmachem is entirely an OFS of up to ₹900 crore by promoter and promoter group selling shareholders.

Onest is primarily engaged in the FMCGmarket with a range of home care and personal care products, food products and household products catering to B2B2C and B2B customers.

Shiva Pharmachem caters to manufacturing of acid and alkyl chlorides.