Survival Tech gets SEBI nod for ₹1,000-crore IPO

Survival Technologies Limited has received the final note from the capital markets regulator, Securities and Exchange Board of India (SEBI)to raise 1,000 crore through Initial Public Offering (IPO).

The public offering at a face value of $2 per share consisted of a new issue of equity shares worth up to Rs 200 crore and offer for sale (OFS) of up to Rs 800 crore by the promoters and sale of the shareholders, who included Vijaykumar Raghunandanprasad Agrawal, Nimai Vijay Agrawal and Prabha Vijay Agarwal .

Also read: LIC stake in L&T Technologies exceeds 5%

A contract research and manufacturing services company focused on the manufacture of specialty chemicals in India has filed an Initial Public Offering Papers with SEBI on December 28, 2022.

The Company, in consultation with the lead bankers on this issue, may consider offering specific securities prior to an IPO in exchange for a cash payment. If this placement is completed, the version size will be reduced accordingly.

Proceeds from the new issue of Rs. 175 crore will be used to finance working capital requirements and general corporate purposes.