Mumbai, December 2

Blackstone-backed Ventive Hospitality, International Gemmological Institute and five others - TruAlt Bioenergy, Concord Enviro Systems, Ecom Express, Carraro India and Smartworks Co-working Spaces - have received SEBI’s approval to launch their IPOs.

Ventive Hospitality is raising ₹2,000 crore through a fresh issue of shares. Private equity firm Blackstone has 50 per cent stake in it while the other half is held by Panchshil Realty, a real-estate conglomerate based in Pune

Ventive Hospitality is a hospitality asset owner with a primary focus on luxury offerings across business and leisure segments. All of the hospitality assets are operated by or franchised from global operators, including Marriott, Hilton, Minor and Atmosphere. The luxury hospitality assets comprise JW Marriott, Pune, The Ritz-Carlton, Pune, Conrad, Maldives, Anantara, Maldives and Raaya by Atmosphere, Maldives. The portfolio comprises 11 operational hospitality assets in India and Maldives, totalling 2,036 keys across the luxury, upper upscale and upscale segments as at March 31, 2024.

IGI issue

International Gemmological Institute (India), a Blackstone portfolio company, is hitting the market with a ₹4,000-crore IPO, comprising a fresh issue and offer for sale.

The company proposes to utilise the net proceeds towards funding of payment of the purchase consideration for the acquisition of IGI Belgium Group and IGI Netherlands Group from Promoter and General corporate purposes.

IGI provides services related to the certification and accreditation of natural diamonds, laboratory-grown diamonds, studded jewellery and coloured stones as well as the offering of educational programmes. IGI India is part of IGI, which is one of the established reputed certifiers in the global market, according to the Redseer Report.

TruAlt

Bengaluru-based TruAlt Bioenergy’s IPO is a mix of fresh issuance of ₹750 crore and an offer for sale of up to 18 lakh shares each by Dhraksayani Sangamesh Nirani, and Sangamesh Rudrappa Nirani.

It is one of India’s largest biofuels producers.

The proceeds from its fresh issuance to the extent of ₹172.68 crore will be utilised for funding capital expenditure towards setting up multi-feed stock operations to pave way for utilising grains as an additional raw material in ethanol plant at TBL Unit 4 of 300 KLPD capacity; ₹425 crore for funding working capital requirements, and general corporate purposes.

Concord Enviro

Concord Enviro Systems’ IPO will consist of a fresh issuance of equity shares worth ₹192.3 crore and an OFS of 51,94,520 shares by existing shareholders. AF Holdings, holding a 39.07 per cent stake in the company, will sell 47.4 lakh shares in the OFS, while the Goel family, the promoters with a 60.93 per cent stake, will offload 4,54,520 shares.

The company specialises in wastewater treatment and zero liquid discharge solutions. In fiscal 2024, the company serviced over 353 domestic and 24 international clients across various industries, including pharmaceuticals, chemicals, food and beverage, defence and energy, automotive, steel, and textiles. With two manufacturing facilities in India and the UAE, and an in-house R&D team of 21 employees, Concord Enviro Systems has secured four patents in India and filed nine additional patent applications.

Ecom Express

Gurugram-based Ecom Express’ proposed IPO is a mix of fresh issue of equity shares worth ₹1,284.50 crore and an Offer for Sale (OFS) of shares valued ₹1,315.50 crore by promoters and other shareholders, the DRHP showed.

The IPO of Smartworks Coworking Spaces is also a combination of a fresh issue for ₹550 crore and an OFS of 67.59 lakh shares by promoters. Smartworks Coworking Spaces Ltd is a leading platform for office experiences and managed campuses.

However, Carraro India’s ₹1,812 crore issue is entirely an OFS by Carraro International S.E, as per the DRHP.

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