Jaro Institute, 3 Others File IPO Papers with Sebi

New Delhi, Oct 1 (PTI) Jaro Institute of Technology Management and Research, All Time Plastics Ltd, Scoda Tubes and Dev Accelerator have filed preliminary papers with capital markets regulator Sebi to raise funds through initial public offerings (IPOs).

Jaro Institute's Rs 570-crore IPO consists of a fresh issue of shares worth up to Rs 170 crore and an offer for sale (OFS) of shares valued at Rs 400 crore by promoter Sanjay Namdeo Salunkhe, according to the Draft Red Herring Prospectus (DRHP) filed on Monday.

It may consider a pre-IPO placement of up to Rs 34 crore. If such placement is completed, the fresh issue size will be reduced.

The company proposes to utilise Rs 81 crore from the fresh issue for marketing, brand building and advertising activities and Rs 48 crore for payment of debt and general corporate purposes.

Going by the draft papers, Mumbai-based All Time Plastics' proposed IPO is a combination of a fresh issue of shares worth Rs 350 crore and an OFS of 52.5 lakh shares by promoters, while Scoda Tubes' issue is an entirely fresh issue of shares worth Rs 275 crore.

Dev Accelerator's initial share sale is a fresh issue of 2.47 crore shares with no OFS component.

Shares of these four companies will be listed on the BSE and NSE.