SEBI Returns Gretex Share Broking’s IPO Documents

by | Jan 30, 2024 | 0 comments

The planned IPO consists of a new issuance of 1.67 crore equity shares combined with an offer-for-sale (OFS) of 30.96 lakh shares by existing shareholders.

Initial Setback for Gretex Share Broking’s IPO Plans The Securities and Exchange Board of India (SEBI) has recently returned the draft initial public offering (IPO) documents of Gretex Share Broking. This development could potentially delay the company’s planned IPO.

Overview of the Proposed IPO Gretex Share Broking’s proposed IPO includes both a fresh issue and an offer-for-sale (OFS). The fresh issue involves 1.67 crore equity shares, while the OFS comprises 30.96 lakh shares held by current shareholders. The company intends to use the proceeds from the fresh issue for working capital needs and general corporate purposes.

Filing History with SEBI Gretex Share Broking filed its Draft Red Herring Prospectus (DRHP) with SEBI in December 2023. However, an update from SEBI’s website on Tuesday revealed that the market regulator returned the DRHP on January 25, without specifying the reasons.

Gretex Share Broking’s Business Activities The company operates in market making, stock broking, and underwriting for capital market issuances. It is also a depository participant of NSDL. These activities form the core of Gretex Share Broking’s business.

Role of Pantomath Capital Advisors Pantomath Capital Advisors has been appointed as the sole book-running lead manager for the issue. Their involvement is crucial in navigating the IPO process.

Previous Instances of SEBI Returning IPO Papers This incident follows a similar action by SEBI earlier this month when it returned the IPO documents of Stallion India Fluorochemicals. Such instances highlight the regulator’s stringent review process.

 

Disclaimer: Investment opinions and tips on Stockmarkets.co.in are solely those of the individual experts and do not reflect the stance of the website or its management. For investment decisions, Stockmarkets.co.in recommends consulting with qualified professionals.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

20 − nine =

Related Articles