Yatra, Protean eGov, Balaji Speciality Chemicals Get SEBI Nod For IPOs

The market regulator has given its approval to Yatra Online, Protean eGov Technologies and Balaji Speciality Chemicals to launch their initial public offerings.

Securities and Exchange Board of India in a notification on Tuesday said it issued observations on draft documents filed by these three companies during the week ended Nov. 18. Issuing observations in SEBI's parlance means final approval to launch maiden share sales.

SEBI gave its approval to Yatra and Protean on Nov. 17, and to Balaji on Nov. 15, according to the notification.

According to Yatra's draft red herring prospectus, citing a Crisil report, it was India’s largest corporate travel services provider and the second largest online travel company by gross booking revenue and operating revenue for the fiscal ended March 2020.

Yatra has the largest number of hotel and accommodation tie-ups among key online travel agencies at over 20.94 lakh as on Oct. 29, 2021, it said.

The proposed IPO will include fresh issue of shares worth Rs 750 crore, as well as an offer for sale. Promoter THCL Travel Holding Cyprus Ltd. and investor Pandara Trust–Scheme I represented by its trustee Vistra ITCL (India) Ltd. will offload 93.28 lakh shares in the IPO.

Protean eGov Technologies, formerly known as NSDL e-Governance Infrastructure, is an IT-enabled services provider that collaborates with the government in creating digital public infrastructure and developing innovative citizen-centric e-governance solutions.

Originally setup as a depository in 1995, the company created infrastructure for the capital market development in India.

Balaji Speciality Chemicals is the only manufacturer in India of niche chemicals such as ethylenediamine, piperazine (anhydrous), diethylenetriamine, amino ethyl ethanol amines and amino ethyl piperazine using the monoethanol amine process. These chemicals are used in various end-use industries such as speciality chemicals, agrochemicals, and pharmaceuticals.

A subsidiary of Balaji Amines Ltd., the company first commenced operations in June 2019 at a manufacturing facility in Solapur. It has since scaled operations to become one of the fastest growing specialty chemicals companies in India, Balaji said in its DRHP citing a Crisil report.

The IPO will include a fresh issuance of shares worth Rs 250 crore and offer for sale involving 2.6 crore shares. Promoters Ande Prathap Reddy, Ande Srinivas Reddy, Ram Reddy Dundurapu, Rajeshwar Reddy Nomula, Gaddam Hemanth Reddy, Achanta Annapurna and Dundurapu Vandana Reddy will offload shares in the issue.