Initial Public Offering Approved for Avana and IndiaMart

Online marketplace IndiaMART InterMESH Ltd and logistics company Avana Logistek have received markets regulator Sebi’s go-ahead to float initial share sale offers.

These two companies, which had filed draft their respective draft offer documents with Sebi in June, obtained the regulator’s “observations” on September 14, according to the latest update with the markets watchdog.

Through IndiaMART’s public issue, a total of 42,88,801 equity shares will be divested by the promoters and private equity firms Intel Capital (Mauritius) Ltd, Amadeus Capital Partners and Accion Frontier Inclusion Mauritius. The initial share-sale offer is expected to garner Rs 600 crore.

Avana Logistek’s initial share sale consists of fresh issue of shares worth up to Rs 300 crore.