According to the latest update with the Securities and Exchange Board of India (Sebi), the regulator issued its observations on the proposed public issue of Monomark Engineering on September 4, while RKB Global received its observations on August 31.
The Sebi observations mark a key step in the IPO process, following which the companies can proceed with the next stages of their proposed public offerings.
Monomark Engineering has proposed a public offer comprising a fresh issue of up to 2.70 crore equity shares with no offer-for-sale component, according to the draft papers.
The company plans to use funds to support its incremental working capital requirements and general corporate purposes.
The RKB Global IPO comprises a fresh issue of 1.26 crore equity shares and an OFS portion of 20.20 lakh shares.
The company proposes to utilise the proceeds from the IPO for purchasing plant and machinery for its existing manufacturing unit at Wada, solar panels for installation at the unit and machinery for its mining vertical.The funds will also be used for payment of debt, funding incremental working capital requirements and general corporate purposes.
The approvals come amid sustained activity in the primary market, with several companies preparing to launch public issues this month. In August, as many as 23 companies floated their maiden public offerings.
