Juniper Hotels, Arkade Developers, two others get Sebi's nod for IPOs

As many as four companies, including Juniper Hotels, which runs hotels under the Hyatt brand and real estate player Arkade Developers, have received Sebi's go-ahead to raise funds through initial public offerings.

The other firms that obtained the capital markets regulator's nod are logistic firm CJ Darcl Logistics and Indo Farm Equipment, which manufactures tractors, pick and carry cranes, and other farm equipment, an update with the Securities and Exchange Board of India (Sebi) showed on Monday.

These four firms, which filed their preliminary IPO papers with Sebi between September and October 2023, received its observations during January 24-29.

However, the regulator has returned the draft IPO documents of Kronox Lab Sciences and Shree Tirupati Balajee Agro Trading Company.

Without giving any reason, the offer documents of these two firms were returned by Sebi, the update showed.

According to the draft papers, Juniper Hotels' proposed maiden public issue is entirely a fresh issue of equity shares worth Rs 1,800 crore.

The company proposes to use the net proceeds of Rs 1,500 crore towards payment of debt. Besides, a portion of proceeds will be used for general corporate purposes.

Juniper Hotels is co-owned by Saraf Hotels Ltd and Two Seas Holdings Ltd, an affiliate of global hospitality entity Hyatt Hotels Corporation.

Arkade Developers' IPO is completely a fresh issue of equity shares worth Rs 430 crore.

Funds raised from the issue will be used for the company's ongoing and upcoming projects and funding the acquisition of future real estate projects and general corporate purposes.

Arkade Developers is a fastgrowing real estate development company with a significant presence in Mumbai.