Absolute Projects (India) Ltd and Jindal Supreme (India) Ltd receive Securities and Exchange Board of India (SEBI) observations, clearing the way to float initial public offerings (IPOs), according to market regulator updates. Both companies had filed their preliminary IPO documents between April and May. SEBI issues observations as part of the IPO review process; in this context, the observations indicate approval to proceed with the listing offer.
For Absolute Projects, the draft filings describe an IPO made up of a fresh issue of 2 crore equity shares with no offer-for-sale (OFS) component. The company plans to use the funds to modernise Manufacturing Facility I, procure machinery for Manufacturing Facility II, and secure equipment for power engineering, procurement and construction (EPC) projects. Absolute Projects operates as an engineering, procurement and construction (EPC) firm focused on power transmission and distribution infrastructure.
For Jindal Supreme, the IPO comprises a mix of a fresh issue of 1.07 crore equity shares and an OFS component of 26.87 lakh equity shares. Both companies plan to list their shares on India’s BSE and NSE, as indicated in the updates.
