Capital markets regulator Sebi has approved the IPOs of Intellius Recode and Nityas Gems and Jewellery, adding two more companies to India's IPO pipeline. Intellius Recode, a next-generation technology solutions provider, received observations from the market regulator for its proposed public issue. The company filed its draft papers with Sebi in March this year.
The IPO will comprise a fresh issue of Rs 117 crore and an offer for sale of up to 12.90 lakh equity shares. The face value of each equity share is Rs 10.
The company plans to use the proceeds from the fresh issue to fund the development of Digital Workers, pay sub-contracting fees for the development of Digital Workers, and meet general corporate purposes.
Intellius Recode offers AI-led digital transformation solutions across two main verticals: technology consulting and its proprietary Digital Worker products. Its services cover application development, cloud, data and analytics, cybersecurity and managed services.
The company’s Digital Workers help automate business processes using artificial intelligence and computer vision. The offering places Intellius Recode in a fast-growing area of enterprise technology, where companies are trying to use automation to reduce manual work and improve productivity.
Inga Ventures is the book-running lead manager to the issue.
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Nityas Gems plans fresh issue
Nityas Gems and Jewellery has also received regulatory approval for its proposed IPO. The issue will be entirely a fresh issue of 1,44,56,000 shares. The total issue size in rupee terms will be decided later.
The company is engaged in the design, manufacturing and sale of lab-grown diamond-studded gold jewellery in India. Its product range includes rings, earrings, pendants, bracelets, mangalsutras, nose pins, necklaces, cufflinks and bangles. The company sells jewellery across daily wear, occasion-based, men’s jewellery and customised segments.
Nityas Gems has a business-to-business focus and supplies to organised jewellery retailers. Its prominent B2B customers include GIVA, Palmonas, ONYA and Ladia Diamonds, among others.
The company plans to use the proceeds from the IPO to fund its working capital requirements.
