New Delhi: Five companies, including Premier Industrial Corporation and mattress manufacturer Duroflex, have received approval from the Securities and Exchange Board of India (Sebi) to proceed with their initial public offerings (IPOs), according to an update released by the markets regulator on Friday.

Pharmaceutical firm Virupaksha Organics, Mumbai-based Hexagon Nutrition and Om Power Transmission are the other companies that secured Sebi’s clearance. All five had filed their draft red herring prospectuses between September and October and received the regulator’s observations between February 10 and 13. In regulatory terms, Sebi’s observations allow firms to go ahead with their public issues.

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As per its draft papers, Premier Industrial Corporation’s IPO will consist of a fresh issue of up to 2.25 crore equity shares along with an offer for sale (OFS) of up to 54 lakh shares.

The company plans to utilise the proceeds from the fresh issue to establish a new wire manufacturing facility at Honad in Khalapur, Raigad district, and to expand capacity at its existing plant in Wada, Palghar, by increasing output of select products.

Funds will also be allocated towards working capital and general corporate purposes. In addition, the company may consider a pre-IPO placement of up to Rs 30 crore, which, if undertaken, will reduce the size of the fresh issue.

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Premier Industrial Corporation is among the fastest-growing manufacturers in both powders and wires categories of the welding consumables industry.

The proposed IPO of mattress maker Duroflex is a mix of fresh issue of equity shares worth Rs 183.6 crore and an offer for sale of up to 2.25 crore shares by promoters and existing investors.

As part of the OFS, Jacob Joseph George, Mathew Chandy, Mathew George, and Mathew Antony Joseph will offload a portion of their shareholdings.

Mumbai-based Lighthouse Funds, through its affiliates, will also sell its holding in the sleep solutions company Duroflex.

The company plans to utilise the proceeds from the fresh issue towards setting up 120 new company-owned company-operated (COCO) stores, meeting lease, sub-lease rent, and license fee obligations for existing COCO stores and the manufacturing facility, funding marketing and advertising initiatives to enhance brand visibility, and general corporate purposes.

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Founded in 1963, Duroflex is among the top three mattress companies in India by market share, and operates across mattresses, foam, furniture, pillows, accessories, and other bedding products.

Hyderabad-based pharmaceutical company Virupaksha Organics proposed IPO is entirely a fresh issue of equity shares worth Rs 740 crore.

It may consider raising Rs 148 crore in a pre-IPO placement round. If such placement is undertaken, then the issue size will be reduced.

Proceeds from the fresh issue worth Rs 360 crore will be used by Virupaksha to fund its capital expenditure requirement for capacity expansion, Rs 195 crore earmarked for payment of debt and the balance towards general corporate purposes.

Virupaksha Organics is a research and development-driven Indian pharmaceutical company engaged in the manufacturing of active pharmaceutical ingredients and intermediates.

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Hexagon Nutrition's proposed IPO is entirely an OFS of over 3.08 crore equity shares by promoters.

Incorporated in 1993, Hexagon Nutrition is engaged in developing and manufacturing products across micronutrient premixes, branded wellness and clinical nutrition, therapeutic formulations, and ready-to-use foods.

Also, the proposed IPO of Om Power Transmission is a mix of fresh issue of 90 lakh shares and an offer-for-sale of 10 lakh shares by promoters.

Proceeds from the fresh issue will be used towards the purchase of machinery and equipment, repayment of debt, funding long-term working capital requirements, and general corporate purposes.

Ahmedabad-based Om Power Transmission is engaged in executing high-voltage and extra-high voltage transmission lines, substations, and underground cabling projects, and providing comprehensive operation and maintenance (O&M) services.

The shares of the companies will be listed on the BSE and NSE. PTI