The IPO space is heating up, with as many as four companies including Larsen and Toubro's IT services unit on Monday filing draft papers to fund their business expansion and meet working capital requirements.
Besides, Quick Heal Technologies, Parag Milk Foods and Narayana Hrudayalaya are expected to file IPO papers soon. Larsen & Toubro's IT services unit, L&T Infotech, and GNA Axles have filed their draft documents with markets regulator Sebi to float their initial public offers (IPOs) while Narayani Steels and
Ganga Pharmaceuticals have submitted their papers on BSE's SME platform. The proceeds of the issues will be utilised for business expansion plans, working capital requirements and other general corporate purposes. L&T Infotech's IPO comprises an offer for sale of up to 1.75 crore shares of face value of Rs 1 each by L&T. The public issue of GNA Axles consists of up to 63 lakh shares with a face value of Rs 10 each. It has reserved 2 lakh shares for its employees.