Inspira Enterprises gets SEBI Approval for Rs.800 crore IPO

Inspira Enterprises, an IT solutions provider, has got SEBI approval for its Rs.800 crore IPO. SEBI had given observations letter pertaining to the filing, which is equivalent to an approval. Inspira had filed the draft red herring prospectus (DRHP) with SEBI in August 2021, which has just been approved. The next steps are to file the RHP with the ROC and to finalize the details of the public issue.

The proposed IPO will comprise of a fresh issue of Rs.300 crore and an offer for sale of Rs.500 crore. The promoters of the company, the Prakash Jain Family Trust and the Manjula Jain Family Trust, will offload shares worth Rs.277.15 crore and Rs.91.77 crore respectively. In addition, Prakash Jain will also offload shares worth Rs.131.08 crore in his personal capacity taking the total size of the OFS to Rs.500 crore.

The Rs.300 crore fresh issue component will be a fresh infusion and will also dilute the equity. The funds will be used to repay debt, for working capital needs and also for general corporate purposes. The company is planning a pre-IPO placement of Rs.75 crore and if successful, then the company will reduce the size of the IPO proportionately.

Inspira Enterprises is a digital transformation company with a predominant focus on cybersecurity. With the big shift to digital and billions of transactions moving to the digital mode, the importance of cybersecurity has been underlined. A series of data breaches, both in India and abroad, have also highlighted the urgent need for corporates to beef up their cybersecurity defences.

Inspira offers cybersecurity and digital transformation services to clients across various industry verticals as well as various geographies. In the realm of digital transformation and cybersecurity, Inspira offers the complete suite of services including consultation, architecture, solution design, implementation, monitoring and managed services.

Inspira has appointed Axis Capital, JM Financial, Nomura Financial Advisory, SBI Capital Markets and Yes Securities as the book running lead managers to the issue. While the date of the issue is yet to be finalized, the normal time taken for the issue to open after the SEBI approval varies between 15 days to 30 days.

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