Genius Consultants’ IPO comprises fresh equity worth Rs 170 crore, besides, one million shares of promoter Rajendra Prasad Yadav.
HR firm Genius Consultants has got Sebi’s approval to float initial public offerings.
Genius Consultants is a 24 year old company and provides services for flexi staffing, permanent staffing, payroll processing, background check, compliance management, HRMS and payroll software and facility management.
Genius Consultants obtained Sebi’s “observations” on June 4.
The company had filed its draft papers with the regulator in March.
Sebi’s observations are necessary for any company to launch public offers such as rights issue, initial public offer (IPO) and follow-on public offer (FPO).
Going by the draft papers, Genius Consultants’ IPO comprises fresh equity worth Rs 170 crore, besides, one million shares of promoter Rajendra Prasad Yadav.
Proceeds of the issue will be utilised for strategic acquisitions and similar initiatives; upgrading information technology infrastructure, setting up branch offices and working capital requirements.
SBI Capital Markets and Yes Securities (India) are merchant bankers managing the IPO.
With this, the total number of companies that received Sebi’s approval to launch initial share-sales reached 22 so far this year.