With the benchmark index testing new highs, companies are eager to sell their shares in the public market. Many companies are issuing fresh shares to the public and using the proceeds to pay off debt. 

Of the eight companies launching IPOs between August 2 to August 12, six companies will use the IPO proceeds to reduce debt. Nuvoco Vistas Corporation and Chemplast Sanmar will use nearly 90-95% of the proceeds from the fresh issue of shares to reduce debt. The only two companies that will not pay off debt using the IPO proceeds are - CarTrade Tech (the entire IPO is an offer for sale), and Aptus Value Housing Finance (the Rs 500 crore raised from the IPO will be used to fund working capital).