The Securities and Exchange Board of India (Sebi) gave the green signal to several mega initial public offerings (IPOs) last week, potentially paving the way for bumper launches during the ongoing festive season.
As per the update on Sebi’s website, Hyundai Motor India, which will be India’s largest IPO at nearly Rs 25,000 crore, received the observation letter from the market regulator on September 24.
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The regulator also gave final observations on the offer documents of value retailer Vishal Mega Mart and food delivery major Swiggy. Both companies have opted for the pre-filing or confidential filing route and will have to make their draft red herring prospectus (DRHP) public before they can launch their IPOs.
The food delivery aggregator has already filed its updated DRHP. As per the updated DRHP, the company has planned a Rs 3,750 crore fresh issue along with an offer for sale, the value of which is expected to exceed Rs 6,000 crore.
Supermarket player Vishal Mega Mart had opted for confidential filing in July, making it among the few players apart from Oyo, Swiggy, and Tata Play to go through this route, where a pre-filing is made. As per sources, the company aims to mobilise $1 billion (around Rs 8,400 crore) through the issue.
Mamata Machinery and Acme Solar Holdings received the green signal from Sebi on September 27. Acme’s IPO size is around Rs 3,000 crore, a combination of fresh equity and secondary share sales.
Packaging equipment manufacturer Mamata Machinery’s IPO is entirely a secondary share sale of 7.3 million equity shares.
Interestingly, four of the five IPOs approved last week saw their applications processed within the three-month timeline.
Meanwhile, the market regulator returned the IPO application of Innovision, a firm that provides skilled workforce for blue-collar profiles. The firm had filed documents to raise Rs 315 crore from fresh issuance of shares and had an offer for sale of 1.1 million shares.
First Published: Sep 30 2024 | 6:44 PM IST
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