Seven companies receive SEBI approval to launch IPOs worth Rs 7,700 crore
Seven companies, including SoftBank-backed ecommerce firm Meesho and Temasek-backed logistics platform Shiprocket, have received the Securities and Exchange Board of India’s (SEBI) approval to raise close to Rs 7,700 crore through initial public offerings (IPOs), regulatory data released on Monday showed.
The other firms that secured the regulator’s nod are German Green Steel and Power, Allied Engineering Works, Skyways Air Services, Rajputana Stainless, and Manika Plastech.
In regulatory terms, SEBI’s “observation” signifies clearance to launch a public issue. The approvals come amid heightened activity in India’s primary market, which has seen 86 companies list on the mainboard so far this year. Several others, including Groww and Pine Labs, are expected to debut this week.
According to draft filings, Meesho plans a fresh issue of equity shares worth Rs 4,250 crore and an offer for sale (OFS) of 17.57 crore shares by existing shareholders such as Elevation Capital, Peak XV Partners, Venture Highway, and Y Combinator. Proceeds from the fresh issue will be channelled into cloud infrastructure investments, AI and technology development, marketing initiatives, strategic acquisitions, and general corporate purposes.
Shiprocket is expected to raise between Rs 2,000 crore and Rs 2,500 crore, according to market sources. Both Meesho and Shiprocket have used SEBI’s confidential pre-filing route, which allows companies to keep IPO details private until later stages of approval.
Among the other companies, Gujarat-based German Green Steel and Power is planning to raise Rs 450 crore through a fresh issue and an OFS of 20 lakh shares by promoters. The proceeds will be used to expand its manufacturing unit, establish a hybrid wind and solar power plant, and repay debt.
Allied Engineering Works, a manufacturer of smart energy meters, is looking to mobilise Rs 400 crore through a fresh issue, along with an OFS of 75 lakh shares by its promoter. Funds will be utilised to set up new manufacturing facilities and meet working capital needs.
Air freight and logistics player Skyways Air Services plans to issue 32.92 million new shares and offer 13.33 million shares for sale by promoters and other shareholders. The proceeds will go toward debt repayment, working capital requirements, and general corporate expenses.
Rajputana Stainless has proposed a fresh issue of 1.46 crore shares and an OFS of 62.5 lakh shares, with funds earmarked for capital expenditure, debt reduction, and corporate initiatives.
Meanwhile, Mumbai-based Manika Plastech aims to raise Rs 115 crore through a fresh issue, alongside an OFS of 1.50 crore shares. The company will use the funds to purchase new machinery and repay existing debt.
Separately, Bombay Coated and Special Steels withdrew its draft IPO papers on October 30, while SEBI returned Vishal Nirmiti’s preliminary documents the same day.
