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The Securities and Exchange Board of India (Sebi) gave the nod to several mega initial public offerings (IPOs) last week, paving the way for bumper launches during the ongoing festival season.
According to the update posted on Sebi’s website, Hyundai Motor India, which will be the country’s largest IPO at nearly 25,000 crore, received the observation letter from the market regulator on September 24.
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The regulator also gave its final observations on the offer documents of Vishal Mega Mart and Swiggy.
Both companies opted for the pre-filing or confidential filing route. They will have to make their draft red herring prospectus (DRHP) public before they can launch IPOs.
The food delivery aggregator has already filed its updated DRHP. As per the updated DRHP, the company has planned a fresh issue of around 3,750 crores along with an offer for sale.
Supermarket player Vishal Mega Mart had opted for confidential filing in July, making it one of the few players, besides Oyo, Swiggy and Tata Play, to take this route where a pre-filing is done.
According to sources, the company aims to raise $1 billion (around $8,400) through this issue.
Mamata Machinery and Acme Solar Holdings received the nod from Sebi on September 27. The size of Acme’s IPO is around 3,000 crores, with a combination of fresh equity and sale of secondary shares.
Packaging equipment maker Mamata Machinery’s IPO is entirely a secondary share sale of 7.3 million shares.
Four of the five IPOs approved last week had their applications processed within the three-month deadline.
Meanwhile, Sebi has returned the IPO application of Innovision, a company that provides skilled labor for blue-collar profiles.
The company had filed documents to raise around 315 crore through fresh issue of shares and has an offer for sale of 1.1 million shares.
First publication: September 30, 2024 | 6:44 p.m. STI