Adani Wilmar, Star Health, Penna Cement And Four Others Get SEBI Nod For IPOs
Seven companies have received the market regulator's approval in October to raise funds through initial public offerings, joining an IPO rush in what is expected to be a record year for maiden offers.
The companies that received the nod are:
FSN E-Commerce Ventures.
Star Health & Allied Insurance.
Penna Cement Industries.
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The firms had filed their preliminary IPO papers with the Securities and Exchange Board of India between May and August and obtained its observations between Oct. 11 and 19. An observation, in SEBI parlance, is equivalent to approval for an IPO.
Indian companies have raised $9.9 billion (nearly Rs 73,000 crore) in 60 IPOs so far, on track for an all-time annual high. Many of the share sales have been by technology firms that were highly oversubscribed and soared after listing, despite the companies having yet to show a profit.
The parent of Policybazaar, an online insurance platform, and Paisabazaar, a credit comparison portal, plans to raise up to Rs 6,017.5 crore through its initial share sale.
The IPO comprises a fresh issue of equity shares worth Rs 3,750 crore and an offer for sale of Rs 2,267.50 crore by existing shareholders, according to its draft red herring prospectus filed with SEBI.
As part of the offer for sale, SVF Python II (Cayman) will sell equity shares worth Rs 1,875 crore, Yashish Dahiya, chairperson and chief executive, will sell shares worth Rs 250 crore. Some other shareholders will also offer shares.
The firm is also considering a pre-IPO private placement of equity shares to raise around Rs 750 crore—which if completed, will reduce the fresh issue size, the prospectus said.
FSN E-Commerce Ventures
The company runs Nykaa, the online marketplace for beauty and wellness products. Its maiden offer includes a fresh issue of equity shares worth Rs 525 crore and an offer for sale of 4.31 crore equity shares by promoter and existing shareholders.
Promoter Sanjay Nayar Family Trust and shareholders, TPG Growth IV SF Pte Ltd., Lighthouse India Fund III, Lighthouse India III Employee Trust, Yogesh Agencies & Investments, JM Financial and Investment Consultancy Services and some individual shareholders will sell shares via OFS.
The IPO is expected to fetch Rs 3,500-4,000 crore, valuing the company in the range of $5-5.5 billion, according to merchant bankers in the know.
The company’s IPO includes a fresh issue of equity shares worth Rs 4,500 crore. There won't be any secondary offering.
Adani Wilmar is a joint venture incorporated in 1999 between Adani Group and Singapore-based Wilmar International Ltd. It sells cooking oils under the Fortune brand and other essential kitchen commodities. The company is a major player in the edible oil industry.
Star Health and Allied Insurance Company
The Rakesh Jhunjhunwala-backed private health insurer’s IPO comprises a fresh issue of equity shares worth Rs 2,000 crore and an offer for sale of up to 6.01 crore equity shares by promoters and existing shareholders, according to the DRHP filed with SEBI.
Promoter and promoter group Safecrop Investments India LLP, Konark Trust, MMPL Trust and existing investors Apis Growth 6 Ltd., Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd., Venkatasamy Jagannathan, Sai Satish and Berjis Minoo Desai will sell equity shares via OFS.
The Hyderabad-based company's IPO involves a fresh issue of equity shares worth Rs 1,300 crore and an OFS of up to Rs 250 crore by the promoter PR Cement Holdings.
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The Tamil Nadu-based company’s IPO consists of a fresh issue of equity shares worth Rs 474 crore and an OFS of equity shares of Rs 126 crore by a promoter and existing shareholders.
The manufacturer of microcrystalline cellulose will sell up to 76.95 lakh equity shares through the initial share sale.