IPOs of six companies get regulator’s approval
MUMBAI: Burgeoning activity in India’s initial public offering market is set to amplify with half a dozen companies receiving approvals to their draft papers from the market regulator.
These companies are FSN E-Commerce Ventures, Adani Wilmar, Star Health and Allied Insurance Company, Sigachi Industries, Latent View Analytics and Penna Cement Industries, according to people familiar with the matter.
FSN E-Commerce Ventures, which runs the Nykaa brand, received the Securities and Exchange Board of India’s (Sebi) nod to raise ₹525 crore via a fresh issue and an offer for sale of up to 43.11 million shares by existing shareholders and promoters.
Beauty and personal care e-commerce marketplace Nykaa was founded in 2012 by investment banker-turned- entrepreneur Falguni Nayar.
Adani Wilmar plans to raise ₹4,500 crore via fresh sale of shares. The maker of Fortune brand of edible oil is a venture between Adani Enterprises and Wilmar International.
Adani Wilmar’s edible oil range comprises of soya beans, sunflower, mustard and rice bran, among others.
The IPO of Star Health and Allied Insurance, owned by a group of investors including billionaire investor Rakesh Jhunjhunwala and Westbridge Capital, will constitute a fresh issue of ₹2,000 crore and an offer for sale of 60.10 million shares.
Star Health claims to have a market share of 15.8% in india’s domestic health insurance market in fiscal 2021. It had total Gross Written Premium (GWP) of ₹93.49 billion last fiscal.
Hyderabad-based Sigachi Industries’ IPO will be a fresh issue of up to 2.84 million shares. The company manufactures microcrystalline cellulose (MCC), used as an excipient for finished dosages in the pharma industry.
The IPO of Latent View Analytics Ltd, a digital analytics firm, will comprise a fresh issue of ₹474 crore and an offer for sale of up to ₹126 crore. The firm offers analytics solutions, allowing its clients to operate more efficiently by predicting outcomes for digital transformation and sustainability.
Penna Cement Industries will seek to raise up to ₹1,300 crore through a fresh issue and an offer for sale of up to ₹250 crore by its promoter PR Cement Holdings Ltd.