7 firms get Sebi approval for IPO
MUMBAI: Seven more companies are set to join the rush among Indian companies to tap the public market to raise funds.
These companies have received approval from the Securities and Exchange Board of India (Sebi) to launch initial public offerings (IPOs).
PB Fintech Ltd, ESAF Small Finance Bank, Sapphire Foods India, Anand Rathi Wealth, One 97 Communications Ltd, HP Adhesives and Tarsons Products Ltd can now proceed with their share sale plans.
The IPO of One97 Communications, the parent of fintech platform Paytm, will comprise of a fresh issue of ₹8,300 crore and an offer for sale (OFS) of a similar amount. This will make it India’s biggest public issue so far, topping Coal India Ltd’s ₹15,000 crore IPO in 2010.
The IPO of PB Fintech, the owner of online platform Policybazaar and Paisabazaar, will consist of a fresh issue of ₹3,750 crore and OFS of ₹2,267.50 crore by existing shareholders and promoters. The OFS will comprise sale of up to ₹1,875 crore by SVF Python II (Cayman), ₹250 crore by Yashish Dahiya, ₹95 crore by Alok Bansal, ₹27.50 crore by Founder United Trust, ₹12.50 crore by Shikha Dahiya, and ₹7.50 crore by Rajendra Singh Kuhar.
PB Fintech is India’s largest online platform for insurance and lending products.
ESAF Small Finance Bank’s IPO will be a mix of a fresh issue of ₹800 crore and an OFS of ₹197.78 crore by its existing promoters and shareholders.
The OFS will involve sale of upto ₹150 crore by ESAF Financial Holdings, up to ₹21.33 crore by PNB Metlife India Insurance Company and ₹17.46 crore by Bajaj Allianz Life Insurance Ltd, up to ₹87 crore by PI Ventures LLP and up to ₹2.6 million by John Chakola.
Sapphire Foods India IPO will consist of a pure OFS of 17.57 million shares by existing shareholders and promoters.
Sapphire Foods, the largest franchisee of Yum Brands in the Indian subcontinent, is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The franchisee pact with Yum allows the firm to operate on a non-exclusive basis, under the KFC, Pizza Hut and Taco Bell brands in India, Sri Lanka and Maldives.
Anand Rathi Wealth’s IPO will consist of a pure OFS of 12 million shares by its existing shareholders and promoters. This will include an issue of 9.29 million shares by Anand Rathi Financial Services Ltd.
The company is one of India’s top non-bank wealth solutions firms.
Tarsons Products Ltd IPO consists of a fresh issue of ₹150 crore and an OFS of up to 13.20 million shares by existing shareholders and promoters. The firm makes labware products.
THE FIRMS ARE: PB FINTECH, ESAF SFB, SAPPHIRE FOODS, ANAND RATHI WEALTH, PAYTM, HP ADHESIVES, AND TARSONS PRODUCTS