MUMBAI: The IPO line-up is getting longer by the day. In its latest list, the markets watchdog Sebi has approved seven more issues by Shiprocket, Meesho, German Green Steel & Power, Rajputana Stainless, Skyways Air Services, Manika Plastech, and Allied Engineering Works in the week to October 31. These companies are planning to raise over Rs 8,000 crore in fresh issues alone with all of the issues having OFS components too.
While Shiprocket and Meesho have received approval for their draft documents filed via the confidential route, the public issue papers of the other five have been filed through the normal route and also been also cleared by the capital markets regulator in the week ending October 31.
The regulator issued observations on the confidential draft papers of ecommerce platform Meesho on October 14, and logistics and supply chain platform Shiprocket on October 31, according to Sebi.
Further, German Green Steel has received observations on October 20, Manika Plastech on October 29, Allied Engineering and Rajputana Stainless on October 30, and Skyways Air on October 31.
The issuance of observations means a company can float its IPO within the next one year, while in case of confidential filing, it has 18 months to hit the market after filing the updated DRHP, followed by RHP filing with the Registrar of Companies.
Meesho, the low-cost e-commerce platform, filed the papers via the confidential route in July and filed updated papers on October 18.
The Bengaluru-based company plans to raise Rs 4,250 crore through the issuance of fresh shares, while existing shareholders — including Peak XV Partners, Elevation Capital, Y Combinator, VH Capital, and promoters Vidit Aatrey and Sanjeev Kumar — will sell up to 17.56 crore equity shares the offer-for-sale.
Zomato and Temasek-backed Shiprocket had filed pre-filed papers in May, and is planning to raise around Rs 2,400 crore, which will consist of both a fresh issue and an OFS.
Meanwhile, German Green Steel, filed the papers in June, has proposed to raise Rs 450 crore via a fresh issue. The offering also includes an OFS of up to 20 lakh shares by promoters.
Rajputana Stainless refiled its draft papers in June to sell 2.09 crore shares comprising a fresh issuance of 1.46 crore shares and an OFS of 62.5 lakh shares by promoter Shankarlal Deepchand Mehta.
The Delhi-based air freight forwarding and logistics player Skyways Air filed its draft document in late June and plans to issue 3.29 crore fresh shares, while existing shareholders, including promoters, will offload 1.33 crore shares via OFS.
Manika Plastech, a Mumbai-based rigid polymer packaging manufacturing firm, is planning to raise Rs 115 crore through the issuance of new shares. Its promoter entity, Vridaa Holding Trust, will offload 1.5 crore shares via an OFS. The company filed its draft papers in June.
Allied Engineering Works, a Delhi-based smart energy meter manufacturer, filed papers in July for a Rs 400 crore fresh issue and an offer-for-sale of 75 lakh shares by promoter Ashutosh Goel.
However, Bombay Coated and Special Steels has withdrawn its draft papers on October 30, while Sebi returned the draft document of Vishal Nirmiti on the same day.
Bombay Coated, a Mumbai-based firm, specialising in processing steel coils into steel products for original equipment manufacturers and original device manufacturers in the home and commercial appliances, as well as general engineering sectors, had filed preliminary papers in September for an entirely fresh issue.
Vishal Nirmiti, a Pune-based civil engineering, manufacturing, and construction firm, filed its papers in September for a Rs 125 crore fresh issue, with the promoter Vaman Prestressing Company to sell 15 lakh shares through an OFS.
