MUMBAI: The markets watchdog Sebi in the last two days has given approvals to as many as 13 mainboard initial public offerings (IPOs), led by the headphones and smart watches brand Boat (owned by Imagine Marketing, Urban Company, Corona Remedies, Juniper Green and Jain Resources, among others, which are collectively seeking to raise Rs 16,000 crore from the primary market.
The biggest issue, however, of the month will be that of the over Rs 17,200-crore issue from Tata Capital, which is yet to be heard from the regulator on its updated IPO filing made in July. The company has to get listed before the end of this month under a Reserve Bank mandate issued in October 2022, all upper layer non-banks should go public by the end of this month.
A company source told The New Indian Express that the board of Tata Capital is meeting this evening to set the time-line for the IPO, which when completed will be the largest from the NBFC space and also among the largest issues that Dalal Street has seen so far. Thus-far the largest NBFC issue is the Rs 12,500 crore completed by HDB Financial, the non-banking arm of HDFC Bank, in June.
The regulator has also cleared the draft papers of Allchem Lifescience, Pace Digitek, Om Freight Forwarders, Priority Jewels, Mouri Tech, Ravi Infrabuild Projects, KSH International, and Omnitech Engineering, taking the count to as many as 13.The Sebi had issued observation letters on the draft documents of all these 13 companies in August, which means they can launch their IPOs within the next 12 months, depending on the date of the Sebi letters.
Among the biggest from issue size point of view is the Gurugram-based renewable power producer Juniper Green Energy, which had filed preliminary papers in June, and is looking at mopping up Rs 3,000 crore via initial share.The Warburg Pincus-backed Imagine Marketing, which owns the electronics brand boAt which is known for its headphones and smart watches, had confidentially filed draft papers for the IPO in April. The Bengaluru-based firm was planning seeking a valuation of Rs 13,000 crore. The issue size is not known yet.
The Tiger Global-backed Urban Company, which provides mobile app-based beauty and home-care services, had filed draft papers in April, and is looking at mop up Rs 1,900 crore through the IPO that comprises fresh issue of Rs 429 crore and an offer-for-sale of Rs 1,471 crore by existing investors. API intermediates and speciality chemicals maker Allchem Lifescience had filed IPO papers in March for an issue that is a combination of fresh issuance of Rs 190 crore, and an offer-for-sale of 71.55 lakh shares by the promoters.
Jain Resource Recycling, which specializes in recycling non-ferrous metal scraps and producing a wide range of products, is looking at mobilizing Rs 2,000 crore via maiden public issue which consists of fresh issue worth Rs 500 crore and an offer-for-sale worth Rs 1,500 crore by existing shareholders. It had filed the draft papers in March.
Bengaluru-based Pace Digitek, which is into energy management solutions provider, and optical fiber laying, had filed preliminary papers in March, to raise Rs 900 crore via initial share sale, which comprises solely fresh issue. The Chryscapital-backed pharma maker Corona Remedies, which had filed draft papers last December, is eyeing to raise Rs 1,500-2,000 crore via initial public offering.
Mouri Tech, the IT solutions and services firm, is looking to raise Rs 250 crore through selling fresh shares, while promoters and a selling shareholder are planning to sell shares worth Rs 1,250 crore. It had filed the papers in May. Construction firm Ravi Infrabuild Projects had filed the draft papers in May to raise Rs 1,100 crore through IPO which will be only a fresh issue.
The Pune-based KSH International, which is the third largest manufacturer of magnet winding wires in the country, had filed preliminary papers in May to raise funds to primarily payback its debt and capex. Its seeking an IPO that will be a combination of fresh issue worth Rs 420 crore, and an offer-for-sale of Rs 325 crore worth shares by promoters, the Hegde family.
Precision component maker Omnitech Engineering is looking to mobilise Rs 850 crore through a primary issue that comprises fresh issuance of Rs 520 crore, and an offer-for-sale of Rs 330 crore by promoter Udaykumar Arunkumar Parekh. It had filed the draft papers in June. Third-party logistics provider Om Freight Forwarders, which submitted draft papers in March, is looking to raise Rs 25 crore via fresh issue, and the remainder funds via an offer for sale of up to 72.50 lakh shares.
The Mumbai-based diamond-studded gold and platinum fine jewellery maker Priority Jewels, which had filed preliminary papers in April, solely fresh issue of 54 lakh shares for paring debt.