MUMBAI: In a further boost to the raining IPO season, which has already seen over Rs 75,000 crore mopped up this year, Sebi has cleared the primary share sale plans of six companies.
The companies that have received the Sebi nod are digital payments major Pine Labs, auto component maker Hero Motors, spices and ready to eat foods major Orkla India (the Norwegian company had snapped up Eastern Condiments and MTR Foods some time back), Emmwee Photovoltaic Power, Canara Robeco Asset Management Company and Manipal Payment & Identity Solutions.
The market regulator had issued observation letters on the draft papers of Emmwee Photovoltaic Power on September 9, Canara Robeco Asset Management Company on September 10, Pine Labs on September 11, Hero Motors, and Orkla India were issued by the same letters on September 12, according to the processing status of the draft offer papers published by Sebi Monday. Manipal Payment & Identity Solutions, the card management services provider, had received the observation letter on September 2.
The issuance of an observation letter means the company can go ahead with its fund raising plans via IPO within the next one year.
Fintech unicorn Pine Labs, which had filed draft papers late June 25, is looking at raising Rs 2,600 crore via issue of new shares, while its existing shareholders, including investors Peak XV Partners, Actis Pine Labs Investment Holdings, Macritchie Investments, Paypal, Mastercard Asia-Pacific, Madison India, Lone Cascade, AIM Investment Funds, and MW Xo Digital Finance, will be selling 14.78 crore equity shares via offer-for-sale (pricing is not finalized yet so the issue will be much bigger).
The Pankaj Munjal-led auto components maker Hero Motors, which serves BMW and Ducati among others, plans to raise Rs 1,200 crore via maiden public issue which consists of fresh issuance of shares worth Rs 800 crore, and an offer-for-sale of shares worth up to Rs 400 crore by promoters. It had filed the draft papers in late June.
The Bengaluru-based Emmvee Photovoltaic Power, which is among the largest solar PV module manufacturers, had filed the preliminary papers in early July to raise Rs 3,000 crore.
Emmvee is the second largest pure-play solar photovoltaic (PV) module and solar cell manufacturer, and intends to issue fresh shares worth Rs 2,144 crore, while promoters Manjunatha Donthi Venkatarathnaiah, and Shubha Manjunatha Donthi will be offloading shares worth Rs 856 crore via offer-for-sale.
Orkla India, which owns spices and condiments brands MTR and Eastern, had filed the papers early June for the IPO which comprises entirely an OFS of 2.28 crore shares by the promoter and other shareholders. The amount is not finalized yet.
Canara Robeco Asset Management, which is the second oldest AMC after UTI and is a subsidiary of Canara Bank, had filed the preliminary papers in April. The IPO is an OFS of 4.98 crore shares by promoters Canara Bank, and foreign promoter Orix Corporation Europe NV.
Manipal Payment and Identity Solutions, which is the largest manufacturer of payment and identity cards, has filed the draft papers under the confidential route to raise around Rs 1,200 crore through an IPO.
The IPO pipeline adds to an already strong year for primary issues. So far, as many as 55 mainboard issues have hit the market, raising nearly Rs 75,000 crore. This comes on the back of a solid 2024, when a whopping 91 public issues collectively mobilised Rs 1.6 trillion, supported by resilient retail participation, a booming economy, and strong private capital expenditure. This had made the domestic market the second largest IPO street in the world and the largest in Asia last year.