Six Companies Receive SEBI Approval for Initial Public Offerings

Six Companies Secure SEBI's Approval for IPOs

As many as six companies have secured the approval of the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs). The companies, which filed their preliminary IPO papers between October and February, obtained SEBI's observations between May 4-8.

The list of companies includes Zepto, an auto components manufacturer Dhoot Transmission, Horizon Industrial Parks, Surgiwear, Crystal Crop Protection, and Hotel Polo Towers. These companies will be listing their shares on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

Zepto and Dhoot Transmission's Plans

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Zepto, a quick commerce unicorn, filed its preliminary papers with SEBI in December using a confidential route. The company is aiming to raise Rs 11,000 crore through its maiden public offering. If the listing goes through, Zepto will join its rivals Zomato and Swiggy, both of which are already listed on the exchanges.

Dhoot Transmission, backed by private equity major Bain Capital, is targeting to raise USD 250 million (about Rs 2,258 crore) through its IPO. The proposed IPO will comprise a fresh issue of equity shares along with an offer for sale (OFS) by existing investors.

Other Companies' Plans

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Horizon Industrial Parks, backed by global private equity firm Blackstone, plans to raise Rs 2,600 crore through its IPO, which is entirely a fresh offer of equity shares, with no offer for sale (OFS) component. About Rs 2,250 crore from the proceeds will be used to repay borrowings.

Uttar Pradesh-based Surgiwear's proposed IPO comprises a fresh issue of shares worth up to Rs 370 crore and an OFS of up to Rs 370 crore by promoter Ghanshyam Das Agarwal. Funds will be used for purchasing machinery, debt repayment, and general corporate purposes.

Crystal Crop Protection plans to mobilise funds through an IPO comprising a fresh issue of shares valued at Rs 600 crore. Apart from fresh issues, there will be an OFS of 74,05,387 shares by promoters and investors.

Hotel Polo Towers' proposed IPO is a combination of fresh issue of shares worth Rs 300 crore and an OFS of 71.2 lakh shares by promoters. The company develops, owns, operates, and manages a chain of upscale and midscale hotels and resorts in the northeast, east, and north India under the 'Polo' and 'Max' brands.