Missed Out on IPO Rush? Many More Coming Soon

Sebi has given its nod to the initial public offerings (IPO) of six companies, including Adani Wilmar and Nykaa. Star Health and Allied Insurance Company, Penna Cement, Latent View Analytics, and Sigachi Industries are the others to have received the regulator’s nod for IPOs, Sebi said on Monday.

Of the six IPOs, Star Health and Penna Cement filed their offer papers on July 22 and May 14, respectively, while others submitted their DRHPs in August. All the six companies obtained Sebi’s “observations” during October 11-14.

Another 52 companies that have filed DRHP with the Sebi, including Paytm, are waiting for the regulator’s approval. Paytm filed its IPO papers with the market regulator on July 15.

The IPOs of the FSN E-Commerce Ventures that runs the Nykaa brand consist of a fresh issue of Rs.525 crores and an offer for sale of up to 43.11 million shares by its existing shareholders, according to DRHP.

However, according to bankers, the company is likely to increase its primary issue from Rs.525 crores to Rs.630 crores. The Rs. 5,300-crore IPO is expected to be opened for subscription in the last week of October.

The Rs. 7,000-7,500 crore IPO of Star Health, India’s largest private health insurer with a market share of nearly 16%, is likely to hit the market next month. The IPO consists of the issuance of new shares worth Rs. 2,000 crores and an offer for sale (OFS) of up to 60 million shares by the promotors and existing shareholders of the company.

Billionaire investor Rakesh Jhunjhunwala, one of three company promoters, holds 76.8 million shares or about 14% stake in the company. Jhunjhunwala’s wife Rekha owns 17.8 million shares, or a 3.3% stake.

Adani Wilmar, a joint venture between Adani Enterprise and Wilmar International, plans to raise Rs. 4,500 crores via fresh equity issuance. Hyderabad-based Penna Cement Industries Plans to raise Rs. 1,300 crores via a fresh issue of equity shares and an offer for sale of up to Rs.250 crores by the Promoter Selling Shareholders aggregating to Rs. 1,550 Crore. S-ET

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