Sebi clears Nuziveedu Seeds' IPO; total number reaches 24

Leading cotton seeds producer Nuziveedu Seeds has received capital markets regulator Sebi's approval to float an initial public offer (IPO). With this, the number of firms receiving Sebi's green signal since the beginning of the year has reached 24. The Securities and Exchange Board of India (Sebi) issued its final observations on the draft offer document of the company on August 5, which is necessary for any company to launch a public offer.

Nuziveedu Seeds filed its draft papers with Sebi in April for its proposed public issue which comprises of fresh issue of shares worth Rs 125 crore and an offer for sale from its promoters and existing private equity investor Blackstone. The promoter group of the company plans to offer up to 98.91 lakh equity shares for sale, while private equity giant Blackstone plans to offer 19.78 lakh shares. JM Financial Institutional Securities, JP Morgan India, Axis Capital and IDFC Securities are the merchant bankers to manage the offer.

The 24 firms that have got Sebi approval include Catholic Syrian Bank, S H Kelkar & Company, Prabhat Dairy, Dilip Buildcon, Shree Shubham Logistics, Amar Ujala Publications, AGS Transact Technologies, SSIPL Retails, Navkar Corporation and Precision Camshafts. So far in 2015, nine firms have mobilised nearly Rs 4,400 crore through IPOs, higher than funds raised in the preceding two years, while IPO of Power Mech Projects is underway. A total of six IPOs had hit the market in 2014 and together garnered just Rs 1,261 crore, while in 2013, three companies raked in Rs 1,284 crore through initial share plans.