Sebi cleared five IPOs, including Veeda Clinical, Rite Water, Seedworks: Check details here

SEBI clears 5 IPOs

Capital market regulator Sebi has approved IPOs of five companies - Veeda Clinical Research, Shringar House of Mangalsutra, Rite Water Solutions India, Seedworks International, and LCC Projects.

As per the latest processing status of draft offer documents, the regulator has issued observation letters on draft papers of Veeda Clinical Research and LCC Projects on July 3, while for Shringar House of Mangalsutra, Rite Water Solutions India and Seedworks International, Sebi observation was issued on July 4.

In Sebi's parlance, the issuance of observation letter on draft papers means the company can go ahead with its IPO plans within the next one year.

Ahmedabad-based Veeda Clinical Research, the contract research firm offering services for drug development value chains had refiled draft papers on January 31, 2025. The IPO will consist of fresh issuance of equity shares worth Rs 185 crore, and an offer-for-sale (OFS) of 1.3 crore shares by existing shareholders including promoter Basil, and others like CX Alternative Investment Fund, and Sabre Partners AIF Trust.

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Water Access Acceleration Fund-backed Rite Water Solutions India, which filed draft papers with the Sebi in February this year is planning to raise Rs 745 crore via its maiden public issue. The IPO will be a combination of fresh issue of Rs 300 crore worth shares and an OFS of shares worth Rs 445 crore.

Promoters Vinayak S Gan and Abhijeet V Gan, and investor Water Access Acceleration Fund will be selling shareholders in the OFS.

Telangana-based seed company Seedworks International also filed DRHP for its IPO in February this year. The public issue of private equity group True North Fund-backed company will comprise of entirely offer-for-sale of 5.2 crore shares.

True North Fund, South Asia Growth Fund, Balaji Manmohan Nukal, and South Asia EBT Trust will be the selling shareholders in Seedworks.

Gujarat-based EPC company LCC Projects, which filed preliminary papers with the regulator in February 2025, plans to tap capital markets to funds purchase of equipment and reduce debt. This IPO will consist of fresh issue of Rs 320 crore worth shares and an OFS of 2.29 crore shares by promoters.

Mumbai-based jewellery company Shringar House of Mangalsutra also filed IPO papers in February to raise funds via a public issue. This IPO will be a complete fresh issue of 2.43 crore shares by the company. The funds will be used mainly for working capital requirements.

The regulator has removed the status of WeWork India's IPO papers from abeyance. The Embassy Group-promoted premium flexible workspace operator had filed preliminary papers with the Sebi in February this year. The IPO will comprise of entirely offer-for-sale of 4.37 crore equity shares by existing shareholders - Embassy Buildcon LLP, and 1 Ariel Way Tenant.