SEBI clears IPOs of Lenskart, Wakefit, four others

Upcoming IPOs

Lenskart Solutions, Wakefit Innovations, Waterways Leisure Tourism, and Tenneco Clean Air India are among six IPOs that received approval from the SEBI to go ahead with their IPO plans. The capital markets regulator also cleared Shree Ram Twistex and Lamtuf IPOs.

The market regulator had issued observation letters on draft papers of Waterways Leisure Tourism, Shree Ram Twistex, and Lamtuf on September 26, while Lenskart Solutions, Wakefit Innovations, and Tenneco Clean Air India received observation letters on their IPO papers on October 3, as per the processing status of draft offer documents published on October 6.

The issuance of observation letter means the company can launch its IPO within the next one year.

SoftBank- and Kedaara Capital-backed eyewear company Lenskart Solutions, which filed draft papers with SEBI in July this year, has proposed to raise Rs 2,150 crore through its fresh issue, while promoters and investors will be offloading 13.22 crore equity shares via an offer-for-sale (OFS).

Apart from the promoters, SoftBank-owned SVF II Lightbulb (Cayman), Schroders Capital, Azim Premji-backed PI Opportunities Fund, Macritchie Investments, Kedaara Capital, and Alpha Wave Ventures are among the selling shareholders in the Lenskart OFS.

The Gurugram-based omnichannel eyewear retailer may also consider raising up to Rs 430 crore in a pre-IPO round, which would be a part of the fresh issue component.

Moneycontrol was the first to report last week that the SEBI has approved Lenskart’s DRHP for its upcoming IPO.

Peak XV Partners-backed Wakefit Innovations, a sleep and home solutions startup, filed its draft red herring prospectus (DRHP) with the regulator in June this year, aiming to raise Rs 468.2 crore via a fresh issue of shares.

In addition, promoters Ankit Garg and Chaitanya Ramalingegowda, as well as several investors including Peak XV Partners, Redwood Trust, Verlinvest SA, Investcorp, SAI Global Fund, and Paramark, will be offloading up to 5.8 crore equity shares via an OFS.

The Bengaluru-based D2C home and furnishings company may also raise up to Rs 93.64 crore before launching the IPO.

Mumbai-based Cordelia Cruises operator Waterways Leisure Tourism has proposed to mop up Rs 727 crore through an entirely fresh issue of shares, with no offer-for-sale (OFS) component. The company had filed its IPO papers with the regulator in June this year.

US-based Tenneco Group-owned automotive component maker Tenneco Clean Air India, which filed preliminary papers with SEBI in June, is planning to raise up to Rs 3,000 crore via an initial public offering (IPO).

The IPO will comprise entirely of an offer-for-sale by promoter Tenneco Mauritius Holdings, with no fresh issue component.

Gujarat-based cotton yarn manufacturer Shree Ram Twistex has proposed to raise funds by issuing up to 1.06 crore new shares via IPO. It had filed draft papers with SEBI in June for its IPO.

Hyderabad-based phenolic, epoxy, and densified wood laminates manufacturer Lamtuf, which filed its draft red herring prospectus (DRHP) with the capital markets regulator in July this year, intends to mobilise funds via fresh issue as well as OFS components.

The company plans to issue 1 crore fresh shares, while promoters intend to sell up to 20 lakh shares via OFS.

Meanwhile, SEBI has kept in abeyance its issuance of observations on Kanodia Cement's draft offer document. The Uttar Pradesh-based cement company filed its DRHP with the regulator in May this year to raise funds via IPO, which will comprise entirely of an offer-for-sale of 1.49 crore equity shares by promoters.