Swiggy, Hyundai India, Acme Solar, Vishal Mega Mart, Mamata Machinery IPOs get SEBI approval

Hyundai Motor India, Swiggy IPOs

Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery got approval from the capital markets regulator SEBI to go ahead with their IPO plans.

The regulator issued observation letter to Swiggy, and Hyundai Motor India on September 24, and Vishal Mega Mart on September 25, while Acme Solar Holdings, and Mamata Machinery received the observation letter on September 27.

In SEBI parlance, the issuance of observation letter on the draft papers means the company can launch its initial public offering within the next one year from the receipt of letter.

Prosus- and SoftBank-backed Swiggy, the second largest food delivery giant in India, had filed confidential papers with the regulator for an initial public offering (IPO) in April this year. Further, it has filed its updated draft red herring prospectus with the regulator on September 26 for its IPO which is a mix of fresh issue of equity shares worth up to Rs 3,750 crore, and an offer-for-sale of 18.52 crore equity shares by the existing shareholders.

Also read: Swiggy IPO: 7 key takeaways from updated DRHP

Accel India, Apoletto Asia, Alpha Wave Ventures, Coatue PE Asia, DST EuroAsia, Elevation Capital, Inspired Elite Investments, MIH India Food Holdings, Norwest Venture Partners, and Tencent Cloud Europe will be the selling shareholders in the offer-for-sale.

The food tech giant may raise Rs 750 crore via private placement before the launch of its initial public offering. It will reduce the fresh issue size to the extent of the said amount if the pre-IPO placement is undertaken.

Also read: Hyundai, Swiggy, NTPC Green Energy among cos looking to raise Rs 60,000 cr in Oct-Nov

Prosus (32 percent), SoftBank (8 percent), Accel (6 percent) are key investors in Swiggy, apart from Elevation Capital, DST EuroAsia, Norwest Venture, Tencent Cloud, INQ Holding, OFI Global China, Coatue PE Asia, and Inspired Elite.

This will be the second food delivery company available for trading on the bourses, if it lists, after Zomato. Kotak Mahindra Capital Company, Citigroup Global Markets India, Jefferies India, Avendus Capital, JP Morgan India, BofA Securities India, and ICICI Securities are acting as the book running lead managers to the issue.

Hyundai Motor India is another most-awaited IPO apart from Swiggy. The Gurugram-based automobile company had filed its draft papers for IPO on June 14 for fund raising via entirely offer-for-sale of 14.21 crore equity shares with no fresh issue component. The $3-billion IPO is likely to be launched in October, reported Moneycontrol earlier this month.

Also read: SEBI objects to use of IPO proceeds for paying back promoter loans

Promoter Hyundai Motor Company, the South Korean auto giant and the world's third largest auto original equipment manufacturer, will be the selling shareholder in the offer-for-sale (FPO)

Kotak Mahindra Capital Company, Citigroup Global Markets, HSBC Securities and Capital Markets India, JP Morgan India, and Morgan Stanley India are the merchant bankers to the issue.

Kedaara Capital- and Partners Group-backed Vishal Mega Mart is a leading fashion-led hypermarket chain and intends to raise close to $1 billion from the market. Kotak Mahindra Capital, Jefferies, JP Morgan, ICICI Securities, and Morgan Stanley are the lead managers handing the initial share sale. The regulator had received draft papers from the company on July 29.

Also read: All Time Plastics files IPO papers with Rs 350 crore fresh issue and OFS of 52.5 lakh shares

Gurugram-based renewable energy company Acme Solar Holdings had filed preliminary papers with SEBI on July 2 to raise Rs 3,000 crore via maiden public issue. The IPO is a combination of fresh issue of shares worth Rs 2,000 crore, and an offer-for-sale of Rs 1,000 crore worth shares by promoter ACME Cleantech Solutions.

Gujarat-based packaging equipment manufacturer Mamata Machinery had submitted draft documents to the regulator to launch its initial share sale on June 28. Its IPO consists entirely of an OFS of 73.82 lakh equity shares by its promoters.

However, the regulator has returned draft papers of Innovision, a manpower services, toll plaza management and skill development training provider, on September 27. The company had filed preliminary papers with the SEBI on August 19. The IPO comprised a fresh issuance of equity shares worth Rs 315 crore, and an offer-for-sale (OFS) of 11,81,250 equity shares by promoters.