Fusion CX, SFC Environmental Technologies, and RSB Retail India are among seven companies that received approval for their draft papers from the Securities and Exchange Board of India (SEBI), paving the way for launching IPOs. The capital markets regulator also cleared the draft documents of Orient Cables India, and Lohia Corp, while the draft papers filed via confidential route by Turtlemint Fintech Solutions, and Yashoda Healthcare Services also received green signal from the market regulator.
SEBI has issued observations on the Pre-filing Draft Red Herring Prospectus of Turtlemint Fintech Solutions, and Yashoda Healthcare Services on December 10. Further, the regulator has issued observations on the draft document of Lohia Corp on December 8, Fusion CX on December 11, and that of SFC Environmental Technologies, RSB Retail India, and Orient Cables India on December 12.
In the SEBI parlance, the issuance of observations on draft document means the company is allowed to go ahead with its IPO plans within the next one year, while the company that files draft papers via confidential route has one-and-half-year to launch its maiden public issue for fund raising as it has to file updated Draft Red Herring Prospectus (UDRHP) with the SEBI, followed by the filing of Red Herring Prospectus.
Turtlemint Fintech Solutions, a Mumbai-based insurtech platform, had filed DRHP via confidential route with the SEBI and stock exchanges on September 4 to raise funds via an initial public offering. Media reports indicated that the company may be planning to raise around Rs 2,000 crore via IPO.
Yashoda Healthcare Services, a Hyderabad-based hospital chain operating under the Yashoda Hospitals, has also preferred filing DRHP confidentially with the capital markets regulator in September this year. According to media reports, the company seems to looking for raising around Rs 3,000-4,000 crore funds via initial public offering (IPO) which is likely to be a mix of fresh issue and offer-for-sale.
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Fusion CX, a customer experience (CX) service provider that delivers high-end, integrated CX solutions across voice, email, chat, social media, and messaging platforms, had filed its draft papers in May this year, to raise Rs 1,000 crore through IPO.
The company proposed to raise Rs 600 crore via issuance of fresh shares, while existing shareholders will be offloading shares worth up to Rs 400 crore via an offer for sale (OFS).
SFC Environmental Technologies, the Navi Mumbai-based wastewater treatment solutions provider, refiled its IPO papers with the SEBI in August. Its IPO is a combination of fresh issue of equity shares worth Rs 150 crore, and an OFS of 1.23 crore shares by existing shareholders.
Telangana-based multi-format retailer RSB Retail India, which also filed draft document with the SEBI in August, plans to raise funds via IPO for debt reduction and stores expansion. According to the media reports, the IPO size could be around Rs 1,500 crore which is a mix of fresh issue of Rs 500 crore, and an OFS of 2.98 crore shares by promoters.
Orient Cables India, the Gurugram-based-based networking cables and solutions provider, has filed preliminary papers with the regulator in July this year as it proposed to raise funds up to Rs 700 crore via initial share sale comprising fresh issue of Rs 320 crore worth shares, and an OFS of shares amounted to Rs 380 crore.
Kanpur-based Lohia Corp, the machinery and equipment manufacturer for technical textiles, has refiled its IPO papers with the SEBI in August. The issue will comprise entirely offer-for-sale of 4.22 crore equity shares by promoters with no fresh issue component.
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