Upcoming IPOs: SEBI greenlights Aequs, Bharat Coking Coal, Canara HSBC Life Insurance IPOs

SEBI Clears Aequs IPO

Bengaluru-based contract manufacturing company Aequs received approval for its confidential DRHP from the SEBI last week, while the IPO papers of Bharat Coking Coal, and Canara HSBC Life Insurance Company were also cleared by the capital markets regulator.

As per the processing status of draft offer documents published by the regulator on September 22, it has issued observation letter on Aequs' Confidential Draft Red Herring Prospectus (PDRHP) on September 18.

Further, the regulator has issued observation letter on draft papers of Canara HSBC Life Insurance Company, and Bharat Coking Coal on September 15 and 19, respectively.

The issuance of observation letter allows company to launch its IPO within the next one year by filing Red Herring Prospectus (RHP) with the Registrar of Companies, while in case of Pre-filing (confidential) DRHP, the company can file its Updated DRHP with the regulator within the next one year to incorporate any observations from the regulator and then proceed with RHP filing for IPO.

Aequs, which manufactures aero-engine and aero-structure components for aerospace clients, had filed Pre-filed DRHP with the SEBI and stock exchanges in June this year, as per a public announcement. According to media reports, the Karnataka-based contract manufacturing company is planning to raise around $200 million through its IPO which comprises of fresh issue and an offer-for-sale.

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Further, private life insurer Canara HSBC Life Insurance Company, a subsidiary of Canara Bank, has filed DRHP with the regulator on April 28 this year for its IPO. The public issue consists of entirely an offer-for-sale of up to 23.75 crore equity shares with no fresh issue component, indicating the entire offer proceeds will go to the selling shareholders.

Promoters Canara Bank and HSBC Insurance (Asia-Pacific) Holdings, and investor Punjab National Bank will be the selling shareholders in the IPO, which hold 51 percent, 26 percent, and 23 percent shares, respectively in the insurance company,

Bharat Coking Coal, the wholly-owned subsidiary of country's largest coal miner Coal India, had filed draft papers with the regulator on May 30 this year.

The company is not issuing any fresh shares, while Coal India will be selling 46.57 crore shares in Bharat Coking Coal via offer-for-sale.

Bharat Coking Coal claims the largest coking coal producer in India in FY25 in terms of coking coal production, which accounted for 58.50 percent of the domestic coking coal production.