Big companies like Vishal Mega Mart, Hyundai MotorIndia Ltd, Swiggy have recently got capital market regulator Sebi’s go ahead to raise funds through respective Initial Public Offers (IPOs). While, renewable energy firm ACME Solar Holdings and packaging equipment manufacturer Mamata Machinery also secured the market watchdog’s license to roll out respective public issues.
Hyundai MotorIndia IPO
Hyundai MotorIndia Ltd, the Indian arm of South Korean automaker Hyundai had received Sebi’s nod on September 24, 2024 to float its IPO. The South Korean automaker is looking to raise Rs 25,000 crore through the stake sale process which is going to be biggest IPO in India’s history.
Swiggy IPO
Food and grocery delivery major Swiggy has been pegged the IPO size at over Rs 10,000 crore. It too had got Sebi’s nod on September 24.
Going by Sebi’s update on Monday, Mega Mart took the confidential filing route to submit its draft papers in July with the markets regulator, keeping details undisclosed for the time being. It obtained the regulator’s observations on September 25.
ACME Solar Holdings IPO
According to its Draft Red Herring Prospectus (DRHP) as filed by Sebi, the Gurugram-based ACME Solar Holdings Holdings’ proposed IPO is a combination of a fresh issue of equities worth Rs 2,000 crore and an OFS of shares worth Rs 1,000 crore. The firm intends to use proceeds for debt payment and general corporate purposes.
Mamata Machinery IPO
Gujarat-based Mamata Machinery’s initial share sale is entirely an OFS. Promoters will sale stake worth 73.82 lakh number of equity shares. As it is 100% OFS, the proceeds will not be utilized for company’s operational efficiency. Promoters will take home the entire cash raised. Some of them are Mahendra Patel, Nayana Patel, Bhagvati Patel, Mamata Group Corporate Services LLP, and Mamata Management Services LLP.
India’s Booming IPO Market
India’s IPO market is thriving. This year has already seen 29% increment in number of companies bringing their IPOs to 62 from 57 in the entire 2023. Some of the big IPOs that hit the Dalal Street this year subsume , Ola Electric Mobility, Bajaj Housing Finance, FirstCry’s parent Brainbees Solutions, etc.
