MUMBAI: In a further boost to the raining IPO season, which has already seen over Rs 75,000 crore mopped up this year, Sebi has cleared the primary share sale plans of six companies.
The companies that have received the Sebi nod are digital payments major Pine Labs, auto component maker Hero Motors, spices and ready to eat foods major Orkla India (the Norwegian company had snapped up Eastern Condiments and MTR Foods some time back), Emmwee Photovoltaic Power, Canara Robeco Asset Management Company and Manipal Payment & Identity Solutions.
The market regulator had issued observation letters on the draft papers of Emmwee Photovoltaic Power on September 9, Canara Robeco Asset Management Company on September 10, Pine Labs on September 11, Hero Motors, and Orkla India were issued by the same letters on September 12, according to the processing status of the draft offer papers published by Sebi Monday. Manipal Payment & Identity Solutions, the card management services provider, had received the observation letter on September 2.
The issuance of an observation letter means the company can go ahead with its fund raising plans via IPO within the next one year.
Fintech unicorn Pine Labs, which had filed draft papers late June 25, is looking at raising Rs 2,600 crore via issue of new shares, while its existing shareholders, including investors Peak XV Partners, Actis Pine Labs Investment Holdings, Macritchie Investments, Paypal, Mastercard Asia-Pacific, Madison India, Lone Cascade, AIM Investment Funds, and MW Xo Digital Finance, will be selling 14.78 crore equity shares via offer-for-sale (pricing is not finalized yet so the issue will be much bigger).
The Pankaj Munjal-led auto components maker Hero Motors, which serves BMW and Ducati among others, plans to raise Rs 1,200 crore via maiden public issue which consists of fresh issuance of shares worth Rs 800 crore, and an offer-for-sale of shares worth up to Rs 400 crore by promoters. It had filed the draft papers in late June.