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News Topical, Digital Desk : The securities market regulator (SEBI) has approved Pine Labs, Hero Motors, Orkla India, Emmwee Photovoltaic Power and Canara Robeco Asset Management Company to raise capital through IPO. Apart from this, Manipal Payment and Identity Solutions has approved the confidential draft red herring prospectus (DRHP) on September 2.
For which IPOs were observation letters issued?
- Manipal Payment and Identity Solutions: September 9
- Canara Robeco Asset Management Company: September 10
- Pine Labs: September 11
- Hero Motors and Orkla India: September 12
The observation letter means that these companies can raise capital through IPO in the next one year.
Pine Labs IPO: Fintech unicorn Pine Labs filed draft papers on June 25. The company will issue fresh shares worth Rs 2,600 crore and existing shareholders such as Peak XV Partners, Actis, Macritchie, PayPal, Mastercard, Madison India and others will sell 14.78 crore shares through offer-for-sale (OFS). Pine Labs provides digital payments and solutions for merchants, brands, enterprises and financial institutions.
Hero Motors IPO: Pankaj Munjal-led auto component company Hero Motors filed draft papers on June 30. The company supplies to BMW and Ducati. The company will raise Rs 1,200 crore from the IPO, which will include new shares worth Rs 800 crore and shares worth Rs 400 crore sold by promoters through OFS.
Emmwee Photovoltaic Power IPO: The Bengaluru-based company is India's second-largest solar PV module and cell manufacturer. The company filed draft papers on July 6. It will raise Rs 3,000 crore through an IPO, which will include fresh shares worth Rs 2,143.9 crore and shares worth Rs 856.1 crore sold by promoters Manjunath Donthi Venkatarathaniah and Shubha Manjunath Donthi through OFS.
Orkla India IPO: Orkla India, which owns spice and food brands like MTR and Eastern, filed IPO papers on June 10. Its IPO will be a full OFS, with promoters and other shareholders selling 2.28 crore shares.
Canara Robeco AMC IPO: India's second-oldest asset management company filed draft papers on April 24. Its IPO will also be a full OFS, with 4.98 crore shares sold by Canara Bank and foreign promoter ORIX Corporation Europe NV.
Manipal Payment and Identity Solutions IPO: According to a Moneycontrol report on June 30, Manipal Payments, India's largest payment and identity card maker, had filed confidential draft papers. It will raise Rs 1,200 crore through an IPO, which could take the company's valuation to around Rs 12,000 crore
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