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Five companies, including Bajaj Housing Finance, Manba Finance, Baazar Style Retail, Diffusion Engineers, and Deepak Builders & Engineers India, received SEBI's approval for IPOs. Bajaj Housing Finance's INR 7,000 crore IPO includes a fresh issue and an OFS by Bajaj Finance. Manba Finance's IPO is a fresh issue of 1.26 crore shares. Baazar Style Retail's IPO includes a INR 148 crore fresh issue and an OFS. Diffusion Engineers' IPO is a fresh issuance, while Deepak Builders' IPO combines fresh and OFS shares. Proceeds will be used for capital base enhancement, debt repayment, and expansion projects.
Five companies, including Bajaj Housing Finance and Manba Finance, have recently received approval from the Securities and Exchange Board of India (SEBI) to raise capital through initial public offerings (IPOs), as per an update from the markets regulator released on Monday. In addition to these two firms, Baazar Style Retail, Diffusion Engineers Ltd, and Deepak Builders & Engineers India have also received SEBI's nod to proceed with their IPO plans. Advertisement
Conversely, the market regulator returned the draft IPO documents of Santhan Textiles Ltd on 31 July. In a separate development, SEBI has lifted the abeyance on the proposed INR 2,200 crore IPO of SK Finance, allowing it to proceed with its public offering.
The five companies that received SEBI's green light had filed their initial IPO papers with the regulator between March and June of this year. They obtained SEBI's observation letters between 30 July and 5 August, according to the update. In the context of SEBI's regulatory framework, obtaining an observation letter signifies the regulator's approval to move forward with a public issue.
The draft red herring prospectus (DRHP) for Bajaj Housing Finance outlines a INR 7,000 crore IPO, which includes a fresh issue of equity shares amounting to INR 4,000 crore and an offer for sale (OFS) of equity shares valued at INR 3,000 crore by the parent company, Bajaj Finance. This share sale is being organised to meet the Reserve Bank of India's (RBI) mandate, which requires upper-layer non-banking financial companies (NBFCs) to be listed on stock exchanges by September 2025. The capital raised from the fresh issue is intended to strengthen the company's capital base, enabling it to meet future capital needs.
Manba Finance, another NBFC, is preparing to launch an IPO consisting entirely of a fresh issue of up to 1.26 crore shares, with no OFS component, as detailed in the draft papers. Presently, the promoters hold a 100 per cent stake in the Maharashtra-based Manba Finance. The funds raised through the IPO will be used to bolster the company's capital base to support future lending activities and for general corporate purposes.
Baazar Style Retail's IPO will comprise a mix of a fresh issue of equity shares worth INR 148 crore and an OFS of up to 1.68 crore shares by promoter group entities and other selling shareholders. Initially, the size of the fresh issue was set at INR 185 crore, but it was later reduced to INR 148 crore after Volrado Ventures Partners Fund II, a venture-capital fund, secured INR 37 crore in a pre-IPO funding round. The proceeds from the fresh issuance are planned to be used for debt repayment and general corporate purposes.
Diffusion Engineers Ltd is also planning an IPO, which will be entirely a fresh issuance of 98.5 lakh equity shares. The funds raised through this offering will be allocated towards expanding the company's existing manufacturing facility and establishing a new one in Maharashtra.
Meanwhile, the IPO for Deepak Builders & Engineers India will be a combination of a fresh issue of 1.2 crore equity shares and an OFS of 24 lakh equity shares by the promoters, as per the draft papers. The company intends to use the capital raised from this offering to meet its working capital requirements, repay debts, and for general corporate purposes.
The equity shares of these five companies are proposed to be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), offering them a broader platform to reach potential investors. These IPOs represent significant steps for these companies in securing the necessary capital to support their growth ambitions and fulfill their strategic objectives.
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