13 firms get Sebi nod to launch IPO soon

Juniper Green Energy is targeting Rs3,000, while imagine Marketing filed for Rs2,000 cr, Jain Resource is aiming Rs2,000 cr and Urban Company plans Rs1,900 cr via the fresh issue, Mouri Tech is planning to raise Rs1,500 cr

New Delhi: As many as 13 firms, including Urban Company, which provides app-based beauty and home services, and Imagine Marketing, the parent of wearables brand boAt, have secured Sebi’s approval to launch initial public offerings (IPOs), according to the regulator’s update on Tuesday. Other firms that received the nod are -- Juniper Green Energy, Jain Resource Recycling, Mouri Tech, Ravi Infrabuild Projects, Pace Digitek, Omnitech Engineering, Corona Remedies, KSH International, Allchem Lifescience, Priority Jewels and Om Freight Forwarders. These companies, which had filed their preliminary IPO papers between March and June, obtained Sebi’s observations during August 1-29, the update showed.

In regulatory terms, Sebi’s observations are equivalent to clearance for launching a public issue. Together, the 13 firms are expected to raise more than Rs 15,000 crore through IPOs, according to merchant bankers. The fundraisings are aimed at expansion, debt repayment and providing an exit opportunity to existing shareholders. The approvals also come amid robust activity in the primary market, with 50 listings so far this year and more than a dozen in August alone.

Urban Company plans to raise Rs 1,900 crore through its IPO, comprising a fresh issue of Rs 429 crore and an Offer For Sale (OFS) worth Rs 1,471 crore by investors including Accel India, Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte Ltd and VYC11 Ltd, according to the draft papers. Imagine Marketing filed draft papers with Sebi for reportedly raising Rs 2,000 crore through its maiden public issue. The company filed draft papers with Sebi in April through a confidential pre-filing route, which allows the company to withhold public disclosure of details under the draft red herring prospectus until later stages. Renewable energy producer Juniper Green Energy is targeting Rs 3,000 crore via a pure fresh issue, while Jain Resource Recycling is aiming for Rs 2,000 crore through a mix of fresh issuance of Rs 500 crore and OFS of Rs 1,500 crore. Mouri Tech is planning to raise Rs 1,500 crore through its IPO, which includes a fresh issue of Rs 250 crore and OFS of Rs 1,250 crore by promoters and a selling shareholder.