Four firms get Sebi’s approval to launch IPOs

ICICI Prudential Asset Management Company (AMC), a subsidiary of ICICI Bank, has secured Sebi’s approval to raise funds through an initial public offering (IPO), an update with the markets regulator showed on Monday.

The company is aiming to raise Rs 10,000 crore through its public offering, which is likely to hit the market this month, according to market sources. Apart from ICICI Prudential AMC, three more companies -- power solutions provider Powerica Ltd, Technocraft Ventures, a wastewater treatment solutions provider, and Annu Projects -- received Sebi’s approval to float IPOs. All four companies, which filed their preliminary IPO papers between July and August, obtained the regulator’s observations during November 17-26, the update showed. In Sebi’s parlance, receiving observations is equivalent to its go-ahead to proceed with a public issue. In the ICICI Prudential AMC case, its proposed IPO comprises an offer for sale (OFS) of 1.76 crore equity shares by promoter -- UK-based Prudential Corporation Holdings, with no fresh issue component, according to the draft red herring prospectus (DRHP).