Seven firms gets Sebi nod to launch IPOs

As many as seven companies, including Softbank-backed e-commerce firm Meesho and Temasek-backed e-commerce enablement platform Shiprocket, have secured Sebi’s approval to raise funds through initial public offerings (IPO), an update with the markets regulator showed on Monday.

Others that received regulatory approval are Rajputana Stainless, Skyways Air Services, German Green Steel and Power, Allied Engineering Works, and Manika Plastech. All seven companies, which filed their preliminary IPO papers with Sebi between May and July, obtained its observations during October 14 to 31, the update showed.

In regulatory terms, Sebi’s observation is equivalent to clearance for launching a public issue. The approval comes at a time when the Indian market is experiencing a boom in primary market activity.

Meesho’s proposed IPO comprises a fresh issue of equity shares aggregating up to Rs 4,250 crore and an offer for sale (OFS) of 17.57 crore equity shares by certain existing shareholders. The OFS includes the sale of equity shares by some of Meesho’s early investors, including Elevation, Peak XV, Venture Highway and Y Combinator, among others.