Rakesh Jhunjhunwala-owned Star Health Insurance, e-commerce brand Nykaa, and Adani Group’s FMCG unit Adani Wilmar are some of the companies to have received the green light from capital market’s regulator SEBI for their respective IPOs last week. Apart from the above-mentioned firms, Penna Cement Industries, Latent View Analytics, and Sigachi Industries too have received Sebi’s observations, clearing the way for them to raise funds through. In total, SEBI approved 6 IPO papers in the previous week while observations of 52 are yet to be issued by the market watchdog. SEBI’s observations are necessary for any company to proceed with its IPO.
Nykaa: The internet marketplace for cosmetics had filed for its IPO in August this year. Nykaa plans to raise Rs 525 crore through a fresh issue of equity shares, while promoters of the company are looking to sell 4.31 crore equity shares. Selling shareholders include promoters Sanjay Nayar Family Trust, and investors such as TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employee Trust, Yogesh Agencies & Investments Private Limited, JM Financial and Investment Consultancy Services, Sunil Kant Munjal, Harindarpal Singh Banga jointly with Indra Banga and others. Of the total issue, 75% will be reserved for Qualified Institutional Buyers.
Star Health and Allied Insurance: Big Bull Rakesh Jhunjhunwala-owned Star Health and Allied Insurance had filed draft papers with SEBI in July this year. The company is looking to raise more than Rs 2,000 crore through the IPO, which will include a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders and even some promoters of the company. The big bull owns 7.68 crore equity shares of Start Health and Allied Insurance, translating to a 14% stake. 75% of the issue will be reserved for Qualified Institutional Buyers.
Adani Wilmar: Adani Group’s FMCG brand is looking to raise a massive Rs 4,500 crore from the market through the IPO. Adani Wilmar, a joint venture between Adani Group and Singapore-based Wilmar, was formed in 1999. It sells cooking oils under the Fortune brand as well as various other food products like rice and sugar. The IPO will be entirely a fresh issue of shares with a reservation for Adani Enterprise shareholders.
Other IPOs that have been approved include Penna Cement Industries’ Rs 1,550 crore IPO. Along with this, Latent View Analytic’s Rs 600 crore IPO and public issue of Sigachi Industries has been approved by the market regulator.
Eqwires Research Analyst
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