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10 Oct 2024
Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery have received approval from SEBI, India's capital markets regulator, to proceed with their IPO plans.
Swiggy and Hyundai Motor India were granted observation letters on September 24, while Vishal Mega Mart received its approval on September 25. Acme Solar and Mamata Machinery followed, getting their observation letters on September 27. In SEBI's terms, an observation letter allows the company to launch its IPO within a year of its issuance.
Swiggy, the country's second-largest food delivery platform backed by Prosus and SoftBank, confidentially filed for an IPO in April and updated its draft red herring prospectus on September 26. The IPO will consist of fresh equity issuance worth up to Rs 3,750 crore and an offer-for-sale of 18.52 crore shares from existing shareholders, including investors like Accel India, Alpha Wave Ventures, Tencent Cloud Europe, and others. The company may raise an additional Rs 750 crore through a pre-IPO private placement, reducing the fresh issue size accordingly.
If successful, Swiggy will be the second Indian food delivery company to list on the stock exchange, following Zomato. Key financial advisors include Kotak Mahindra Capital, Citigroup Global, and JP Morgan India.
Hyundai Motor India's IPO, which will be a $3 billion offer-for-sale without fresh shares, is highly anticipated. Filed in June, the IPO is expected to launch in October. Hyundai Motor Company, the South Korean parent firm, will sell 14.21 crore shares.
Vishal Mega Mart, backed by Kedaara Capital and Partners Group, seeks to raise $1 billion through its IPO, making it one of the largest in retail. The company filed its draft papers in July, with Kotak Mahindra Capital, JP Morgan, and others leading the offering.
Acme Solar Holdings, a renewable energy firm, aims to raise Rs 3,000 crore via a public issue, with Rs 2,000 crore as fresh equity and Rs 1,000 crore as an offer-for-sale by ACME Cleantech Solutions.
Mamata Machinery, a Gujarat-based packaging equipment manufacturer, plans to launch its IPO consisting solely of an offer-for-sale of 73.82 lakh shares by its promoters.
Meanwhile, SEBI returned the draft papers for Innovision, a manpower services and toll plaza management provider, which had filed for an IPO in August seeking Rs 315 crore in fresh equity.
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