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Zinka Logistics, Standard Glass Lining Technology, and NSDL have received approval from SEBI for their upcoming IPOs. SEBI issued observation letters to all three companies, allowing them to proceed with their IPOs.
National Securities Depository Limited (NSDL), which filed its draft red herring prospectus in July last year, received SEBI's observation letter on September 30. Its IPO consists solely of an offer-for-sale (OFS) by existing shareholders, with no new shares being issued. This approval enables NSDL to launch its IPO within a year of receiving the observation letter. Shareholders selling equity in the NSDL IPO include IDBI Bank, National Stock Exchange of India, HDFC Bank, Union Bank of India, State Bank of India, and Administrator of the Specified Undertaking of the Unit Trust of India, among others, with a total of 5.72 crore shares up for sale.
NSDL, a key player in India's financial and securities market infrastructure, is backed by 76 shareholders and offers a range of products and services. The merchant bankers managing the IPO include ICICI Securities, Axis Capital, HSBC Securities, Motilal Oswal Investment Advisors, IDBI Capital, and SBI Capital Markets.
Zinka Logistics Solutions, which operates under the Blackbuck brand, received SEBI's observation letter on October 3. The logistics startup, backed by Flipkart, plans to raise Rs 550 crore through a fresh issue of shares, while its founders and early investors, such as Accel India, GSAM Holdings, and International Finance Corporation, will sell 2.16 crore shares via an offer-for-sale. Proceeds from the fresh issue will be allocated towards sales and marketing efforts, investment in Blackbuck Finserve (its NBFC subsidiary), product development, and general corporate purposes. Axis Capital, Morgan Stanley India, JM Financial, and IIFL Securities are the lead managers for the IPO.
Hyderabad-based Standard Glass Lining Technology filed for an IPO in July and received SEBI approval on October 1. The IPO will include a fresh issue of Rs 250 crore and an offer-for-sale of 1.84 crore shares by existing shareholders, including S2 Engineering Services and members of the Kandula family. The company, which manufactures specialized equipment for the pharmaceutical and chemical sectors, plans to use the fresh capital to purchase machinery, repay debt, and pursue inorganic growth opportunities. IIFL Securities and Motilal Oswal Investment Advisors are managing the IPO.
In other updates, SEBI also issued an observation letter for Suraksha Diagnostic's IPO on September 30, while Hero Motors withdrew its IPO application on October 5.
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