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19 Nov 2024
India's primary market anticipates over two dozen IPOs in the next two months, targeting to raise more than Rs 30,000 crore.
18 companies have received approval from SEBI to launch IPOs, aiming to raise over Rs 20,000 crore while an additional 37 companies have filed the DRHP to raise over Rs 50,000 crore and are awaiting approval, according to primedatabase.com.
Here is a list of companies planning to launch their IPOs in the upcoming months:
ANI Technologies-owned Ola Electric's Rs 5,500 crore IPO is expected in the next few weeks. The company secured Sebi’s nod in what would be the first IPO by an EV startup in the country.
Afcons Infrastructure is likely to launch its maiden public issue next month to raise Rs 7,000 crore
Emcure Pharmaceuticals is planning a Rs 2,200-2,300 crore IPO by this month-end.
The company plans to enter the capital market in the second half of this month with an aim to raise about Rs 1,500 crore.
Photovoltaic (PV) solar panel maker Waaree Energies is likely to go public in a few weeks with a fresh issue worth Rs 3,000 crore and an offer for sale of 32 lakh shares from existing investors.
Premier Energies is India's second-largest integrated solar cell and solar module maker, and may roll out a fresh issue of Rs 1,500 crore and an OFS of up to 2.82 crore shares.
Manappuram Finance’s arm received Sebi's nod earlier in May to raise funds through an initial public offer which is likely to be a fresh issue of equity shares of up to Rs 1,500 crore.
Stanley Lifestyles aims to launch an IPO with a fresh issue of shares up to Rs 200 crore and an OFS 91.34 lakh equity shares.
Shiva Pharmachem had filed for an IPO in August 2023, which may be launched in the upcoming 2 months through an offer for sale of Rs 900 crore.
The company plans to raise funds aggregating to Rs 745 crore through a fresh issue in the primary market.
The digital banking platform intends to raise funds through an IPO with a total issue size of Rs 700 crore.
CJ Darcl plans to raise funds aggregating to Rs 340 crore through a fresh issue in the primary market along with an offer for sale of up to 54.31 lakh equity shares.
"Sebi has been insisting on dropping all special rights at the time of filing the updated draft red herring prospectus with it. This means that investors will have no special rights much prior to listing, without the certainty of the listing happening," says IndusLaw partner Manshoor Nazki.
Private equity investors secure special rights depending on their shareholding and quantum of investment in companies. These special rights form part of the shareholding agreements executed between the investors and the investees. Some of the special rights are nomination rights, veto rights, information rights, anti- dilution rights, rights of first refusal, tag along rights, and divestment rights.
"It is quite common for strategic or private equity investors to have certain special rights and the Sebi perspective that there should be no special rights at the time of filing of the UDRHP appears too wide for a variety of reasons, including that it may be the basis of that investment," says Katalyst Advisors MD Ketan Dalal.
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