Five Companies Receive SEBI Nod to Launch IPOs; Check Details Here

29 Nov 2023 , 12:26 PM

In recent developments, Jana Small Finance Bank, India Shelter Finance Corporation, and Doms Industries have received regulatory approval from the Securities and Exchange Board of India (SEBI) to proceed with their initial public offering (IPO) plans. Additionally, Onest and Shiva Pharmachem have also received the green light for their upcoming public issues.

SEBI issued an observation letter to Onest and DOMS Industries on November 16, while Jana Small Finance Bank received its letter on November 7, and India Shelter Finance Corporation received theirs on November 13. Shiva Pharmachem also obtained an observation letter from the regulator this month.

Receiving an observation letter from SEBI allows these companies to proceed with fundraising by launching IPOs within a year from the date of receiving the letter.

Jana Small Finance Bank refiled its draft papers with SEBI in July, aiming to raise funds through an IPO comprising a fresh issuance of shares worth Rs 575 crore and an offer-for-sale (OFS) of up to 40.5 lakh equity shares by existing shareholders. The bank, if successful, will become the seventh small finance bank to debut on the stock exchanges.

India Shelter Finance Corporation, backed by investors such as WestBridge Crossover Fund and Nexus Ventures, filed its IPO papers in August for a Rs 1,800-crore IPO. This includes a fresh issue of Rs 1,000 crore by the company and an offer-for-sale of Rs 800 crore by investors.

Doms Industries, supported by FILA, filed a draft red herring prospectus in August for an IPO targeting Rs 1,200 crore. The public issue comprises a fresh issuance of shares worth Rs 350 crore and an OFS of Rs 850 crore by promoters.

Shiva Pharmachem, a Gujarat-based speciality chemicals company, also filed IPO papers in August, aiming for Rs 900 crore in fundraising through an OFS by its promoters.

FMCG company Onest, which filed draft papers in July, plans to launch a public offer comprising a fresh issue of Rs 77 crore and an OFS of 32.5 lakh shares by the founder and promoter, Pawan Kumar Gupta.