The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) to LE Travenues Technology, the parent company of travel aggregator Ixigo, and stainless steel wire manufacturer Bansal Wire Industries. Conversely, Oravel Stays, the operator of Oyo, and textile company Raghuvir Exim have withdrawn their draft papers for IPOs.
SEBI issued observations on the draft papers for the LE Travenues Technology IPO on May 14 and for Bansal Wire Industries on May 17. In SEBI’s terms, the issuance of observations on the Draft Red Herring Prospectus (DRHP) means that the companies can launch their IPOs within one year from receiving the observation letter.
LE Travenues Technology, backed by SAIF Partners and Peak XV Partners, filed its draft papers on February 14, 2023, aiming to raise funds via an IPO. The offering includes a fresh issuance of equity shares worth ₹120 Crore and an offer-for-sale (OFS) of 6.67 Crore equity shares by existing shareholders. The selling shareholders in the OFS include SAIF Partners India IV, Peak XV Partners Investments V (formerly SCI Investments V), Aloke Bajpai, Rajnish Kumar, Micromax Informatics, Placid Holdings, Catalyst Trusteeship, and Madison India Capital HC. The book-running lead managers for the issue are Axis Capital, DAM Capital Advisors, and JM Financial.
Bansal Wire Industries, the second-largest steel wire manufacturer in India, filed its DRHP on January 18, 2023. The company plans to raise ₹745 Crore through its IPO, which consists solely of a fresh issue with no OFS component. The proceeds will be used for repaying debts, meeting working capital requirements, and general corporate purposes. SBI Capital Markets and DAM Capital Advisors are the merchant bankers for this issue.
Meanwhile, SoftBank-backed Oravel Stays, the operator of Oyo, withdrew its IPO papers on May 17. Sources indicate that Oyo plans to refile its draft papers for the anticipated IPO following the completion of its bond issuance. The company is nearing the final stages of its refinancing plans to raise up to $450 million through the sale of dollar bonds. Originally, Oravel Stays planned to raise ₹8,430 Crore through an IPO, comprising a fresh issue of shares worth ₹7,000 Crore and an OFS of ₹1,430 Crore by existing shareholders.
Additionally, Raghuvir Exim withdrew its draft papers on May 13. The textile company had filed for an IPO on March 31, 2023, intending to offer a mix of a fresh issue of 1.4 Crore equity shares and an OFS of 45 lakh equity shares by promoter Sunil Agarwal.
SEBI also returned the DRHP documents of Vasuki Global Industries, a company providing procurement and processing solutions for imported and domestic coal, on May 16. Vasuki Global Industries was planning an IPO consisting solely of a fresh issue of 1.4 Crore equity shares.
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