New IPOs: There is good news for those investing in IPO. Last week, market regulator SEBI has approved six companies for IPO. Rakesh Jhunjhunwala-owned Star Health Insurance, e-commerce brand Nykaa and Adani Group’s FMCG arm Adani Wilmar are some of the companies that got SEBI nod for IPO last week. .
Apart from this, SEBI has also issued observation letters to Penna Cement Industries, Latent View Analytics and Sigachi Industries, clearing the way for them to raise funds. In this way, last week SEBI has approved the IPO of a total of 6 companies. However, observation letters are yet to be issued to 52 companies. It is necessary for any company to obtain an observation letter from SEBI before bringing an IPO.
Nykaa
Nykaa, a startup company selling beauty products, submitted its papers for IPO in August this year. Fresh equity worth Rs 525 crore will be issued in Nykaa’s IPO, while the company’s promoters will sell 4.31 crore equity shares through Offer for Sale (OFS). The sold shareholders include promoters Sanjay Nair Family Trust and TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employees Trust, Yogesh Agencies and Investments Pvt Ltd, JM Financial and Investment Consultancy Services, Sunil Kant Munjal, Harinderpal Singh Banga and Indra Banga Other investors are involved. 75% of the total issue is reserved for Qualified Institutional Buyers (QIBs). Merchant banking sources said the IPO is expected to raise Rs 3,500 to 4,000 crore.
Star Health and Allied Insurance
Star Health and Allied Insurance, owned by Big Bull Rakesh Jhunjhunwala, had filed draft papers with SEBI in July this year. The company wants to raise more than Rs 2,000 crore through IPO. This includes fresh issue of equity shares and Offer for Sale (OFS) by existing shareholders and certain promoters of the company. Big Bull holds 7.68 crore equity shares in Start Health and Allied Insurance, which is 14%. 75% of the issue will be reserved for Qualified Institutional Buyers.
The ignorant Wilmer
Adani Group’s FMCG brand wants to raise Rs 4,500 crore from the market through an IPO. Adani Wilmar, a joint venture between the Adani Group and Singapore-based Wilmar, was formed in 1999. It sells cooking oil as well as many other food products like rice and sugar under the Fortune brand.
(Article: Kshitij Bhargava)
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