Hyundai to Swiggy: Sebi nod for IPOs paves way for bumper festival season

The Securities and Exchange Board of India (Sebi) has given green light to several mega initial public offerings (IPOs) last week, paving the way for bumper launches during the ongoing festival season.  

According to the update on Sebi’s website, Hyundai Motor India, which will be the country’s largest IPO of nearly ~25,000 crore, received the observation letter from the market regulator on September 24.

The regulator also gave the final observations on the offer documents of Vishal Mega Mart and Swiggy.

Both the companies have opted for the pre-filings or confidential filings route. They will have to make their draft red herring prospectus (DRHP) public before they can launch IPOs.

The food delivery aggregator has already filed its updated DRHP. According to the updated DRHP, the company has planned a ~3,750-crore fresh issue along with an offer for sale.

Supermarket player Vishal Mega Mart had in July opted for the confidential filing, making it among the few players apart from Oyo, Swiggy and Tata Play to go through this route where a pre-filing is made.

According to sources, the company aims to mobilise $1 billion (around ~8,400) through the issue.

Mamata Machinery and Acme Solar Holdings received green light from Sebi on September 27. Acme IPO’s size is around ~3,000 crore, with a combination of fresh equity and secondary share sale.

Packaging equipment manufacturer Mamata Machinery’s IPO is entirely a secondary share sale of 7.3 million equity shares.

Four of the five IPOs approved last week saw their applications being processed within the three-month timeline.

Meanwhile, Sebi returned the IPO application of Innovision, a firm which provides skilled workforce for blue-collar profiles.

The firm had filed documents to raise ~315 crore from fresh issuance of shares and has an offer for sale of 1.1 million shares.