Sebi approves IPOs for Yashoda Healthcare, Orient Cables, 5 others

As many as seven companies, including Yashoda Healthcare Services, Fusion CX and Orient Cables, have secured Sebi's approval to raise funds through initial public offerings (IPOs), data with the markets regulator showed on Tuesday.

Other firms that received regulatory approvals are Turtlemint Fintech Solutions, RSB Retail India, SFC Environmental Technologies, and Lohia Corp.

Together, these companies are expected to fetch over Rs 6,000 crore, market sources said.

These seven companies approached Sebi between May and September, obtained its observations during December 8-12, the update showed.

In Sebi's parlance, receiving observations is equivalent to its go-ahead to proceed with a public issue.

In Yashoda Healthcare Services, the company filed draft papers with Sebi in September through a confidential route for raising funds through its maiden public offering.

According to market sources, the IPO size is expected to be anywhere between Rs 3,000 and Rs 4,000 crore.

Turtlemint Fintech Solutions, an insurtech company, also filed for its proposed IPO in September, using the confidential pre-filing route.

Founded in 2015, Turtlemint, backed by Amansa Capital, Jungle Ventures, and Nexus Venture Partners, is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

Companies opted for the confidential pre-filing route, which allows them to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages.

Fusion CX, a customer experience service provider, is looking to raise Rs 1,000 crore through its IPO, comprising a fresh issue of shares worth Rs 600 crore and an offer for sale (OFS) of shares valued at Rs 400 crore, according to the draft red herring prospectus.

The Kolkata-headquartered firm stated that proceeds of the fresh issue will be used for payment of debt, investment in step-down subsidiaries -- Omind Technologies Inc. and Omind Technologies -- for upgrading IT tools, pursuing inorganic growth through unidentified acquisitions and general corporate purposes.

Orient Cables (India) Ltd plans to mobilise Rs 700 crore through its public offering, involving both a fresh issue of shares and an OFS by promoters. The fresh issue consists of equity shares worth Rs 320 crore, while the OFS comprises equity shares aggregating to Rs 380 crore, the draft papers showed.

Proceeds from the fresh issue will be used for the purchase of machinery, equipment, and civil works at the company's manufacturing facilities; payment of debt; and general corporate purposes.

The Hyderabad-based IPO is a combination of a fresh issue of equity shares aggregating up to Rs 500 crore and an OFS of 2.98 crore equity shares by the selling shareholders, according to the DRHP.

It plans to use funds for payment of debt, setting up of new stores under the RS Brothers and South India Shopping Mall formats, and for general corporate purposes.

Wastewater treatment solution provider SFC Environmental Technologies' proposed IPO is a mix of a fresh issue of shares worth Rs 150 crore and an OFS of 1.23 crore shares by promoters and existing shareholders, the draft papers showed.

Proceeds of the IPO will be used for payment of debt and working capital requirements.

The IPO of Kanpur-based Lohia Corp, the machinery and equipment manufacturer for technical textiles, will be entirely an OFS of 4.22 crore equity shares by promoters with no fresh issue component.

All seven companies will list their shares on the BSE and NSE.