Moneyview, Chandan Steel get Sebi's approval to raise funds through IPOs

Fintech unicorn Moneyview and Chandan Steel have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update with the regulator showed on Friday.

Moneyview filed preliminary IPO papers with Sebi in March, while Torrent Gas confidentially submitted draft documents with the regulator in April.

The confidential filing route allows companies to submit draft offer documents to Sebi for review without immediately making commercially sensitive information public.

After reviewing the draft papers submitted by the two firms, the regulator gave its 'observations' between June 29 and July 2,which, in Sebi's parlance, is equivalent to a go-ahead to float the public issue.

 

Meanwhile,oilfield services provider Shivganga Drillers withdrew its draft papers on June 30, the update showed.

The company filed preliminary papers with Sebi in December 2025 to mobilise Rs 400 crore through its IPO. The proposed maiden public offering was a completely fresh issue of shares with no offer for sale (OFS) component, according to the draft red herring prospectus (DRHP).

Moneyview's IPO comprised a fresh issue of equity shares worth Rs 1,500 crore and an OFS of up to 13.6 crore equity shares by existing shareholders, according to the draft papers.

The company plans to utilise the proceeds from the fresh issue to expand its financial services business.

Funds will be used to support loan disbursals under Default Loss Guarantee (DLG) arrangements, investment in the company's material subsidiary, Whizdm Finance, to strengthen its capital base and general corporate purposes.

Founded in 2014 by IIT Delhi graduates Puneet Agarwal and Sanjay Aggarwal, Moneyview operates a digital-first fintech platform focused on consumer lending and financial services. Its mobile application offers a range of financial products across borrowing, payments, investments and insurance, allowing users to access multiple services on a single platform.