India’s IPO pipeline continues to gather momentum, with several companies across financial services, healthcare, manufacturing and technology receiving approval from the Securities and Exchange Board of India (SEBI) to launch public offerings.
The upcoming issues include a mix of fresh equity issuance and offer-for-sale components, with companies looking to raise funds for expansion, working capital requirements, acquisitions and shareholder exits.
Here are five companies that have received SEBI approval for their IPO plans:
1. SBI Mutual Fund IPO
SBI Mutual Fund, India’s largest asset management company, has received regulatory approval for an IPO estimated at around ₹13,000 crore.
According to the draft red herring prospectus (DRHP), the issue comprises only an Offer for Sale (OFS) of up to 20.37 crore shares.
The shares will be sold by:
- State Bank of India (SBI)
- Amundi India Holding
The issue is expected to hit the market next month.
Once listed, SBI Mutual Fund will join peers such as:
- HDFC AMC
- ICICI Prudential AMC
- Nippon Life India Asset Management
2. AGS Health IPO
Healthcare technology and analytics company AGS Health, backed by Blackstone, has also secured SEBI approval.
The company had filed its papers through the confidential route and is expected to raise around ₹4,500 crore.
SEBI issued its observations between June 16 and June 19, allowing the company to proceed with the offering.
3. PGP Glass IPO
Global glass packaging manufacturer PGP Glass has received regulatory clearance for its proposed public issue.
The company is targeting a fundraise of around ₹4,100 crore.
Like AGS Health, PGP Glass used SEBI’s confidential pre-filing mechanism and received observations in mid-June.
Stockbroking company Shreni Shares plans to launch an IPO comprising both a fresh issue and an offer for sale.
The issue includes:
- Fresh issue of up to 69 lakh equity shares
- Offer for sale of up to 82 lakh shares
The company intends to use the proceeds from the fresh issue for:
- Working capital requirements.
- Repayment or prepayment of borrowings.
- General corporate purposes.
5. SRIT India IPO
IT and software solutions provider SRIT India has secured approval for an IPO consisting entirely of a fresh issue.
The company plans to issue 1.68 crore equity shares.
The proceeds will be used for:
- Product modernisation and redevelopment.
- Working capital requirements.
- Strategic acquisitions.
- General business expansion.
IPO Activity Remains Strong
The approvals highlight continued fundraising activity across sectors as companies seek to tap strong investor participation in the primary market.
The latest pipeline spans businesses operating in:
- Asset management.
- Healthcare technology.
- Glass packaging.
- Stockbroking.
- Information technology.
TL;DR
Five companies, including SBI Mutual Fund, AGS Health, PGP Glass, Shreni Shares and SRIT India, have received SEBI approval to launch IPOs. The offerings include both fresh equity issuance and shareholder exits, with proceeds earmarked for expansion, debt repayment and business growth.
AI Summary
- SBI Mutual Fund received approval for a ₹13,000 crore IPO.
- AGS Health plans to raise around ₹4,500 crore.
- PGP Glass is targeting a ₹4,100 crore issue.
- Shreni Shares’ IPO includes fresh shares and an OFS.
- SRIT India will issue 1.68 crore fresh equity shares.
