SEBI approves IPOs of 28 firms worth Rs 45,000 cr

Market regulator SEBI has given its nod to 28 companies to raise funds totalling Rs 45,000 crore through initial public offerings (IPO) in April-July period of 2022-23 which has already seen 11 debutantes raising over Rs 33,000 crore, with LIC raising a lion’s share of Rs 20,557 crore through public issue.

The firms include Lifestyle retail brand FabIndia, Bharat FIH, TVS Supply Chain Solutions, Blackstone-backed Aadhar Housing Finance, Macleods Pharmaceuticals and Kids Clinic India. These firms are yet to announce the launch date of their IPOs and are waiting to float their issues at the right time, as current market conditions are challenging.

Prashant Rao, Director and Head Equity Capital Markets, Anand Rathi Investment Banking, said, “Current environment is challenging and companies with approvals in hand are waiting for the right window of opportunity to launch the initial share-sales. In fact, many of them have concluded the roadshows and are waiting for the right time.”

A few of the IPOs will get through in the next 2-3 months based on the merit of their proposals and a good amount of fundraising is expected to happen in the remaining part of the fiscal year. Lately, companies are keenly filing preliminary IPO papers with SEBI in the last two months. During June-July, total 15 companies, including Sula Vineyards, Allied Blenders and Distillers, Utkarsh Small Finance Bank, and Sai Silk Kalamandir, approached SEBI with their draft papers to garner funds through initial share-sales.