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Sebi clears IPOs worth Rs 20k crore after listing lull

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Sebi clears IPOs worth Rs 20k crore after listing lull

MUMBAI: There are strong signs that after a lull of a few months, companies will hit the street to raise funds from investors. Markets regulator Sebi on Tuesday said it cleared six IPOs aiming to raise more than Rs 20,000 crore in total, including the Rs 12,500-crore offer by HDB Financial, which will be the biggest such issue ever by an NBFC. The total amount to be raised by these six companies could increase substantially since, in three of the six offers, the offer for sale (OFS) components have been defined in terms of the number of shares to be sold and not in terms of the quantum of money, papers filed by these companies with Sebi showed.HDB Financial is an arm of HDFC Bank. In the IPO, the private sector lender is selling stocks worth Rs 10,000 crore through the OFS channel, while the balance of Rs 2,500 crore is a fresh issue that will accrue to the NBFC.The other large-size issue that Sebi cleared last week was the Rs 5,000-crore offer by Dorf-Ketal Chemicals. This IPO is also a combination of a fresh issue (Rs 1,500 crore) and an offer for sale (Rs 3,500 crore). The company is an R&D and innovation-focused global manufacturer and supplier of specialty chemicals across the hydrocarbons and industrial supply chains.Sebi also gave its nod to the offer by Vikram Solar, a solar photovoltaic modules manufacturer, through which it plans to raise Rs 1,500 crore. In addition, through the OFS route, its shareholders are also selling nearly 1.75 crore shares in this offer. The regulator also cleared three more offers: by A-One Steel (Rs 650 crore), Shanti Gold, and Shreeji Shipping, the last two being only OFS issues.





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