The Securities and Exchange Board of India (SEBI) has granted approval to ecommerce platform Meesho and logistics & supply chain company Shiprocket for their draft IPO documents submitted via the confidential filing route, paving the way for their upcoming public listings.
In addition to these two major startups, SEBI has also cleared the IPO proposals of German Green Steel and Power, Rajputana Stainless, Skyways Air Services, Manika Plastech, and Allied Engineering Works during the week ended October 31.
According to SEBI’s latest updates, Meesho received observations on its confidential Draft Red Herring Prospectus (DRHP) on October 10, while Shiprocket obtained clearance on October 31. The regulator also issued observations for German Green Steel and Power on October 20, Manika Plastech on October 29, Allied Engineering Works and Rajputana Stainless on October 30, and Skyways Air Services on October 31.
An “observation” from SEBI indicates that a company is eligible to proceed with its IPO. For firms filing through the regular route, the IPO must be launched within 12 months of receiving SEBI’s observations. However, in the case of confidential filings, companies have up to 18 months to submit an updated DRHP, followed by the Red Herring Prospectus (RHP) with the Registrar of Companies, to proceed with the public issue.
