The Securities and Exchange Board of India (SEBI) has granted approval for initial public offerings (IPOs) from Swiggy, Hyundai Motor India, Acme Solar Holdings, Vishal Mega Mart, and Mamata Machinery. According to SEBI’s latest updates, the regulator issued observation letters to Swiggy and Hyundai Motor India on September 24, followed by Vishal Mega Mart on September 25, and Acme Solar Holdings and Mamata Machinery on September 27.
An observation letter from SEBI signifies that a company is allowed to proceed with its IPO within one year from the date of issuance.
Swiggy, backed by investors like Prosus and SoftBank, is India’s second-largest food delivery platform. The company filed for an IPO in April 2024 and later submitted an updated draft red herring prospectus on September 26. The IPO will consist of a fresh equity issue worth up to ₹3,750 crore, along with an offer-for-sale of 18.52 crore equity shares by existing shareholders. Additionally, Swiggy may raise ₹750 crore through a private placement before the IPO, which could reduce the size of the fresh issue.
Hyundai Motor India, another highly anticipated IPO, plans to raise funds entirely through an offer-for-sale of 14.21 crore equity shares. This IPO does not include a fresh issue, and the South Korean parent company, Hyundai Motor Company, will be the sole selling shareholder. The IPO is expected to launch in October.
Vishal Mega Mart, a leading fashion-driven hypermarket chain backed by Kedaara Capital and Partners Group, aims to raise nearly $1 billion through its IPO. Meanwhile, Acme Solar Holdings, a renewable energy company, plans to raise ₹3,000 crore through a combination of a ₹2,000 crore fresh issue and a ₹1,000 crore offer-for-sale by promoter ACME Cleantech Solutions.
Gujarat-based packaging equipment manufacturer Mamata Machinery is also set to go public with an IPO comprising an offer-for-sale of 73.82 lakh equity shares by its promoters.
However, SEBI returned the draft papers of Innovision, a company specializing in manpower services, toll plaza management, and skill development training, on September 27. Innovision had initially filed for an IPO on August 19, which included a fresh issue of equity shares worth ₹315 crore and an offer-for-sale of 11.81 lakh equity shares by its promoters.
