Bajaj Housing Finance, Baazar Style Retail, Diffusion Engineers, Deepak Builders, and Manba Finance have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs).
SEBI issued an observation letter to Bajaj Housing Finance on August 5, allowing the company to proceed with its IPO plans within the next year. The company, which filed its draft red herring prospectus (DRHP) in June, aims to raise Rs 7,000 crore through a combination of a fresh issue of Rs 4,000 crore and an offer-for-sale (OFS) of Rs 3,000 crore by promoter Bajaj Finance. The proceeds will be used to strengthen its capital base and support future lending.
Additionally, SEBI issued observation letters to Deepak Builders and Engineers India on July 31. The company had submitted its draft papers in April 2024, planning to use the funds for debt repayment and working capital.
On July 30, SEBI also approved IPOs for Manba Finance, Baazar Style Retail, and Diffusion Engineers. Baazar Style Retail, based in Kolkata, seeks to raise Rs 185 crore through a fresh issue and an OFS of 1.68 crore shares. The fashion retailer will use the funds for debt repayment and corporate purposes. The IPO papers were filed in March 2024.
Diffusion Engineers, based in Nagpur, filed its IPO papers in April 2024, aiming to issue 98.47 lakh equity shares. The funds will be used to expand and set up new manufacturing facilities and for general corporate purposes.
Manba Finance, a Maharashtra-based non-banking finance company (NBFC), filed its IPO papers in March 2024, planning a fresh issue of 1,25,70,000 equity shares with no OFS component. The NBFC will use the proceeds to enhance its capital base for future lending.
SEBI also returned the offer documents of Sanathan Textiles on July 31. The yarn products manufacturer had refiled its preliminary papers to raise Rs 800 crore. Additionally, SEBI lifted the abeyance on SK Finance’s Rs 2,200 crore IPO.
