Nearly a dozen companies, including Inox Clean Energy, Shreejikrupa Project, Vardhman Appliances and Wadhwa Group Holdings, have filed preliminary IPO papers with Sebi as activity in India’s primary market remains strong.
New Delhi, Sep 30 — Nearly a dozen companies have filed preliminary papers with market regulator Sebi to raise funds through initial public offerings, adding to the growing pipeline of firms looking to tap India’s primary market.
Among the companies are renewable energy firm Inox Clean Energy, real estate company Shreejikrupa Project, consumer appliances maker Vardhman Appliances and Wadhwa Group Holdings.
Other firms that have filed IPO papers include Pioneer Fabricators, Pentacle Consultants (I) Ltd, Tenty Ltd, PCI Infraprojects, Sanghvi Housing & Infrastructure, Momai Art and Biocon Electric.
Inox Clean Energy has proposed the largest issue among the disclosed filings. Its IPO includes a fresh issue of shares worth up to Rs 8,000 crore and an offer for sale of up to Rs 2,000 crore by promoter Devansh Jain, taking the total proposed issue size to as much as Rs 10,000 crore.
The company plans to use proceeds from the fresh issue to repay or prepay certain outstanding borrowings of the company and its subsidiaries and for general corporate purposes.
Shreejikrupa Project has proposed an IPO of up to Rs 500 crore, comprising a fresh issue of up to Rs 410 crore and an offer for sale of up to Rs 90 crore.
Vardhman Appliances has proposed a fresh issue worth up to Rs 250 crore along with an offer for sale of up to 2.50 crore equity shares. The company plans to use part of the proceeds for a new project in Baghpat, Uttar Pradesh, as well as debt repayment.
Wadhwa Group Holdings has filed through Sebi’s confidential pre-filing route. Under this mechanism, draft offer documents remain outside the public domain until the regulatory review reaches a more advanced stage.
The filings come amid continued momentum in the primary market, with companies seeking capital for expansion, working capital needs, debt reduction and other corporate purposes.
