Five firms get SEBI nod to float IPO

Bajaj Housing Finance, Baazar Style Retail, and three other companies have received SEBI's approval to launch their IPOs. These firms, which submitted their initial IPO papers between March and June, were granted observation letters by SEBI from July 30 to August 5. Receiving an observation letter indicates SEBI's clearance to proceed with the public offering.

Bajaj Housing Finance's ₹7,000-crore IPO consists of a fresh equity issue worth ₹4,000 crore and an offer for sale (OFS) of ₹3,000 crore by Bajaj Finance. This share sale is to comply with the RBI's mandate requiring certain non-banking financial companies to be listed on stock exchanges by September 2025. The funds from the fresh issue will bolster the company's capital base.

Manba Finance's IPO is entirely a fresh issue of up to 1.26 crore shares, with no OFS. Currently, the promoters hold a 100% stake in this Maharashtra-based NBFC. The funds raised will enhance the company's capital base for onward lending and general corporate purposes.

Baazar Style Retail's IPO includes a fresh issue of equity shares worth ₹148 crore and an OFS of up to 1.68 crore shares by promoter group entities and other shareholders. Initially, the fresh issue size was ₹185 crore but was reduced to ₹148 crore after Volrado Ventures Partners Fund II raised ₹37 crore in a pre-IPO round. The proceeds will be used for debt repayment and general corporate purposes.

Diffusion Engineers' IPO is entirely a fresh issuance of 98.5 lakh equity shares, with funds allocated for expanding its current manufacturing facility and establishing a new one in Maharashtra.

Deepak Builders & Engineers India's IPO combines a fresh issue of 1.2 crore equity shares with an OFS of 24 lakh shares by promoters. The proceeds will address the company's working capital needs, debt repayment, and general corporate purposes.

The equity shares of these five companies are set to be listed on the BSE and NSE. Meanwhile, SEBI has returned the draft IPO documents of Santhan Textiles Ltd and lifted the abeyance on the proposed ₹2,200 crore IPO of SK Finance.

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