Upcoming IPOs | The SEBI has issued observations on the draft document of Avaada Electro on April 15, while the observations on the preliminary papers of Sonaselection India and Grand Housing were issued by the regulator on April 16 and 17, respectively.

Avaada Electro, Sonaselection India, Grand Housing receive SEBI nod to go ahead with IPO plans

Avaada Electro, Sonaselection India, and Grand Housing have received approval from the Securities and Exchange Board of India to go ahead with their IPO plans.

The capital markets regulator has issued observations on the draft document of Avaada Electro which filed via confidential route, on April 15, while the observations on the preliminary papers of Sonaselection India and Grand Housing were issued by the regulator on April 16 and 17, respectively, as per the processing status of draft offer documents published on April 17.

The issuance of observations on the draft papers by the SEBI means the company is allowed to launch its initial public offering for fund raising within the next one year. Meanwhile, companies that filed draft papers via confidential route get 18 months time to float IPO as now they have to approach SEBI by filing Updated Draft Red Herring Prospectus followed by filing of Red Herring Prospectus with the Registrar Companies for announcing IPO opening dates.

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