Zepto, Dhoot Transmission Among 6 Companies To Receive Sebi Approval For IPO Launches

New Delhi, May 8: As many as six companies, including quick commerce unicorn Zepto and auto components manufacturer Dhoot Transmission, have secured Sebi's approval to raise funds through initial public offerings (IPOs).

Six firms receive Sebi approval for IPOs

Other companies that obtained approval are Horizon Industrial Parks, Surgiwear, Crystal Crop Protection and Hotel Polo Towers, an update with the markets regulator showed on Friday.

These companies, which filed their preliminary IPO papers between October and February, obtained Sebi's observations during May 4-8.

In Sebi's parlance, obtaining observations is equivalent to securing approval to float a public offering.

Zepto and Dhoot Transmission filed via confidential route

Zepto and Dhoot Transmission filed preliminary papers with Sebi in December and February, respectively, using a confidential route.

According to people familiar with the development, Zepto is aiming to raise Rs 11,000 crore through its maiden public offering.

If the listing goes through, Zepto will join its rivals Zomato and Swiggy, both of which are already listed on the exchanges.

Backed by private equity major Bain Capital, Dhoot Transmission is targeting to raise USD 250 million (about Rs 2,258 crore) through its IPO. The proposed IPO will comprise a fresh issue of equity shares along with an offer for sale (OFS) by existing investors. While promoters will not sell any stake through the OFS, sources said.

Confidential pre-filing route explained

The two firms opted for the confidential pre-filing route, which allows them to engage with the Securities and Exchange Board of India (Sebi) for initial feedback on their draft documents without them being publicly disclosed.

Horizon Industrial Parks plans Rs 2,600 crore IPO

Horizon Industrial Parks, backed by global private equity firm Blackstone, plans to raise Rs 2,600 crore through its IPO, which is entirely a fresh offer of equity shares, with no offer for sale (OFS) component.

According to the draft red herring prospectus (DRHP), about Rs 2,250 crore from the proceeds will be used to repay borrowings.

Surgiwear and Crystal Crop outline fundraising plans

Uttar Pradesh-based Surgiwear's proposed IPO comprises a fresh issue of shares worth up to Rs 370 crore and an OFS of up to Rs 370 crore by promoter Ghanshyam Das Agarwal. Funds will be used for purchasing machinery, debt repayment and general corporate purposes.

Crop solutions firm Crystal Crop Protection plans to mobilise funds through an IPO comprising a fresh issue of shares valued at Rs 600 crore. Apart from fresh issues, there will be an OFS of 74,05,387 shares by promoters and investors, according to the draft papers.

As part of the OFS, existing investors -- International Finance Corporation and IFC Emerging Asia Fund LP -- would offload shares.

Proceeds from the fresh issue would be used for debt payment of the company as well as its subsidiary, Saffire Crop Science, funding inorganic growth through unidentified acquisitions and strategic initiatives, and general corporate purposes, the draft papers showed.

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Hotel Polo Towers eyes market debut

Hotel Polo Towers' proposed IPO is a combination of a fresh issue of shares worth Rs 300 crore and an OFS of 71.2 lakh shares by promoters, the draft papers showed.

Hotel Polo Towers develops, owns, operates and manages a chain of upscale and midscale hotels and resorts in northeast, east and north India under the 'Polo' and 'Max' brands. Shares of these six companies will be listed on the BSE and NSE.