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Mobikwik, 2 others get Sebi nod for IPO

Source: PTI
October 11, 2021 15:43 IST
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The Securities and Exchange Board of India (Sebi) has given its approval for the initial share sales of three companies, including SJS Enterprises and One Mobikwik Systems Ltd.

IPO

Illustration: Dominic Xavier/Rediff.com

Medical equipment maker Skanray Technologies Ltd has also received the nod from the watchdog for its initial public offering (IPO).

 

The three companies have been issued observations by the watchdog, according to the update on the processing status of draft offer documents as on October 8.

An observation letter is mandatory for an initial share sale. In Sebi parlance, the issuance of observations implies its go-ahead for the IPO.

One Mobikwik Systems Ltd is a leading mobile wallet (MobiKwik Wallet) and Buy Now Pay Later (BNPL) player in India.

The company, which filed the Draft Red Herring Prospectus (DRHP) for the IPO in July, plans to offer shares aggregating to Rs 1,900 crore.

This will comprise raising Rs 1,500 crore through fresh issue of shares and Rs 400 crore-worth stocks will be offloaded through the Offer-for-Sale (OFS) route by existing shareholders.

SJS Enterprises plans to garner Rs 800 crore through the initial share sale. It will be an OFS of Rs 688 crore by Evergraph Holdings Pte Ltd and Rs 112 crore by KA Joseph.

The firm, a leading player in the Indian decorative aesthetics industry, had filed the preliminary papers in July.

Skanray Technologies had filed DRHP in June.

Its IPO will comprise fresh issue of equity shares, aggregating up to Rs 400 crore, and OFS of up to 14,106,347 equity shares by promoters and existing shareholders.

In 2021, there has been a flurry of activities in the IPO space, with many companies tapping the primary market to raise funds.

India saw companies mopping up a whopping $9.7 billion through 72 IPOs in the first nine months of this year. The amount raised is also the highest for the nine-month period in two decades, according to an EY report.

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