The Securities and Exchange Board of India (SEBI) has approved six initial public offering (IPO) applications, aiming to collectively raise around ₹5,000 crore, while rejecting the filing of Anand Rathi Share and Stock Brokers.
Anand Rathi Share and Stock Brokers had filed its Draft Red Herring Prospectus with SEBI in December for an IPO to raise up to ₹745 crore through a fresh issue of shares with a face value of Rs 5 each. The company stated its intention to utilize the net proceeds for long-term working capital requirements and general corporate purposes.
However, SEBI returned the application without providing any specific reason on January 17. On the other hand, SEBI has given the green light to the IPOs of Hexaware Technologies, PMEA Solar Tech Solutions, Scode Tubes, Ajax Engineering, All Time Plastics, and Vikran Engineering.
The year 2024 saw record-high fundraising through IPOs, totaling ₹1.6 lakh crore. Notably, Hyundai Motor India’s IPO set a new milestone as the largest in the country’s history, raising ₹27,870 crore. Various companies of different market capitalizations chose the IPO route, with the average issue size increasing significantly from ₹867 crore in 2023 to over ₹1,700 crore in 2024.
The IPO approvals highlight the bullish investor sentiment in the market, paving the way for significant capital inflows into public offerings.
Published on January 20, 2025.
