Adani Wilmar, Star Health and 4 others get SEBI nod to raise funds via IPO; check details

The Indian equity market has witnessed a stellar bull market since shares hit their lows in March 2020 consequently, due to the COVID pandemic. Amidst this rise, the IPO market has been in a frenzy as multiple companies have issued initial public offerings (IPOs). Most of the IPOs have also given excellent returns since their listings. 

According to a PTI report, the latest IPOs to receive the nod of the Securities and Exchange Board of India (SEBI) include Adani Wilmar, Star Health & Allied Insurance, Nykaa, Penna Cement Industries, Latent View Analytics and Sigachi Industries. As per an update from SEBI on Monday, the six companies filed their preliminary IPO papers with India's regulatory body between May and August.

Adani Wilmar IPO details

According to Adani Wilmar's proposed IPO, it will include fresh equity shares for an amount up to Rs. 4,500 crores (approximately $600 million). There will not be any secondary offering for the same. Adani Wilmar is a 50:50 joint venture company between the Adani Group and the Wilmar Group. 

Star Health and Allied Insurance IPO details

Meanwhile, as per Star Health and Allied Insurance's proposed IPO, it will comprise a fresh issue of equity shares valued at Rs. 2,000 crore. According to the Draft Red Herring Prospectus (DRHP), promoters and existing shareholders will also have an offer for sale (OFS) of up to 60,104,677 equity shares. Star Heath, which is India's leading private health insurer, is owned by a consortium of investors that include Westbridge Capital and Rakesh Jhunjhunwala.

Companies offering shares via the OFS include the promoter and promoter group Safecrop Investments India LLP, Konark Trust, MMPL Trust; and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish, and Berjis Minoo Desai.

Details of other IPOs

According to the DRHP, Penna Cement's proposed IPO includes a fresh issue of equity shares worth Rs. 1,300 crores and an OFS of up to Rs. 250 crores by the promoter. Meanwhile, Latent View Analytics' proposed IPO comprises a fresh issue of equity shares worth Rs. 474 crores and an OFS of Rs. 126 crores by the promoter and existing shareholders. As for Sigachi Industries' proposed IPO, it will include the sale of approximately 77 lakh equity shares. All the shares will be listed on the BSE and the NSE.

Image: PTI