New Delhi, July 8 -- The Securities and Exchange Board of India (SEBI) has granted approval for the initial public offerings (IPOs) of Veeda Clinical Research Ltd, which is backed by private equity firm CX Partners, Seedworks International, which counts True North and GEF Capital as investors, and Rite Water Solutions, which is backed by Incofin Investment Management.
Veeda Clinical Research
Veeda's IPO will be a mix of a fresh issue of Rs 185 crore ($21.5 million) and an offer-for-sale (OFS) of over 13 million shares by CX Partners, Sabre Partners and some individual shareholders.
Founded in 2004, Veeda is a contract research organization (CRO) that offers a range of services, including early- and late-stage clinical trials, healthy volunteer studies, and non-clinical analysis. The company filed its draft red herring prospectus (DRHP) on January 31, 2025.
Proceeds from the fresh issue will be used to purchase equipment and machinery, and to invest in its material subsidiary Bioneeds India Pvt Ltd.
SeedWorks International
Seedworks' IPO will be an entirely OFS-based issue comprising 51 million shares. True North will sell 39 million shares while GEF Capital Partners will offload about 11 million shares.
SeedWorks, which filed its DRHP on February 11, 2025, is a seed R&D company specializing in hybrid and open-pollinated variety seeds for key crops such as rice, cotton, and pearl millet. It claims to be the second-fastest-growing Indian seed company by revenue (between FY21 and FY24), with a CAGR of 11.98%.
Rite Water Solutions
Rite Water Solutions' IPO will be a mix of a fresh issue of Rs 300 crore and an OFS of up to Rs 445 crore. Incofin's Water Access Acceleration Fund will sell shares worth Rs 270 crore.
According to the draft papers, Rite Water will allocate over Rs 225 crore of the amount raised via the fresh issue toward working capital requirements.
Published by HT Digital Content Services with permission from VC Circle.