New Delhi, Nov. 17 -- AceVector Ltd, the parent of ecommerce platform Snapdeal, and two companies that count well-known individual investors and family offices as investors have received regulatory approval for their planned initial public offerings.

The Securities and Exchange Board of India issued its final observations-akin to its approval-on AceVector's IPO proposal last week, according to an update on the regulator's website.

AceVector, founded by Kunal Bahl and Rohit Bansal, had filed for the Rs 500-crore IPO through the confidential route in July. It previously took its software-as-a-service unit Unicommerce public last year.

SEBI also approved the IPO proposals of Steel Infra Solutions Company Ltd and Silver Consumer Electricals Ltd.

Delhi-based engineering company Steel Infra is backed by the family office of TV Mohandas Pai, former Infosys CFO and co-founder of proprietary venture capital firm Aarin Capital. Its IPO plan comprises a fresh issue of shares to raise Rs 96 crore and an offer for sale of about 27.64 million shares by its promoters and investors.

The company's biggest external investor is ace stock market investor Madhusudan Kela's MK Ventures, which owns a 21.34% stake, followed by the Pai family office. MK Ventures plans to sell about 3 million shares, or a tad more than a third of its stake, while the Pai family office seeks to offload almost 0.94 million shares, or more than a third of its 6.61% stake, according to its draft prospectus.

Rajkot, Gujarat-based Silver Consumer IPO proposal included a fresh issue of Rs 1,000 crore and an offer for sale of Rs 400 crore by one of its promoters.

Silver Consumer makes electrical consumer durables including pumps and motors, solar pumps and controllers, fans, lighting, other consumer electrical products and agricultural equipment.

The company had raised funding from Arpit Khandelwal, managing partner at Plutus Wealth Management, and Pantomath-managed India Inflection Opportunity Fund. Its other individual investors include Caratlane founder Mithun Sacheti and his brother Siddhartha Sacheti, who invested earlier this year.

Khandelwal currently owns a 26.79% stake in the company while the Sacheti brothers hold 1.79% each, according to Silver Consumer's draft prospectus.

Published by HT Digital Content Services with permission from VC Circle.