New Delhi, Jan. 23 -- The Securities and Exchange Board of India (SEBI) has given the go-ahead to as many as 13 companies to proceed with their initial public offerings (IPO), paving the way for several private market investors to monetize their stakes.
The cleared issuers include Hella Infra Market Ltd, which operates B2B construction materials marketplace Infra.Market. The company had confidentially filed for a Rs 5,000-crore ($544 million) IPO last year. Infra.Market is backed by investors such as Tiger Global, Accel, Nexus Venture Partners, Evolvence India, and Nikhil Kamath-backed NKSquared.
The remaining companies that received approval are Purple Style Labs, BVG India, Sify Infinit Spaces, CMR Green Technologies, Transline Technologies, UKB Electronics, Medicap Healthcare, Oswal Cables, Pride Hotels, Sai Parenterals, Commtel Networks and Jay Jagdamba.
BVG India
BVG India has revived its IPO plans with a draft prospectus proposing a Rs 300 crore fresh issue, along with an offer for sale of up to 28.6 million shares by existing shareholders, including 3i Group. The IPO will allow 3i to sell a little over 19 million shares, marking a partial exit from an investment made in 2011.
The company plans to use the proceeds from the fresh issue for balance sheet repair, with Rs 250 crore earmarked for debt repayment. Pricing and valuation will be finalized after regulatory approvals. ICICI Securities, JM Financial, and Motilal Oswal Investment Advisors are acting as the book-running lead managers.
Purple Style Labs
Purple Style Labs' IPO comprises a fresh issue of shares worth Rs 660 crore. While the issue will not provide an exit to existing investors, the promoters completed a Rs 47 crore secondary share sale to select investors last month.
The company, which owns and operates luxury ethnic wear platform Pernia's Pop-Up Shop, plans to use the proceeds to expand its luxury fashion and retail footprint in India and overseas.
Axis Capital and IIFL Capital Services have been appointed as the book-running lead managers.
Sify Infinit Spaces
Sify Infinit Spaces Ltd, a wholly-owned subsidiary of Sify Technologies, plans to raise Rs 2,500 crore through a fresh issue of shares. The IPO will also include an offer for sale, taking the total issue size to about Rs 3,700 crore, according to the draft red herring prospectus.
As part of the OFS, Kotak Alternate Asset Managers will sell shares worth about Rs 1,200 crore, enabling it to recover a large portion of the capital invested in the company since 2021.
The proceeds from the fresh issue will support the expansion of the company's data centre capacity amid rising demand from hyperscalers and enterprise clients. Sify Infinit is a key part of Sify's broader digital infrastructure platform, which spans data centres, networks, and security services across more than 1,600 cities in India.
Published by HT Digital Content Services with permission from VC Circle.