SEBI approves 13 IPOs including Boat and Urban Company
What's the story
The Securities and Exchange Board of India (SEBI) has approved the initial public offering (IPO) plans of 13 companies. The list includes Imagine Marketing Ltd., the parent company of popular wearables brand Boat, as well as Urban Company and Juniper Green Energy Ltd. The approvals were given during the week ending August 29.
Confidential pre-filing
Imagine Marketing's confidential pre-filing for IPO
Imagine Marketing Ltd. had filed draft papers for an IPO via a confidential pre-filing route in April. This is the company's second attempt to go public. The confidential pre-filing route allows firms to delay public disclosure of details under the draft red herring prospectus until later stages. However, it doesn't guarantee that the company will proceed with its maiden public offering.
Fundraising details
Urban Company's proposed ₹1,900 crore IPO
Urban Company, an Accel-backed home services provider, had filed draft papers for an issue worth up to ₹1,900 crore in April. The proposed IPO will be a mix of a fresh issue worth ₹429 crore and a stake sale by existing investors. This move is part of the company's strategy to tap into the growing retail participation in equities and confidence in the stock market.
Market activity
SEBI reviewing IPO applications of 53 companies
As of now, SEBI is reviewing the IPO applications of at least 53 companies. This shows a growing trend among Indian firms to tap into the primary market for fundraising. The move comes amid increasing retail participation in equities and a growing confidence in the stock market.