Hyundai Motor, Swiggy, Mamata Machinery among 5 IPOs approved by Sebi; Innovision draft papers returned

The initial public offering (IPO) space is getting hotter with at least five companies, such as Hyundai Motor India Ltd, Swiggy Ltd, Mamata Machinery Ltd, Acme Solar Holdings Ltd and Vishal Mega Mart Ltd, receiving their respective go-ahead nod from capital market regulator Sebi.

As per Sebi, the issuance of an observation letter on the IPO draft papers implies that a company can launch its initial share sale within the next one year from the receipt of letter.

Both Hyundai and Swiggy got their observations issued on September 24, 2024, while Mamata Machinery and Acme Solar received the same on September 27. Vishal Mega Mart was secured on September 25.

Here's a brief about these IPOs before they hit the stock market:

Hyundai Motor

The automobile major may launch its IPO as soon as next month. Hyundai's Indian arm is eyeing to raise $3 billion (around Rs 25,000 crore) through its initial stake sale. The issue is entirely an offer-for-sale (OFS) by the promoter Hyundai Motor Company.

Swiggy

The online food aggregator is expected to raise Rs 10,000 crore through its IPO. It is aiming to raise Rs 3,750 through a fresh issue of shares while the remaining amount is expected to come from an OFS of up to 18.5 crore shares by existing investors.

Mamata Machinery

According to the draft red herring prospectus (DRHP), the company's IPO consists entirely of an OFS of 73.82 lakh equity shares by its promoters. Mamata Machinery specialises in manufacturing and exporting plastic bags, pouch-making machines, packaging machines, and extrusion equipment, providing complete manufacturing solutions for the packaging industry.

Acme Solar

The renewable energy company has filed for an IPO to raise Rs 3,000 crore as it maps out an aggressive expansion in the green energy space, including new power projects. ACME Solar said its public offering would include a fresh issue of shares worth up to Rs 2,000 crore. The remaining Rs 1,000 crore worth of shares would be sold by its promoter group, ACME Cleantech Solutions Pvt Ltd.

Vishal Mega Mart

The company took the confidential filing route to submit its draft papers in July with the markets regulator, keeping details undisclosed.

In contrast, the IPO plan of manpower services firm received a red signal from Sebi. According to the filing by the market regulator, the draft papers of Innovision Ltd have been returned.