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After Zomato, six more companies eye IPO

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As many as six companies—Nykaa, Adani Wilmar and Star Health & Allied Insurance, Penna Cement Industries, Latent View Analytics and Sigachi Industries—have received clearance from the Securities and Exchange Board of India (SEBI) to launch Initial Public Offerings (IPOs).

According to a Monday update from the capital markets regulator, these six companies submitted preliminary IPO papers with SEBI between May and August and received its “observations” or approval to float the IPOs between October 11 and October 14.

FSN E-Commerce Ventures Ltd’s IPO, which runs Nykaa, includes a fresh issue of equity shares worth Rs. 525 crore and an Offer For Sale (OFS) of 43,111,670 equity shares by a promoter and existing shareholders.

The promoter and promoter group Safecrop Investments India LLP, Konark Trust, MMPL Trust, and existing investors Apis Growth 6 Ltd, Mio IV Star, University of Notre Dame Du Lac, Mio Star, ROC Capital Pty Ltd, Venkatasamy Jagannathan, Sai Satish, and Berjis Minoo Desai are among those selling shares through the offer for sale.

Star Health, the country’s largest private health insurance, is owned by a group of investors led by Westbridge Capital and Rakesh Jhunjhunwala.

According to the Draft Red Herring Prospectus (DRHP), Penna Cement’s IPO will include a fresh offering of equity shares totaling Rs. 1,300 crore and a promoter offer for sale of up to Rs. 250 crore. The IPO of Latent View Analytics also includes a new issue of equity shares at Rs. 474 crore. It also has a promoter and current owners offering to sell equity shares for Rs. 126 crore.

Adugudi Viswanathan Venkatraman, the company’s promoter, will sell shares worth Rs. 60.14 crore, Ramesh Hariharan, a shareholder, will sell shares worth Rs. 35 crore, and Gopinath Koteeswaran, a shareholder, will shelve off shares worth Rs. 23.52 crore, among others.

Sigachi Industries, a cellulose-based excipient company, will see its IPO sell up to 76.95 lakh equity shares.

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