IPO rush: 28 firms get Sebi's go-ahead for initial share sale worth Rs 45,000 crore during April-July

As many as 28 companies, including 11 debutantes, with IPO plans worth Rs 45,000 crore got market regulator Sebi’s nod for initial share sale during the April-July period of this fiscal year, data shows.

Of these, 11 firms have already raised Rs 33,254 crore through initial public offering (IPO), so far this fiscal.

Among the firms that have secured the regulator's clearance include Lifestyle retail brand FabIndia; Bharat FIH, a subsidiary of FIH Mobiles and a Foxconn Technology Group; TVS Supply Chain Solutions; Blackstone-backed Aadhar Housing Finance; Macleods Pharmaceu-ticals and Kids Clinic India, which operates super-specialty mother and babycare chain Cloudnine.

These firms are yet to announce the launch date of their IPOs and are waiting for the right time to float their issues as current market conditions are challenging, merchant bankers said.

"Current environment is challenging and companies with approvals in hand are waiting for the right window of opportunity to launch the initial share sales. In fact, many of them have concluded the roadshows and are waiting for the right time," Prashant Rao, Director and Head Equity Capital Markets, Anand Rathi Investment Banking, said.

These firms are yet to announce the launch date of their IPOs and are waiting for the right time to float their issues as current market conditions are challenging, merchant bankers said.

Going by the Securities and Exchange Board of India (Sebi) data, total 28 companies obtained the regulator's clearance to tap the IPO route for fundraising during April-July 2022-23. Together, these firms are expected to mop up Rs 45,000 crore. So far in current fiscal year, 11 companies have gone public to garner Rs 33,254 crore. Of these, a lion's share (Rs 20,557 crore) was raised by the public issue of Life Insurance Corporation of India (LIC).

All these companies hit the primary market during April-May and not a single public issue was launched after May, suggesting a dry spell in the IPO market. This came after as many as 52 companies tapped the primary market to raise a record Rs 1.11 lakh crore in the entire 2021-22.

(With agency inputs)