SEBI has approved the initial public offerings for fintech firm Moneyview and steel manufacturer Chandan Steel. Separately, oilfield services company Shivganga Drillers has withdrawn its IPO plans. Investors should now monitor the official timelines and final offer sizes for the upcoming launches.
What Happened
The Securities and Exchange Board of India (SEBI) has issued observation letters, commonly known as IPO approvals, for financial services platform Moneyview and steel manufacturer Chandan Steel. These clearances allow both companies to proceed with their plans to list on the stock exchanges. Simultaneously, the market saw an exit as Shivganga Drillers officially withdrew its draft red herring prospectus (DRHP) in late June, ending its proposed ₹400 crore fundraising attempt.
Moneyview's Fundraising Structure
Moneyview, a digital lending platform, plans to raise approximately ₹1,500 crore. The offering is designed as a mix of a fresh issue of shares and an offer for sale (OFS). In an OFS, existing shareholders—rather than the company—sell their shares to the public. In this case, promoters Puneet Agarwal and Sanjay Aggarwal, along with marquee investors such as Accel, Tiger Global Management, Apis Partners, and Crimson Winter, are set to trim their stakes. The company intends to use the proceeds from the fresh issue to expand its lending operations and increase the capital base of its subsidiary, Whizdm Finance, specifically for loan disbursals under default loss guarantee arrangements.
The Confidential Route For Chandan Steel
Unlike most companies, Chandan Steel chose the confidential filing route to interact with SEBI. This mechanism allows a company to keep its sensitive financial and business data private until closer to the launch date. Because of this, the exact issue size and share structure remain undisclosed. Under current regulations, a company that receives approval via the confidential route has an 18-month window to update its filings and launch the public issue. Investors should expect public details once the company files its updated draft documents.
Why Shivganga Drillers Withdrew
Shivganga Drillers, which provides services to the oil and gas sector, had originally planned a fresh issue of shares worth ₹400 crore. Its decision to withdraw in late June follows a regulatory filing process that began in December. Companies often withdraw IPO papers due to changes in market conditions, internal strategic shifts, or a failure to reach desired valuations during pre-IPO discussions. The specific reason for this withdrawal was not disclosed in the exchange filings.
What Investors Should Track
For Moneyview, the next key event is the filing of the Red Herring Prospectus (RHP), which will confirm the final issue size, the price band, and the dates for the subscription. For Chandan Steel, shareholders should watch for the transition from a confidential filing to a public one, which will provide the necessary financial context to assess the business. In the broader primary market, investors may note that the withdrawal of Shivganga Drillers serves as a reminder that IPO approvals do not guarantee a market debut, as companies frequently reassess their capital requirements based on market demand and internal business goals.