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SEBI Grants Final Approval for 3 IPOs
India's market regulator, the Securities and Exchange Board of India (SEBI), has issued its final observations on the draft IPO papers for three companies: EAAA India Alternatives, Yatayat Corporation India, and MV Electrosystems. This week's approval allows these firms to proceed with the next steps, including filing their Red Herring Prospectus, and officially launch their public offerings within the next year.
IPO Details for Each Company
EAAA India Alternatives, an alternative asset manager, plans to raise ₹1,500 crore. Its offering will consist solely of shares sold by its promoter, Edelweiss Securities and Investments, with no new shares being issued.
Yatayat Corporation India, a logistics firm based in Gujarat, intends to raise funds for its working capital. The IPO will include a fresh issuance of 77 lakh shares, alongside an offer-for-sale of 56 lakh shares by promoter Meena Praveen Aggarwal.
MV Electrosystems, a Haryana-based manufacturer of electrical and power electronics equipment for railway rolling stock, aims to raise up to ₹290 crore. Of this amount, ₹180 crore is earmarked for long-term working capital, and ₹21 crore will support research, design, and development of new power electronic equipment. This IPO is structured as a complete fresh issue.
Other Companies Under Review
SEBI is also processing IPO applications from other companies. It is currently gathering input from various regulatory bodies and government agencies for Advanta Enterprises, an agricultural solutions company and a subsidiary of UPL. Separately, Jainam Broking is awaiting in-principle approval from stock exchanges for its draft IPO document.