SEBI clears IPO applications worth Rs 5,000 crore, including Hexaware Technologies, with rising trend in fund raising
The capital market regulator has cleared six applications for initial public offering to cumulatively raise about ₹5,000 crore and returned the filings of Anand Rathi Share and Stock Brokers.
Last December, Anand Rathi Share and Stock Brokers filed its Draft Red Herring Prospectus SEBI for IPO to raise up to ₹745 crore, which comprises an entire fresh issue of shares with a face value of Rs 5 a piece.
In its DRHP, the company said that it intends to use the net proceeds from the issue to fund long-term working capital requirements and for general corporate purposes.
However, on January 17 returned the application without assigning any reason.
SEBI has cleared the public issue of Hexaware Technologies, PMEA Solar Tech Solutions, Scode Tubes, Ajax Engineering, All Time Plastics and Vikran Engineering.
Backed by bullish investors sentiments, fund raising through IPOs has hit a new high of Rs 1.6 lakh crore in 2024. The year was marked by Hyundai Motor India’s historic IPO, the largest in the country’s history, which raised ₹27,870 crore.
Companies of varying market capitalisations tapped into the IPO route last year, with the average issue size rising significantly from ₹867 crore in 2023 to over ₹1,700 crore in 2024.
