New IPO Wave: Firms Get Sebi Nod to Raise ₹6,500 Crore

Eight companies, including SMPP and Brigade Hotel, have received approval from Sebi to raise over ₹6,500 crore via IPOs. SMPP's IPO includes a mix of fresh shares and an offer-for-sale by its promoter. Proceeds will be used for capital expenditure and corporate purposes.

In a significant development, eight firms have received the go-ahead from the Securities and Exchange Board of India (Sebi) to collectively raise over ₹6,500 crore through initial public offerings (IPOs). Among the notable companies are defence equipment manufacturer SMPP and hospitality chain Brigade Hotel Ventures.

SMPP Limited's massive ₹4,000 crore IPO is divided between a fresh issuance of equity shares worth up to ₹580 crore and an offer-for-sale (OFS) of up to ₹3,420 crore by promoter Shiv Chand Kansal. Funds from the fresh issue will primarily finance capital expenditure, including building facilities for an ammunition manufacturing plant.

Brigade Hotel Ventures targets ₹900 crore from its IPO, with proceeds directed towards debt reduction and strategic investments. Shares from these IPOs will be listed on major stock exchanges BSE and NSE, indicating an active market engagement in the coming months.

(With inputs from agencies.)