Sebi clears IPO proposals of 5 companies; WeWork India's public offer taken out of abeyance
ADVERTISEMENT Among the companies that received observation letters, which amounts to an essential green light from Sebi, are Veeda Clinical Research, a major contract research organization. The Ahmedabad-based firm filed for an IPO consisting of both fresh issue and offer for sale (OFS).
Shringar House of Mangalsutra, a niche player in the jewelry sector, also secured approval for its fresh issue IPO on July 4.
RITE Water Solutions India, known for its work in decentralized water infrastructure and sustainability-focused solutions, received observation for its mixed-mode IPO (Fresh + OFS) on the same day.
Two other firms, Seedworks International, an agriculture-focused seed technology provider, and LCC Projects, an infrastructure player, also received approvals during the week ending July 4. Their observation letters were issued on July 4 and July 3 respectively. The approvals come at a time when the primary markets are witnessing a resurgence of investor interest, especially in small and mid-sized companies tapping equity markets to fuel their next phase of growth.
ADVERTISEMENT Meanwhile, WeWork India, one of the country's leading flexible workspace operators, has seen its IPO proposal move forward. The company's draft offer document is no longer under abeyance and is currently awaiting final observations from Sebi, as per the July 4 update.According to the draft prospectus, WeWork India's public issue comprises an OFS of up to 43,753,952 equity shares. Of this, 33,458,659 shares will be offloaded by Embassy Buildcon LLP, the promoter selling shareholder, and 10,295,293 shares by 1 Ariel Way Tenant, the investor shareholder.
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