SEBI clears IPOs of Pine Labs, Hero Motors, Manipal Payment, three others

Pine Labs, Hero Motors, Orkla India, Emmvee Photovoltaic Power, and Canara Robeco Asset Management Company have received approval from the SEBI last week, to raise funds via initial public offerings (IPOs). The regulator has also cleared the Pre-filed draft red herring prospectus (confidential DRHP) of Manipal Payment and Identity Solutions, the card management services provider, on September 2. SEBI has issued observation letters on the draft papers of Emmvee Photovoltaic Power on September 9, Canara Robeco Asset Management Company on September 10, and Pine Labs on September 11, while the observed letters on IPO papers of Hero Motors, and Orkla India were issued by the regulator on September 12, as per the processing status of draft offer documents published on September 15. The issuance of observation letter means the company can go ahead with its fund raising plans via IPO within the next one year. Fintech unicorn Pine Labs, which had filed draft papers on June 25 this year, proposed to raise Rs 2,600 crore via issue of new shares, while its existing shareholders including investors - Peak XV Partners, Actis Pine Labs Investment Holdings, Macritchie Investments, PayPal, Mastercard Asia/Pacific, Madison India, Lone Cascade, AIM Investment Funds, and MW XO Digital Finance - will be selling 14.78 crore equity shares via offer-for-sale. Click Here To Read All IPO News Pine Labs is a technology company, focussing on digitising commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. Pankaj Munjal-led auto components maker Hero Motors, which serves BMW and Ducati, plans to raise Rs 1,200 crore via maiden public issue which consists of fresh issuance of shares worth Rs 800 crore, and an offer-for-sale of shares worth up to Rs 400 crore by promoters. It has filed DRHP with the SEBI on June 30 this year. Bengaluru-based Emmvee Photovoltaic Power, one of the largest solar PV module manufacturers in India, had filed preliminary papers with the SEBI on July 6 this year, to raise Rs 3,000 crore via IPO. The India's second largest pure-play solar photovoltaic (PV) module and solar cell manufacturer intends to issue fresh shares worth Rs 2,143.9 crore, while promoters Manjunatha Donthi Venkatarathnaiah, and Shubha Manjunatha Donthi will be offloading shares worth Rs 856.1 crore via offer-for-sale. Orkla India, which owns spices and condiments brands MTR and Eastern, had filed IPO papers with the SEBI on June 10 this year. Its IPO comprises of entirely an offer for sale (OFS) of 2.28 crore equity shares by promoter and other shareholders. India’s second oldest asset management company Canara Robeco Asset Management Company, the subsidiary of PSU lender Canara Bank, filed preliminary papers with the SEBI on April 24 this year for fund raising via initial share sale which consists of entirely an offer-for-sale (OFS) of 4.98 crore shares by promoters Canara Bank, and foreign promoter ORIX Corporation Europe NV.

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