SEBI returns IPO documents of Vishal Mega Mart, Avanse Financial Services, 2 others
The Hindu
SEBI returns IPO draft documents of four firms, including Vishal Mega Mart, Avanse Financial Services, and Sai Life Sciences.
The Securities and Exchange Board of India (SEBI) has returned the IPO draft documents of four firms, including supermart major Vishal Mega Mart, education-focused NBFC Avanse Financial Services and private equity major TPG Capital-backed Sai Life Sciences, an update with the regulator showed on July 30.
Additionally, the offer document of BMW Ventures was returned too. The company's initial public offering (IPO) papers were received by SEBI on July 1.
SEBI has returned the offer documents of these four companies for "non-compliance with Regulation 7(1) (a) of Sebi ICDR Regulations, 2018, as on July 24, 2024".
According to the Regulation 7(1) (a) of SEBI ICDR Regulations, an issuer making an initial public offer shall ensure that it has made an application to one or more stock exchanges to seek an in-principle approval for listing of its specified securities on such stock exchanges and has chosen one of them as the designated stock exchange.
Vishal Mega Mart, on July 12, took the confidential filing route to submit its draft papers with the markets regulator.
Avanse Financial Services filed its draft papers in June to raise ₹3,500 crore through IPO. The proposed initial share sale comprised a fresh issue of equity shares of up to Rs 1,000 crore and an offer for sale (OFS) of up to ₹2,500 crore by the selling shareholders, according to the draft red herring prospectus (DRHP).
The company, promoted by Olive Vine Investment Ltd, an affiliate of private equity major Warburg Pincus, proposed to use the funds to increase its capital base for future needs.
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