The Indian capital markets regulator, Securities and Exchange Board of India (SEBI), has approved the draft IPO documents of Shiprocket and Meesho, filed through the confidential route, clearing the path for their public listing plans.
In addition, SEBI has also cleared the public issue papers of five other companies, German Green Steel and Power, Rajputana Stainless, Skyways Air Services, Manika Plastech, and Allied Engineering Works, during the week ending October 31.
When did they receive the nod?
The regulator issued observations on the confidential Draft Red Herring Prospectus (DRHP) of e-commerce platform Meesho on October 14, and logistics and supply chain platform Shiprocket on October 31.
Similarly, German Green Steel and Power received SEBI’s observations on October 20, Manika Plastech on October 29, Allied Engineering Works and Rajputana Stainless on October 30, and Skyways Air Services on October 31.
These observations mean the companies can go ahead with their IPOs. Companies filing publicly have one year to launch their IPO, while those filing confidentially have 18 months. Within this period, confidential filers must submit an updated DRHP to SEBI and then file the Red Herring Prospectus (RHP) with the Registrar of Companies to launch the IPO. Together, these seven companies are aiming to garner around Rs 7,700 crore, a PTI report said.
List of IPO’s that got the nod
Meesho
Meesho, the budget-friendly e-commerce platform, submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI) through the confidential route in July this year. Following SEBI’s approval, the company filed an updated DRHP on October 18.
The Bengaluru-based firm aims to raise Rs. 4,250 crore by issuing fresh shares. Additionally, existing investors, including Peak XV Partners, Elevation Capital, Y Combinator, VH Capital, and promoters Vidit Aatrey and Sanjeev Kumar, plan to sell up to 17.56 crore equity shares through an offer-for-sale (OFS).
Shiprocket
Zomato and Temasek-backed Shiprocket submitted their pre-filed DRHPs to the capital markets regulator in May this year, aiming to raise between Rs. 2,000–2,400 crore through their IPO, which will include both a fresh issue and an offer-for-sale (OFS).
German Green Steel and Power
German Green Steel and Power, which submitted its IPO documents to SEBI in June, plans to raise ₹450 crore through a fresh issue. The IPO also includes an offer-for-sale (OFS) of up to 20 lakh equity shares by the existing promoters.
Rajputana Stainless
Rajputana Stainless refiled its draft IPO documents in the same month to raise funds for setting up a new facility and reducing its debt. The IPO, totaling 2.09 crore shares, will include a fresh issue of 1.46 crore shares and an offer-for-sale (OFS) of 62.5 lakh shares by promoter Shankarlal Deepchand Mehta.
Skyways Air Services
Delhi-based air freight and logistics firm Skyways Air Services filed its draft IPO document on June 30 this year. The company plans to issue 3.29 crore fresh shares, while existing shareholders, including promoters, will sell 1.33 crore shares through an OFS.
Manika Plastech
Manika Plastech, a Mumbai-based manufacturer of rigid polymer packaging, plans to raise ₹115 crore through the issuance of fresh shares for capital expenditure and debt reduction. Its promoter entity, VRIDAA Holding Trust, will sell 1.5 crore shares via an offer-for-sale (OFS). The company had filed its draft IPO documents in June.
Allied Engineering Works
Delhi-based smart energy meter maker Allied Engineering Works filed its DRHP with SEBI in July to raise funds through an IPO. The offering will include a fresh issue worth ₹400 crore and an OFS of 75 lakh shares by promoter Ashutosh Goel.
Meanwhile, Bombay Coated and Special Steels withdrew its draft IPO documents on October 30, and SEBI returned the draft filing of Vishal Nirmiti on the same day.
Written by Sridhar J
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