Sebi returns IPO documents of Vishal Mega Mart, Avanse Financial Services: Rediff Moneynews

New Delhi, July 30 (PTI) Sebi has returned draft IPO documents of four companies, including supermarket major Vishal Mega Mart, education-focused NBFC Avanse Financial Services and TPG Capital-backed private equity major Sai Life Sciences, the updated documents came in a regulatory filing on Tuesday.

In addition, BMW Ventures’ offer document was also returned. The company’s IPO documents were received by Sebi on July 1.

The Securities and Exchange Board of India (Sebi) has returned the offer documents of these four companies for “non-compliance with Regulation 7(1) (a) of Sebi ICDR Rules, 2018 as on July 24, 2024”.

As per Regulation 7(1) (a) of SEBI ICDR Rules, an issuer making an initial public offer must ensure that it has applied to one or more stock exchanges for preliminary approval for listing of its specified securities on such exchanges and has selected one of them as the designated stock exchange.

On July 12, Vishal Mega Mart filed confidential documents to submit its projects to the market regulator.

Avanse Financial Services had filed its draft documents in June to raise Rs 3,500 crore through an IPO. The proposed initial share sale included a fresh issue of equity shares worth up to Rs 1,000 crore and an offer for sale (OFS) worth up to Rs 2,500 crore by selling shareholders, according to the draft prospectus (DRHP).

The company, promoted by Olive Vine Investment Ltd, a subsidiary of private equity giant Warburg Pincus, has proposed using the funds to increase its capital base for the future.

The proposed IPO of Sai Life Sciences comprised a fresh issue of ordinary shares of Rs 800 crore and OFS of Rs 6.15 crore by the promoter, investor shareholders and other shareholders, according to the draft documents.

Under the OFS Act, one of the promoter entities – Sai Quest Syn Pvt Ltd – and the shareholder investors – TPG Asia VII SF Pte Ltd, HBM Private Equity India – were offered to partially sell their shares.

Of the IPO proceeds, an amount of Rs 600 million was initially to be used to repay debt and part for general corporate purposes.