New IPOs Alert: Arohan Financial Services files DRHP; Neolite, 2 others get SEBI's approval to launch issues

New IPOs Alert: Capital markets regulator Securities and Exchange Board of India (SEBI) has given its nod to Neolite ZKW Lightings, Aspri Spirits and SS Retail to raise funds through their initial public offerings (IPOs).

The three firms received SEBI's observations between May 6 and May 14. In SEBI's parlance receiving an observation means approval to launch an IPO.

Automotive lighting products manufacturer Neolite ZKW Lightings is seeking to raise ₹600 crore via its maiden public offering, consisting of a fresh issuance of shares worth ₹400 crore and an offer for sale (OFS) of ₹200 crore by promoters and a shareholder, according to the draft red herring prospectus (DRHP).

The capital raised will be used to establish a new manufacturing unit, purchase plant and machinery, electronic expansion at existing manufacturing units, repay debt repayment and general corporate purposes.

The ₹500 crore IPO of SS Retail, which is a multi-brand retail chain for mobile phones, accessories and other electronic items, is a mix of fresh issuance of shares valued at ₹300 crore and an OFS of ₹200 crore by promoters and other shareholders.

The objectives of the issue include capital expenditure requirements for fit-outs towards establishing new stores in the financial year 2026-27 and FY28, working capital needs and general corporate purposes.

Alco-beverage distribution entity Aspri Spirits' initial share sale will consist a fresh issuance of shares valued at ₹140 crore and an OFS of 50 lakh shares.

The money raised will be utilised for debt repayment of the company and its subsidiaries and general corporate purposes.

Arohan Financial Services files DRHP

Microfinance company Arohan Financial Services has filed preliminary papers with SEBI to raise funds through an initial public offering.

The proposed initial public offering will be a combination of fresh issuance of shares valued at ₹600 crore and an OFS sale of 40,437,529 shares by existing shareholders, according to the DRHP.

The net proceeds from the fresh issue will be used towards augmenting the capital base to meet future capital needs towards onwards lending and general corporate purposes.

Arohan Financial Services is a technology-enabled NBFC- microfinance institution offering income-generating loans and a suite of financial and non-financial products to unserved and underserved customers primarily across rural and semi-rural states with limited or no access to formal financial services.

Paramotor Digital Technology files confidential draft papers

Fintech and enterprise technology player Paramotor Digital Technology has draft papers with SEBI via a confidential route to raise funds via an IPO.

In a public notice, Paramotor said it has filed "the pre-filed draft red herring prospectus with SEBI and the stock exchanges... in relation to the proposed initial public offering of its equity shares on the main-board of the stock exchanges".

Paramotor Digital Technology, incorporated in 2016, operates a diversified technology platform serving both consumers and enterprises across India. Its business includes consumer spend management, rewards and loyalty solutions, digital gifting and enterprise technology services.