New IPO Alert: SEBI gives green Light to Canara Robeco, Hero Motors and 4 More Firms

Six firms, including Canara Robeco Asset Management Company and Hero Motors, have secured SEBI's approval to launch maiden public offers, an update with the markets regulator showed on Monday.

Besides, Pine Labs, Orkla India, Manipal Payment and Identity Solutions and Emmvee Photovoltaic Power received regulatory nods to float IPOs.

These companies, which filed their preliminary IPO papers with SEBI between April and July, obtained Sebi's observations during September 2-12, the update showed.

In regulatory terms, SEBI's observation is equivalent to clearance for launching a public issue.

Canara Robeco AMC's 4.98 crore equity shares IPO is solely an offer-for-sale (OFS) by promoters Canara Bank and ORIX Corporation Europe NV, with no fresh issue component.

As a part of the OFS, Canara Bank plans to offload 2.59 crore equity shares, and ORIX Corporation NV (earlier known as Robeco Groep NV) will be selling 2.39 crore shares.

The entire IPO proceeds will go to these selling shareholders, and the company will not receive any money from the public offering.

Canara Robeco Asset Management Company filed preliminary papers with SEBI on April 24 this year to raise funds through an IPO, comprising entirely an offer-for-sale (OFS) of 4.98 crore shares by its promoters.

Auto parts maker Hero Motors is looking to raise ₹1,200 crore through its IPO, comprising a fresh issue of equity shares worth ₹800 crore and OFS of shares worth ₹400 crore by promoters.

Under the OFS, O P Munjal Holdings will be offloading shares to the tune of ₹390 crore, and Bhagyoday Investments and Hero Cycles will divest shares valued at ₹5 crore each.

Proceeds from the fresh issue to the extent of ₹285 crore will be used for payment of debt, and ₹237 crore for the purchase of equipment for capacity expansion at the company's facility in Gautam Buddha Nagar, Uttar Pradesh.

All six companies will list on both BSE and NSE.