SEBI puts Vedanta Group's Sterlite Electric IPO on hold, clears public issues of Curefoods India and 4 other firms; check list

The initial public offering (IPO) of power solutions provider Sterlite Electric Ltd, part of the Vedanta Group, has been put on hold by markets regulator Securities and Exchange Board of India (SEBI), as per an update on the watchdog's website on Monday. SEBI has not disclosed the reason for placing the IPO in abeyance.

The proposed IPO consisted a fresh issuance of 77.9 lakh shares as well as an offer for sale (OFS) of an equal number of equity shares by the promoter Twin Star Overseas Limited and existing shareholders Jacob John G, Kailash Chandra Maheshwari and Ramguru Radhakrishnan, according to the draft red herring prospectus (DRHP).

In FY25, Sterlite Electric posted a revenue from operations of ₹4,956 crore, which is marginally higher than ₹4,918 crore in the previous fiscal.

Sterlite Electric (earlier called Sterlite Power Transmission) manufactures capital goods and provides system integration solutions for the power transmission and distribution sector, serving both domestic and international markets.

Milky Mist Dairy Food, Curefoods India, Steamhouse India, 2 others get SEBI's nod

The IPOs of dairy product maker Milky Mist Dairy Food, cloud kitchens operator Curefoods India, cement manufacturer Kanodia Cement, industrial steam and gas supplier Steamhouse India, and private equity and alternative asset management firm Gaja Alternative Asset Management Ltd have received SEBI's approval to hit the primary market.

All five companies obtained their observations during October 14 to 24, the update on the regulator's website showed. In SEBI's terminology, observation is equal to clearance for launching a public issue.

Fresh issue proceeds will be used for the debt repayment, expansion and modernisation of the Perundurai manufacturing plant, which includes setting up whey protein concentrate, yoghurt, and cream cheese plants. Further, funds will be invested in deploying visi coolers, ice cream freezers, and chocolate coolers.

Bengaluru-based Curefoods India, which operates CakeZone and Nomad Pizza, is aiming to raise ₹800 crore via a fresh issuance of equity shares, besides, there would be an OFS of 4.85 crore shares by existing shareholders.

The company plans to utilise the IPO proceeds towards expansion, including establishing new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; expanding certain existing cloud kitchens through brand additions; purchasing machinery and equipment; investing in its subsidiaries -- Fan Hospitality Services and Cakezone Foodtechs -- and paying debt.

Steamhouse India and Gaja Alternative Asset Management filed for their maiden public offerings through confidential pre-filing routes.

Steamhouse India is seeking to raise between ₹500 crore and ₹700 crore, industry sources familiar with the development had stated.

The two firms opted for the confidential pre-filing route, which allows them to withhold public disclosure of IPO details under the DRHP until later stages.

Earlier this year, Gaja Capital appointed former SEBI Chairman UK Sinha as its Non-Executive Chairman.

Kanodia Cement's proposed IPO is exclusively an OFS of 1.49 crore shares by promoters and an individual shareholder, with no fresh issue component, according to the DRHP.