Urban Company, BoAt Owner, 11 Others Get Sebi's Nod to Float IPOs

As many as 13 firms, including Urban Company, which offers mobile app-based beauty and home care services, and Imagine Marketing, the parent company of wearables brand boAt, have received Sebi's approval to raise funds through Initial Public Offerings (IPO), an update with the regulator showed on Tuesday.

Others obtaining the regulatory clearance are -- Juniper Green Energy, Allchem Lifescience, Omnitech Engineering, KSH International, Ravi Infrabuild Projects, Mouri Tech, Priority Jewels, Corona Remedies, Om FreightForwarders, Jain Resource Recycling and Pace Digitek.

These companies, which filed their preliminary IPO papers between March and June, obtained Sebi's observations during August 1-29, the update showed.

In Sebi's parlance, obtaining its observations means go ahead to launch public issues.

The approval comes at a time when the primary market is experiencing strong interest from both issuers and investors across various sectors. So far this year, 50 companies have been listed on the bourses, with over a dozen firms making their debut in August itself.

Urban Company is looking to mobilise ₹1,900 crore through its proposed IPO. This includes raising ₹429 crore through selling new shares, and existing investors plan to sell stakes worth ₹1,471 crore, according to the Draft Red Herring Prospectus (DRHP).

Those selling shares under the Offer For Sale (OFS) route are -- Accel India and Elevation Capital, Bessemer India Capital Holdings II Ltd, Internet Fund V Pte. Ltd and VYC11 Ltd.

Imagine Marketing filed draft papers with Sebi in April for an IPO through a confidential pre-filing route.

The route allows the company to withhold public disclosure of details under the draft red herring prospectus until later stages.

All these companies would list their shares on the BSE and NSE.