SEBI Approves IPO Plans for Jana SFB, India Shelter Finance Corp, DOMS, Onest, and Shiva Pharmachem

In a significant development for the Indian capital markets, the Securities and Exchange Board of India (SEBI) has granted approval to five companies to proceed with their initial public offering (IPO) plans. Jana Small Finance Bank (SFB), India Shelter Finance Corporation, DOMS Industries, Onest, and Shiva Pharmachem have received the green light from the regulatory body to raise capital through IPOs.

Also See: Upcoming IPO in India

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SEBI issued an observation letter to Onest and DOMS Industries on November 16, while Jana Small Finance Bank received its letter on November 7, and India Shelter Finance Corporation on November 13. Shiva Pharmachem also received an observation letter from SEBI during the current month.

Receiving an observation letter from SEBI allows these companies to initiate the process of fundraising through IPOs within a year from the date of receipt.

Also See: Tata Tech IPO Allotment Status: How to Check allotment Status on Link Intime and BSE

Jana Small Finance Bank

The bank, which refiled its draft papers with SEBI in July, aims to raise funds through an IPO comprising a fresh issuance of shares worth Rs 575 crore and an offer-for-sale (OFS) of up to 40.5 lakh equity shares by existing shareholders, including Client Rosehill, CVCIGP II Employee Rosehill, Hero Enterprise Partner Ventures, and Global Impact Funds. If successful, Jana SFB will become the seventh small finance bank to go public in India.

Jana SFB has displayed robust financial performance, bouncing back from the impacts of the COVID-19 pandemic, recording a net profit of Rs 256 crore in the financial year ending March FY23, a significant increase from Rs 17.47 crore in the previous year.

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India Shelter Finance Corporation

Backed by marquee investors such as WestBridge Crossover Fund and Nexus Ventures, India Shelter Finance Corporation filed its IPO papers in August with plans to float a Rs 1,800-crore IPO, comprising a fresh issue of Rs 1,000 crore by the company and an offer-for-sale of Rs 800 crore by investors, including Catalyst Trusteeship, Madison India Opportunities IV, MIO Starrock, Nexus Ventures III, and Nexus Opportunity Fund II.

DOMS Industries

Italian company FILA-backed stationery and art products maker DOMS Industries filed a draft red herring prospectus in August to launch an IPO with a target to mobilize Rs 1,200 crore. The IPO consists of a fresh issuance of shares worth Rs 350 crore and an OFS of Rs 850 crore worth of shares by promoters, including FILA- Fabbrica Italiana Lapised Affini S.p.A., corporate promoter, with a 51 percent shareholding.

Shiva Pharmachem

Gujarat-based speciality chemicals company Shiva Pharmachem, which also filed IPO papers in August, is planning to raise Rs 900 crore through an IPO consisting solely of an OFS by its promoters Vishal Rakesh Agrawal and Rahul Rakesh Agrawal, who will be selling shares worth Rs 383 crore each, while Geetganga Investment will sell Rs 134 crore worth of stocks via OFS.


FMCG company Onest filed draft papers in July for a public offer comprising a fresh issue of Rs 77 crore and an OFS of 32.5 lakh shares by promoter and investors, including Founder and promoter Pawan Kumar Gupta, who holds an 84.46 percent stake in the company.

IPO News

These approvals from SEBI mark a positive development in India’s IPO landscape, furthering the capital-raising efforts of these companies in the country’s growing financial markets.

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