Hero Motors, Pine Labs Among 5 IPOs Approved By SEBI

The Securities and Exchange Board of India (SEBI) has given the green light to five upcoming initial public offerings (IPOs). The approvals cover Hero Motors, Canara Robeco Mutual Fund, Pine Labs, Orkla India, the Indian unit of Norway’s Orkla ASA and owner of MTR Foods, and Emmwee Photovoltaic Power.

Collectively, these IPOs are expected to raise more than ₹10,000 crore, according to reports.

In addition, SEBI cleared the pre-filing of draft papers for Manipal Payment and Identity Solutions and Canara HSBC Life Insurance Company, allowing both to move forward with updated draft red herring prospectuses (DRHPs).

The regulator has been accelerating clearances for large IPOs involving multinational holdings, following the recent approval of 14 smaller issues. This push comes on the heels of SEBI’s new reforms aimed at making listings easier for startups and very large companies by extending deadlines for achieving minimum public shareholding.

Among the new approvals, Hero Motors’ ₹1,200 crore IPO stands out. The auto component maker, led by Pankaj Munjal, plans to raise ₹800 crore through fresh equity and ₹400 crore via an offer for sale (OFS). The proceeds will be used to reduce debt, expand its Gautam Buddha Nagar plant, pursue acquisitions, and meet general corporate needs.

The IPO will allocate 50% of shares to institutional investors, 15% to non-institutional investors, and 35% to retail participants.

Urban Company IPO

Urban Company’s IPO, which closed on September 12, saw massive demand with an overall subscription of 103.6 times, attracting bids for 1,106.4 crore shares against 10.68 crore on offer.

The issue drew strong participation across categories, led by QIBs at 140.2 times, followed by NIIs at 74 times, and retail investors at 39.2 times. Ahead of the offering, the company also raised ₹854 crore from 59 anchor investors, including sovereign wealth funds, global institutions, and top Indian mutual funds.

It is set to list in the benchmark indices on September 17, at a likely 52% premium, according to grey market estimates.

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