Two private equity-backed firms' draft red herring prospectuses received the Securities and Exchange Board of India's (SEBI) nod for an initial public offering (IPO), while GEF Capital-Hero Motors withdrew its application.
According to an update on SEBI's website, Suraksha Diagnostics, backed by healthcare-focussed PE firm OrbiMed and Zinka Logistics-operated Blackbuck, backed by Accel and Tiger Global, received a nod from the regulator.
Among others to receive approval for listing on public markets were Standard Glass Lining and National Securities Depositories Limited.
Hero Motors, a manufacturer of EV components and transmission systems, had raised $17.5 million (about Rs 140 crore) in growth capital from GEF Capital in December 2022, according to data by VCCEdge, the data intelligence platform of VCCircle. The Hero arm’s IPO, was planned to be a Rs 900 crore ($108 million) IPO.
Meanwhile, Suraksha Diagnostics had its application approved for its IPO. VCCircle had reported in August that OrbiMed planned to offload more than 50% of its holding in the company. It had first invested in the firm back in December 2016, putting in Rs 164 crore via primary infusion and a secondary purchase of shares from PE firm Lighthouse.
Similarly, trucking firm Blackbuck will file a Rs 550 crore IPO. Besides, existing backers Tiger Global, Accel, Peak XV and International Finance Corporation will also sell stake in the company. The company offers digital trucking services like FasTAGs, vehicle loans and fuel cards.
It had raised capital to the tune of $67 million from a host of investors in a Series E+ round in July 2021, according to data from VCCEdge.