Veritas Finance, Laxmi India Finance, 3 others get SEBI nod to float IPOs
SEBI Approves IPOs 2024: Veritas Finance, Laxmi India Among 5 Companies Getting Green Light
The Securities and Exchange Board of India (SEBI) has granted approval to five companies, including Veritas Finance, Laxmi India Finance, and Ajay Poly, to raise funds through Initial Public Offerings (IPOs). The approvals, issued between April 29-30, mark a significant milestone for these companies in their journey toward public listing.
Veritas Finance: Leading the Pack
IPO Structure
- Fresh Issue: ₹600 crore
- Offer for Sale: ₹2,200 crore
Major Sellers
- Norwest Venture Partners X – Mauritius (₹550 crore)
- Kedaara Capital Fund II LLP (₹550 crore)
- British International Investment plc (₹500 crore)
- Lok Capital Growth Fund (₹425 crore)
- Growth Catalyst Partners LLC (₹75 crore)
As a retail-focused non-deposit taking NBFC, Veritas Finance plans to use the proceeds to strengthen its capital base for future business requirements and onward lending.
Laxmi India Finance: Expanding Horizons
Offering Details
- Fresh Issue: 1.04 crore shares
- OFS Component: 56.38 lakh shares by promoters
The NBFC player aims to utilize the funds to enhance its capital base for future lending operations and general corporate purposes.
Ajay Poly: Innovation in Manufacturing
IPO Components
- Fresh Issue: Up to ₹238 crore
- OFS: Up to 93 lakh equity shares
The refrigeration sealing solutions firm plans to use the funds for:
- Debt repayment
- Capital expenditure for equipment and machinery
- Expansion across multiple units (Noida, Karegaon, Shirwal, Chennai)
Additional Approvals
Regaal Resources
- Fresh Issue: ₹190 crore
- OFS: 9 million equity shares
- Primary Use: ₹147 crore for debt repayment
Jajoo Rashmi Refractories
- Pure Fresh Issue: ₹150 crore
- No OFS component
- Focus: New manufacturing facilities for ferro alloys in Bokaro
Market Impact
These approvals signal continued momentum in India’s IPO market, with companies across sectors seeking public funding for expansion and debt reduction. The diverse range of industries represented – from financial services to manufacturing – indicates broad-based growth in the Indian corporate sector.
Published on May 6, 2025
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