Capital markets regulator SEBI announced that Hero Motors has withdrawn its draft red herring prospectus (DRHP) for its proposed Rs 900-crore public issue on October 5. Meanwhile, Suraksha Diagnostic has received SEBI’s approval to proceed with its initial public offering (IPO).
Hero Motors, a flagship auto components company of the Hero Motors Company (HMC) Group, had planned a public issue consisting of Rs 500 crore in fresh equity shares and a Rs 400 crore offer-for-sale (OFS). The company filed its preliminary papers with SEBI in August 2023, with major promoters like OP Munjal Holdings and Hero Cycles planning to sell their stakes in the OFS.
In contrast, Suraksha Diagnostic, a Kolkata-based medical services provider, has received SEBI’s go-ahead to launch its IPO. The company’s offering will be a complete OFS of 1.9 crore equity shares, with significant portions being sold by investors like OrbiMed Asia and promoters Somnath Chatterjee and Ritu Mittal.
Suraksha Diagnostic aims to compete with peers like Dr Lal PathLabs and Metropolis Healthcare. ICICI Securities, Nuvama Wealth Management, and SBI Capital Markets will manage the IPO process.
Additionally, SEBI has delayed its observations on JSW Cement’s draft IPO papers, with the company seeking to raise Rs 4,000 crore.
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Source: Moneycontrol
News Desk
