Upcoming IPOs: Yashoda Healthcare, Orient Cables, Fusion CX, 4 others get SEBI's approval to raise funds via public offers

Upcoming IPOs: Markets regulator Securities and Exchange Board of India (SEBI) has given its nod to seven companies to raise funds via initial public offerings (IPOs), according to an update on the SEBI website on Tuesday.

They include Yashoda Healthcare Services, Orient Cables, Fusion CX, RSB Retail India, Turtlemint Fintech Solutions, SFC Environmental Technologies, and Lohia Corp.

These seven companies approached SEBI between May and September and obtained its observations during December 8-12, the update showed.

In SEBI's terminology, receiving observations means its go-ahead to proceed with a public issue.

Yashoda Healthcare Services had filed preliminary papers with SEBI in September through a confidential route. News agency PTI, quoting sources, said that the IPO size is expected to be in the range of ₹3,000 crore to ₹4,000 crore.

Insurtech company Turtlemint Fintech Solutions also filed IPO papers using the confidential pre-filing route.

Founded in 2015, Turtlemint is designed to simplify the purchase and management of insurance policies. The firm has sold 1.6 crore policies through its network of over five lakh advisers.

Companies opt for the confidential pre-filing route to withhold public disclosure of IPO details under the draft red herring prospectus (DRHP) until later stages.

Fusion CX, a customer experience service provider, is seeking to raise ₹1,000 crore through its IPO, consisting of a fresh issue of shares valued at ₹600 crore and an offer for sale (OFS) valued at ₹400 crore, according to the DRHP.

The Kolkata-headquartered firm will use fresh issue proceeds for debt repayment, investment in step-down subsidiaries -- Omind Technologies Inc. and Omind Technologies -- for upgrading IT tools, pursuing inorganic growth through unidentified acquisitions and corporate general purposes.

Orient Cables (India) Ltd aims to raise ₹700 crore through its public offering, involving a fresh issue of shares aggregating to ₹320 crore and an OFS of ₹380 crore by promoters.

Proceeds from the fresh issue will be used for the purchase of machinery, equipment, and civil works at the company's manufacturing facilities; payment of debt; and general corporate purposes.

The Hyderabad-based RSB Retail India's IPO is a combination of a fresh issue of equity shares aggregating up to Rs 500 crore and an OFS of 2.98 crore equity shares by the selling shareholders, according to the DRHP.

It plans to use funds for payment of debt, setting up of new stores under the RS Brothers and South India Shopping Mall formats, and for general corporate purposes.

Wastewater treatment solution provider SFC Environmental Technologies' proposed IPO is a mix of a fresh issue of shares worth Rs 150 crore and an OFS of 1.23 crore shares by promoters and existing shareholders, the draft papers showed.

Proceeds of the IPO will be used for payment of debt and working capital requirements.

The IPO of Kanpur-based Lohia Corp, the machinery and equipment manufacturer for technical textiles, will be entirely an OFS of 4.22 crore equity shares by promoters with no fresh issue component.

All seven companies will list their shares on the BSE and NSE.