Private equity-supported companies Pine Labs and Hero Motors, along with Orkla, the parent company of MTR, receive approval from SEBI for their Initial Public Offerings (IPOs)
In a significant development for the Indian capital market, the Securities and Exchange Board of India (SEBI) has approved the Initial Public Offerings (IPOs) of six companies. Among them are Canara Robeco Asset Management, Manipal Payment and Identity Solutions, Orkla India, Hero Motors, and Pine Labs.
Canara Robeco Asset Management, a joint venture between state-owned Canara Bank and Netherlands-headquartered ORIX Corporation Europe, a unit of Japan's ORIX Corporation, filed its draft papers for an IPO in April. The company plans to sell 49.8 million shares via an offer for sale, aiming to raise Rs 2,600 crore ($295 million).
Pine Labs, a leading digital payments and merchant platform solutions provider, has received SEBI's approval to launch its IPO. The company, backed by notable investors such as Temasek, PayPal, Mastercard, Sofina, Lightspeed, Actis, BlackRock, Invesco, and Lone Pine Capital, was last valued at $5 billion. While Lightspeed is likely to make modest gains, other investors like Sofina, Actis, and Temasek are expected to see multi-fold returns on their investments.
Pine Labs' IPO is significant as it involves the sale of primary shares, and it is expected to generate a multiple of at least 70x on its principal investment, as reported.
Manipal Payment and Identity Solutions, which filed its draft papers for the IPO confidentially earlier this year, has also received SEBI's nod for the pre-filing of its IPO. The company, focused on digital payments and identity solutions, is yet to announce the details of its IPO.
Orkla India Ltd, a Norwegian consumer goods company with operations in India, filed draft documents for an IPO in June 2025. The company's IPO involves the sale of shares by more than 20 institutional investors and nearly 150 individual shareholders.
Hero Motors, which manufactures EV components and transmission systems, had withdrawn its IPO application in October 2024 but has now secured SEBI approval. While the specific institutional investors involved in Hero Motors' IPO are yet to be disclosed, it is expected that financial institutions and investors such as venture capital funds, private equity funds, and investment banks will be part of the offering.
SEBI has also eased foreign investor entry and lowered the minimum size for large IPOs, making it easier for companies to raise capital in the Indian market. This move is expected to attract more companies to list on the Indian stock exchanges.
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