The initial IPO papers were obtained by the Securities and Exchange Board India F India (SEBI) on February 13, however, “draft offer document (withdrawn on March 19, 2025” “without disclosing any reasons by the company.
Last week, Physicswallah joined the league of a handful of companies that took secret filing routes for its IPO.
In 2024, Food Delivery Giant Swiggy and Supermart Major Vishal Mega Mega successfully launched their initial share sale after secret filing.
Prior to this, the Hotel Naline Hotel Agregator Yo Oa took the secret filing route in 2023 but did not proceed with the initial share sale. Tata Play, formerly known as Tata Sky, was the first Indian company in India that used the confidential pre-filing of draft papers for IPOs in December 2022 and obtained a regulator inspection letter in April 2023. However, the company did not move with public issues.
Under the pre-filing route, there is no pressure on the company for the IPO, experts said.
Moreover, unlike the traditional route where companies have to launch IPOs within 12 months from SEBI approval or final inspection; In the pre-filing route, IPOs can be floated within 18 months from the date of Sebi’s final comments. This route also provides relief to change the size of the primary issue up to 50 percent of the primary issue size up to the draft Red Harring Prospectus (UDRHP) stage, they added.
On the other hand, SEBI returned on March 19, the IPO papers draft of tech-powered agricultural services company, agroverhousing and collateral management Limited.
According to the draft papers filed in December, equity shares in the proposed IPO of the company gathered up to 450 crore and the offer-for-sale (FS) component of 2.69 crore equity shares by the promoter and investor.
As part of the OFS, Clemor Investments (Mauritius) of Temacek Holdings (Mauritius) PTE, OFS proposes 19 million equity shares and the remaining 1.5 million shares to flow the LOAD by promoters.
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