Carlsberg India IPO Gets SEBI Approval Along With TMC Transformers, Ujin Pharma and Matangi Rubber

Carlsberg India IPO has received SEBI approval to proceed with its proposed public issue, along with TMC Transformers, Ujin Pharma and Matangi Rubber, adding four more companies to India’s upcoming IPO pipeline. The Securities and Exchange Board of India issued observations on their draft IPO papers between September 28 and October 1, allowing the companies to move ahead with their proposed public issues.

Carlsberg India, the Indian arm of Danish brewing major Carlsberg Group, had filed its IPO papers confidentially with SEBI on July 1. Unlike the other three issues, details of the proposed Carlsberg India IPO are not yet fully public. Reuters reported that the IPO is expected to comprise an offer for sale by the parent company, with no fresh capital being raised.

The other three upcoming IPOs have disclosed more details. TMC Transformers has proposed a ₹550 crore fresh issue, while Ujin Pharma plans a combination of a fresh issue of 1.18 crore shares and an offer for sale of 72.82 lakh shares. Matangi Rubber has proposed a fresh issue of 57.61 lakh shares along with an OFS of 15.15 lakh shares.

Carlsberg India IPO details

Carlsberg India submitted its preliminary IPO papers through SEBI’s confidential filing route on July 1. Under this route, companies can keep commercially sensitive information private during the initial regulatory review.

The proposed issue is expected to be an offer for sale, meaning existing shareholders would sell shares rather than the company issuing new equity to raise funds. Specific details such as the IPO size, price band, lot size and issue dates have not yet been disclosed publicly.

The potential listing would bring another major multinational’s Indian business to the public markets, following the listings of Indian subsidiaries of Hyundai Motor and LG Electronics.

TMC Transformers IPO details

TMC Transformers has received SEBI observations for its proposed ₹550 crore IPO. The issue will consist entirely of a fresh issue of equity shares, with no offer-for-sale component.

The company plans to use the proceeds to fund capital expenditure for a greenfield Extra High Voltage transformer manufacturing facility at Halol in Gujarat. The facility is planned to have an installed capacity of 78,000 MVA.

Part of the IPO proceeds will also be used to meet incremental working capital requirements and for general corporate purposes.

Ujin Pharma IPO details

Ujin Pharma’s IPO will comprise a fresh issue of 1.18 crore equity shares and an OFS of 72.82 lakh shares by promoters Jinesh Rasiklal Sheth and Umang Ketan Mehta.

The Mumbai-based company plans to use ₹61.7 crore from the fresh issue to invest in Altra Agro-Chem and another ₹21.6 crore in Altra Pharma-Chem through subscription to equity shares. The investments are intended to make both companies subsidiaries of Ujin Pharma.

Matangi Rubber IPO details

Matangi Rubber has also received SEBI observations for its proposed IPO. The issue comprises a fresh issue of 57.61 lakh shares and an OFS of 15.15 lakh shares by existing shareholders.

The Delhi-based company manufactures automotive rubber products, including tyres, tyre flaps and tubes.

The SEBI clearances come at a time when India’s primary market remains active. September saw 34 IPOs raise around ₹39,340 crore, while the broader pipeline included 237 companies with proposed issues worth an estimated ₹4.48 lakh crore as of September 25, according to Prime Database data reported by Financial Express.

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