SEBI has expedited clearance of large IPOs with multinational holdings
Mumbai: The Securities and Exchange Board of India (SEBI) has approved five initial public offering (IPO) proposals by Hero Motors, Canara Robeco Mutual Fund, Pine Labs, Orkla India (owned by Norway-based Orkla ASA & owner of MTR Foods), and Emmwee Photovoltaic Power.
The market regulator also approved the pre-filing/confidential filing of Manipal Payment and Identity Solutions and Canara HSBC Life Insurance Company, paving the way for their updated draft red herring prospectus (DRHP) submissions.
The five approved IPOs may raise around ₹10,000 crore or more, according to rough estimates. Canara HSBC Life Insurance Company received SEBI observations for its pre-filing/confidential IPO application on Monday, as per Canara Bank’s intimation to stock exchanges.
SEBI has expedited clearance of large IPOs with multinational holdings—such as Canara Robeco AMC, Orkla India, and Canara HSBC Life Insurance Company—after clearing 14 smaller IPOs in recent weeks.
Last week, the market regulator also introduced reforms in the primary market to encourage start-up listings as well as listings by very large companies, extending the timeline for achieving minimum public shareholding.
“By allowing startup founders to retain ESOPs post-listing and restructuring public shareholding timelines for mega-caps, SEBI has essentially rewritten the playbook for going public in India. These changes don’t just ease compliance—they fundamentally shift the risk-reward equation for both promoters and investors. For the first time, we’re seeing regulatory architecture that truly accommodates the modern startup ecosystem while creating pathways for large-scale capital formation,” said Prashant Singhal, Partner and India Markets Leader, EY India.
