Markets regulator SEBI has greenlit the initial public offerings (IPOs) of new-age tech companies SEDEMAC and InCred. In its weekly update, the markets regulator said it issued observation letters to the fintech company yesterday and the deeptech company today.
In SEBI’s parlance, the issuance of an observation letter is a formal go-ahead to proceed with the IPO.
InCred filed its IPO papers confidentially in November. While exact details of the issue size is not clear, the company earlier sought shareholders' approval to raise up to ₹1,500 Cr via a fresh issue of shares from its IPO. As per reports, the total size of the IPO is expected to be in a range of ₹3,000 Cr to ₹4,000 Cr.
As per its last disclosed financial performance for the fiscal year FY25, InCred Holdings’ net profit surged 21% to ₹373.1 Cr from ₹309 Cr in the previous fiscal. Operating revenue zoomed 47% to ₹1,873.6 Cr from ₹1,272.7 Cr in FY24.
Meanwhile, SEDEMAC Mechatronics, which is an IIT Bombay-incubated deeptech company, also filed its DRHP in November. Its public issue would comprise solely an offer-for-sale component, with investors and promoters cumulatively selling up to 80.43 Lakh shares.
The selling investors include A91 Partners (24.11 Lakh shares), 360 ONE Asset (11.53 Lakh shares) and Xponentia Capital (10.45 Lakh shares). The company's founder and CEO Manish Sharma also plans to sell 45,000 shares, while promoter group member Ashwini Amit Dixit intends to offload 67,500 shares.
On the financial front, SEDEMAC reported a net profit of ₹17.1 Cr in Q1 FY26. Its top line for the quarter stood at ₹217.4 Cr. For the full fiscal year FY25, its net profit surged 8X YoY to ₹47.1 Cr, while operating revenue increased 24% to ₹658.4 Cr.
The SEBI nod comes amid a new-age tech IPO boom in the country. While 18 such companies went public last year, more than 40 companies are in the queue to make their debut on the bourses.
The IPOs of Fractal Analytics and Aye Finance are scheduled to open for subscription on Monday (February 9) and close on Wednesday (February 11).
Besides, the regulator has also cleared the IPOs of new-age tech companies like AceVector, Curefoods, AITMC, Leap India, boAt, Turtlemint, Infra.Market, Purple Style Labs, PhonePe and Kissht. Other companies that have filed their draft IPO papers with the markets regulator include OYO, Zepto, Tonbo Imaging and Meritto.