Muthoot Microfin, Flair Writing and Happy Forgings get Sebi nod for IPOs

Mumbai: Muthoot Microfin, Flair Writing Industries and Happy Forgings have received Sebi's approval to go ahead with their proposed initial public offerings (IPOs). The regulator issued its final observations on the draft papers filed by the three companies last week. When a company receives a final observation from Sebi, it's a signal from the regulator to go ahead with the IPO process.

Muthoot Microfinance's ₹1,350-crore IPO comprises a fresh share issue of ₹950 crore and an offer for sale of ₹400 crore by the existing shareholders. The microfinance institution provides micro-loans to women customers with a rural focus. Flair Writing Industries' IPO consists of a fresh share issue of ₹365 crore and an offer for sale. The company has a market share of about 9% and manufactures and distributes writing instruments and has a presence in manufacturing houseware products and steel bottles.

Happy Forgings' IPO will comprise a fresh issue of ₹500 crore and an offer for sale (OFS) of up to 8.05 million shares. The Ludhiana-based company is an engineering-led manufacturer of high-precision machined components.