PE-backed Veeda and True North-supported Seedworks receive SEBI approval for Initial Public Offerings (IPOs)
In a significant development for the Indian business landscape, three companies - Veeda Clinical Research, Seedworks International, and Rite Water Solutions - have received approval from the Securities and Exchange Board of India (SEBI) for their Initial Public Offerings (IPOs) in early July 2025.
Veeda Clinical Research, a contract research organisation (CRO), is set to raise funds through a combination of a fresh issue and an offer-for-sale (OFS) of over 13 million shares. The company, which was founded in 2004 and is based in Ahmedabad, offers early- and late-stage clinical trials, healthy volunteer studies, and non-clinical analysis. The private equity firms CX Partners and Sabre Partners are among the main sellers in the OFS. The proceeds from the fresh issue will be used to purchase equipment and machinery, and to invest in its material subsidiary Bioneeds India Pvt Ltd.
Seedworks International, a seed R&D company, is planning an entirely offer-for-sale (OFS) IPO, comprising 51 million shares. The company, which specialises in hybrid and open-pollinated variety seeds for key crops such as rice, cotton, and pearl millet, is known as one of the fastest-growing Indian seed companies by revenue between FY21 and FY24. The private equity firms True North and GEF Capital Partners will sell 39 million shares and about 11 million shares, respectively, in this IPO. The proceeds from this IPO will go to the selling shareholders, as it is a pure OFS.
Rite Water Solutions, a company providing water management solutions, is planning to raise funds through a fresh issue of Rs 300 crore and an OFS of up to Rs 445 crore. The company is backed by Incofin Investment Management. Over Rs 225 crore from the fresh issue will be allocated toward working capital requirements. The remainder may be applied to other corporate purposes.
These IPOs mark an exciting time for the Indian business sector, as these companies look to expand their operations and further their impact in their respective industries. The proceeds from these IPOs are expected to be used to invest in equipment, working capital, and subsidiaries, among other things. The IPOs of these companies are expected to provide opportunities for investors to invest in these growing sectors.
Investors may find opportunities in the growing sectors of clinical research, seed R&D, and water management solutions, as Veeda Clinical Research, Seedworks International, and Rite Water Solutions, respectively, aim to utilize the proceeds from their Initial Public Offerings (IPOs) to invest in equipment, subsidiaries, and working capital. Business expansion and increased industry impact are expected outcomes for these companies following their IPOs.
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