Duroflex, Premier Industrial Corporation, 3 more companies get Sebi nod to launch IPO

The Securities and Exchange Board of India (Sebi) has granted approval for five companies, including Duroflex and Premier Industrial Corporation, to launch their initial public offerings (IPOs). These approvals were issued during the past week, with Sebi's 'observation' signifying official clearance on their draft IPO documents. Premier Industrial Corporation's IPO will involve a mix of fresh equity and an offer for sale (OFS) totaling 2.79 crore shares, with proceeds aimed at financing new manufacturing facilities in Maharashtra and enhancing existing operations. Duroflex, a prominent player in the sleep and comfort industry, will also offer a combination of fresh shares and an OFS, targeting up to ₹184 crore. The company, which ranks among India's top mattress manufacturers, boasts an extensive distribution network of 73 stores and over 5,576 general trade outlets. Additionally, Virupaksha Organics has received Sebi's approval for a ₹740 crore fresh issue as it aims to expand in the pharmaceutical sector. These IPOs highlight a growing trend of companies seeking public investment as they scale their operations in various industries across India.