{"id":2185,"date":"2023-06-15T09:00:30","date_gmt":"2023-06-15T09:00:30","guid":{"rendered":"https:\/\/www.serialpressit.com\/?p=2185"},"modified":"2023-06-15T09:00:32","modified_gmt":"2023-06-15T09:00:32","slug":"sebi-rejected-ipo-plea-of-lava-international-and-5-other-companies","status":"publish","type":"post","link":"https:\/\/www.serialpressit.com\/sebi-rejected-ipo-plea-of-lava-international-and-5-other-companies\/","title":{"rendered":"SEBI Rejected IPO Plea Of Lava International And 5 Other Companies"},"content":{"rendered":"\n

With stricter rules and regulations, the Securities Exchange Board of India is on a spree to reject the draft IPO papers of the companies. The exchange board has rejected the draft papers of 6 companies, including Lava International. The reason for such a high rejection rate is attributed to the adoption of strict rules and regulations amidst the rising faults by the companies in the filing process and poor listing of the IPOs of some reputed names, including Paytm and Naayka.  <\/p>\n\n\n\n

Six companies filed their draft papers for IPOs between September 2021 and May 2022, and the board returned their papers between January-March, 2023. What could have been the probable reason for such a high rejection rate by SEBI? What could be the probable reasons for such rigid rules by the exchange board? <\/p>\n\n\n\n

A Red Cross For Lava International\u2019s IPO <\/h2>\n\n\n\n

The home-grown smartphone provider has not been untouched by SEBI\u2019s strict policy regulations. The company was asked to refile the papers after making the said changes in the documents. This move will put a toll on the upcoming Lava International IPO and will bring about significant changes in the Lava International share price. <\/p>\n\n\n\n

The company filed a draft red herring prospectus (DRHP) with the exchange board in September 2021 and faced disappointment when the board returned the papers on January 13, 2023, and asked the company to refile the documents. Lava International had planned to raise Rs. 500 crores by issuing fresh shares and 4,37,27,603 equity shares by an offer for sale. The OFS includes a sale of upto:<\/p>\n\n\n\n