NEW DELHI: As many as 16 firms, including L&T Infotech and Quess Corp have received market regulator Sebi’s (Securities and Exchange Board of India) approval so far this year for launching IPOs to fund business expansion and meet working capital requirements.

New Delhi Centre for Sight, Nihilent Techonologies, GVR Infra Projects, Mahanagar Gas, GNA Axles and Maini Precision Products too have got the green signal to float their initial share-sale programmes, according to the Sebi data.

Most of these companies plan to utilise the proceeds from initial public offers for business expansion as well as working capital requirements. The firms also see listing of their equity shares as enhancing brand value and providing liquidity to existing shareholders. All the 16 firms had filed draft papers with Sebi during September 2015 and April 2016 and received clearance from the regulator between January and May. Of these, three firms – Equitas Holdings, Thyrocare Technologies and Ujjivan Financial Services – have already hit the capital markets and collectively raised Rs 3,500 crore. The remaining 12 companies are expected to raise at least Rs 5,200 crore, sources said. “This year, IPO market will depend on the equity markets scenario. Besides, pricing will play a crucial role,” Quantum AMC Director I V Subramaniam said. Since the beginning of 2016, as many as 10 companies including Parag Milk Foods, TeamLease Services, Infibeam Incorporation and Quick Heal Technologies – have launched their initial public offerings. Last year, there were 20 main-board IPOs which together pocketed about Rs 15,000 crore, making 2015 the best period in the past few years in terms of fund raising through such plans. In comparison, six IPOs had hit the market in 2014 and garnered just Rs 1,261 crore, while three firms had launched their public issues in 2013 to mobilise Rs 1,284 crore. — PTI