India, Sept. 17 -- Markets regulator SEBI has greenlit the proposed listing of audio OTT startup Kuku FM months after it filed its draft IPO documents confidentially.

As per its latest update, it had issued its observation letter for Kuku Technologies' offer documents last Friday (September 11).

In SEBI parlance, the observation letter signals the regulator has given its go-ahead to a company to proceed with its public issue.

Kuku filed its confidential DRHP with the SEBI in June. As per sources, the IPO's size could be in the range of Rs.2,500-3,500 Cr ($261-366 Mn) and could potentially value it at Rs.15,000 Cr (about $1.8 Bn).

The IPO will consist of a fresh issue of shares as well as an offer-for-sale component. Kuku plans to depl...