New Delhi, May 8 -- Private equity firm Blackstone's industrial and logistics platform in India, an agrochemical company backed by the World Bank Group's International Finance Corporation, a wiring harness maker that counts Bain Capital as an investor, and quick-commerce startup Zepto have received regulatory approval to float their respective initial public offerings (IPOs).

The Securities and Exchange Board of India (SEBI) has issued its final observations, which is equivalent to its approval, to the IPO proposals of Horizon Industrial Parks Ltd, Dhoot Transmission Ltd, Crystal Crop Protection Ltd and Nexus Venture Partners-backed Zepto. It also gave the green signal to Hotel Polo Towers Ltd and Surgiwear Ltd.

Horizon Industrial Parks

Horizon, owned and managed by Blackstone's real estate funds, was set up in 2022 as its logistics platform to support the firm's rapidly expanding logistics footprint in the country.

The company, which develops, owns and operates industrial and logistics infrastructure, plans to raise Rs 2,600 crore ($289 million), entirely through a primary issue. Blackstone is the company's sole promoter, with Urvish Rambhia serving as chief executive officer.

Ahead of filing the draft red herring prospectus (DRHP), Horizon raised Rs 1,650 crore in a pre-IPO round from 360 ONE, SBI Life Insurance, State Bank of India, Radhakishan Damani, EAAA India Alternatives, and DSP Investments.

It has a portfolio spanning 60 million square feet, of which around 27 million sq ft is completed. Its assets are spread across 46 parks in 10 cities. Blackstone made its first acquisition in the sector in 2020 and has scaled the platform to its current size within five years.

Dhoot Transmission

Aurangabad, Maharashtra-headquartered Dhoot Transmission, which was founded over 20 years back by Rahul Dhoot, filed its DRHP confidentially with the Securities and Exchange Board of India (SEBI) in February this year.

It has proposed an initial public offering of around $250 million (around Rs 2,252 crore). The proposed issue will comprise a combination of a fresh issue and an offer for sale, though the promoter group is not exiting the business.

Bain Capital picked up a 49% stake in the auto components maker to help it pursue expansion and global reach.

The company is a key supplier to original equipment manufacturers (OEMs) across the automotive and consumer durables sectors. It manufactures wiring harnesses, automotive switches, electronic sensors and controllers, connectors and terminals, automotive cables, power cords and battery packs.

Crystal Crop Protection

New Delhi-based agrochemical firm Crystal, filed draft documents for an IPO in December. The planned IPO includes a fresh issue of Rs 600 crore and an offer-for-sale of 7.4 million shares by the company's promoters and IFC, the private sector investment arm of the World Bank Group, which owns an almost 8.5% stake.

This is the company's second attempt for a listing. It had previously filed for an IPO in April 2018, with its then private equity backer Everstone Capital and promoter planning to offload shares, but it didn't go ahead with the plan. Everstone subsequently exited through a buyback transaction with the promoter group.

Crystal Crop Protection, incorporated in 1994, manufactures agrochemical products and formulations such as insecticides, fungicides, herbicides and plant growth regulators or micronutrients. It also trades in technical and agricultural equipment such as spray pumps. In 2011, the group entered the seed manufacturing segment as well.

Zepto

Quick-commerce company Zepto, which counts General Catalyst, Nexus Venture Partners, StepStone Group, Goodwater Capital, and Glade Brook Capital among its investors, filed its DRHP via the confidential route in December. The five-year-old company is reportedly looking to raise $1.22 billion through the IPO.

Founded in 2021, Zepto offers over 45,000 products and competes with listed rivals such as Eternal's Blinkit and Swiggy's Instamart.

The Bengaluru-based company was valued at $7 billion in its previous funding round in October when it raised $450 million.

Published by HT Digital Content Services with permission from VC Circle.