These firms had filed their preliminary papers between December and April, obtained the observations during July 6-10

New Delhi

Fourcompanies -- Zetwerk Manufacturing Businesses, Marri Retail, Tonbo Imaging India and Gujarat Victory Forgings -- have secured Sebi's approval to raise funds through initial public offerings (IPOs), an update with the markets regulator showed on Friday.

These four companies, which filed their preliminary IPO papers with Sebi between December and April, obtained the regulator's observations during July 6-10. In Sebi parlance, issuing observations implies approval to float the IPO.

Zetwerk Manufacturing Businesses filed preliminary papers with Sebi through the confidential route for an IPO to raise between Rs 4,000 crore and Rs 5,000 crore, people familiar with the development said.

The company opted for the confidential pre-filing route, which allows it to engage with the Securities and Exchange Board of India (Sebi) for initial feedback on its draft document without it being publicly disclosed.

The proposed offering is expected to comprise a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, with details on issue size and valuation to be finalised through the book-building process, they added.

The manufacturing marketplace counts investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed among its backers.

Apparel and jewellery retailer Marri Retail's proposed IPO is a combination of a fresh share issue worth Rs 522 crore and an offer for sale (OFS) of 2.7 crore shares by promoter Marri Venkat Reddy, according to the draft red herring prospectus (DRHP).

The Hyderabad-based company plans to use proceeds from the fresh issuance for payment of debt, opening of 10 new apparel stores, one new apparel store with a jewellery Store-in-Store (SIS) (Integrated Retail Store), and two new standalone jewellery stores, expenses towards lease and sub-lease rent payments for existing stores and warehouses and general corporate purposes.

Global defence electronics original equipment manufacturer (OEM) Tonbo Imaging's maiden public offering will be entirely an OFS of 18,085,246 equity shares by its promoters and investors, with no fresh issue component, according to the draft papers. Since the IPO is entirely an OFS, the company will not receive any proceeds from the issue, and the entire proceeds will go to the selling shareholders.