Bharat Wire Ropes has filed draft papers with Sebi to float an initial public offer (IPO) -- taking the total number of companies approaching the capital markets regulator since the beginning of the year to 23.
Among the companies that approached Sebi since January are Cafe Coffee Day, Matrix Cellular, IndiGo, RBL Bank, Paranjape Schemes (Construction) and Numero Uno Clothing.
However, they are yet to receive green signal from the regulator.
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According to Draft Red Herring Prospectus (DRHP) filed with Sebi, Bharat Wire Ropes aims to raise Rs 70 crore through the issue.
The proceed of the issue would be utilised for setting up a manufacturing plant at Chalisgaon, Maharashtra and for general corporate purposes.
The issue would be managed by Intensive Fiscal Services and BOB Capital Markets.
After a quiet 2014, IPO market is humming again as 23 companies have filed their draft documents with Sebi to launch their IPOs, while some others including GVK Airport are in the process to file their initial papers.
The flurry of activities also come at a time when Sebi has announced a slew of fresh reforms in the IPO space, including halving the listing period to six days.
So far in 2015, eight companies have launched their IPOs and have collectively raised nearly 4,000 crore. In comparison, a total of six IPOs had hit the market in the entire 2014 and together garnered just Rs 1,528 crore.
