PE-supported ventures Veeda and Seedworks, both backed by True North, receive approval for Initial Public Offerings (IPOs) from SEBI.
**Three Indian Companies Secure SEBI Approval for IPOs, Raising Substantial Funds**
In a significant development for the Indian business landscape, three companies - Veeda Clinical Research, Seedworks International, and Rite Water Solutions - have received regulatory approval from the Securities and Exchange Board of India (SEBI) for their Initial Public Offerings (IPOs). The approvals were granted in early July 2025.
**Veeda Clinical Research IPO**
Veeda Clinical Research, a contract research organization (CRO) founded in 2004, filed its IPO papers with SEBI on January 31, 2025, and received SEBI’s final observation on July 3, 2025. The IPO involves a fresh issue of shares worth ₹185 crore and an offer-for-sale (OFS) of over 13 million shares by promoters and other shareholders, including private equity investor CX Partners and Sabre Partners.
The proceeds from the fresh issue will be mainly used for purchasing equipment and investing in its subsidiary Bioneeds India Pvt Ltd.
**Seedworks International IPO**
Seedworks, backed by private equity firms True North and GEF Capital, filed its draft red herring prospectus on February 11, 2025. SEBI granted its observation letter on July 4, 2025, allowing the IPO to proceed. The IPO will be entirely an offer-for-sale comprising about 51 million shares, with True North selling 39 million shares and GEF Capital about 11 million shares.
Seedworks is a seed R&D company specializing in hybrid and open-pollinated seeds for crops like rice, cotton, and pearl millet. It is noted as the second-fastest-growing Indian seed company by revenue between FY21 and FY24, with a compound annual growth rate (CAGR) of 11.98%.
**Rite Water Solutions IPO**
Rite Water Solutions’ IPO, which was approved by SEBI on July 4, 2025, will be a mix of a fresh issue worth ₹300 crore and an offer-for-sale of up to ₹445 crore. Incofin Investment Management, a key investor through its Water Access Acceleration Fund, will sell shares worth ₹270 crore. Of the funds raised through the fresh issue, over ₹225 crore will be allocated toward working capital requirements.
These IPOs mark a significant milestone for the three companies, as they position themselves to raise substantial funds and join the Indian stock market. The total funds raised will be substantial: Veeda aims to raise ₹185 crore fresh plus OFS shares; Seedworks is conducting a significant OFS of 51 million shares; and Rite Water is raising ₹300 crore fresh plus a large OFS.
Veeda Clinical Research, in the process of joining the Indian stock market, aims to raise ₹185 crore fresh funds along with shares from promoters and investors for purchasing equipment and investing in its subsidiary. The substantial funds raised by Seedworks through an offer-for-sale of 51 million shares will enable the seed R&D company to continue its rapid growth in the agriculture sector.
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