Fine Organic Industries has received capital markets regulator Sebi’s approval to float initial public offering, reported PTI.

Fine Organic had filed their IPO papers in February and obtained Sebi’s “observations” on 11 May, latest update with markets regulator showed.

Sebi’s observations is necessary for any company planning to launch public issues like initial public offer, follow-on public offer and rights issue. With this, the total number of companies receiving Sebi’s (Securities and Exchange Board of India) approval has reached 18 so far this year.

Going by the draft papers, Fine Organic’s IPO will see sale of up to 76,64,994 equity shares by the existing shareholders. Established in 1970, the Mumbai-based firm is a leading producer of speciality additives for foods, plastics, rubbers, paints, inks, cosmetics, coatings, textile auxiliaries, lubes and several other speciality applications.

JM Financial and Edelweiss Financial Service will manage the company’s public issue.