RK Swamy, one of the largest marketing services providers and market research services companies, has received SEBI approval for its proposed initial public offering.

The company’s offer includes fresh equity issuance of ₹215 crore and an offer for sale of up to 87 lakh equity shares by selling shareholders. The offer for sale comprises up to 17.88 lakh equity shares by Srinivasan K Swamy, 17.88 shares by Narasimhan Krishnaswamy, 44.46 lakh shares by Evanston Pioneer Fund LP and 6.78 lakh shares by Prem Marketing Ventures LLP.

The funds raised through the IPO are proposed to be used for the funding of working capital, the funding of capital expenditure to be incurred for setting up a digital video content production studio, the funding of investment in IT infrastructure development of RK Swamy and the Material Subsidiaries, Hansa Research and Hansa Customer Equity, the funding for setting up new customer experience centres and computer aided telephonic interview centres.

The book running lead managers for the issue include SBI Capital Markets, IIFL Securities and Motilal Oswal Investment Advisors.