Apollo Microsystems received Sebi's go-ahead to float initial public offerings, latest update with the markets regulator showed, said the media reports.

Apollo Microsystems obtained Sebi's "observations" on November 13. The firm had filed its draft papers with the regulator in September.

The public issue of Apollo Microsystems comprises sale of equity shares aggregating up to Rs 156 crore.

Funds raised through the issue would be used to meet additional working capital and for other general corporate purposes.

Aryaman Financial Services is the sole book running lead manager to the issue.

The Hyderabad-based company is in the business of designing, development and manufacturing of electronics and electro-mechanical systems including software.

As per the draft papers, the company designs, develops and specialises in the production of ruggedised custom built hardware and software solutions for the aerospace, defence, space, railways, automotive and home land security sectors.