IPO News & Updates

Tata Sons' board has sought an expert legal opinion on Tata Trusts' restructuring proposal to avoid mandatory listing and is unlikely to formally consider it yet, sources said. The board views the proposal as lacking a formal shareholder mandate as it was not presented as a valid resolution approved and signed by Sir Ratan Tata Trust and Sir Dorabji Tata Trust. The Trusts, which own 66% of Tata Sons, with the two principal trusts jointly holding 51.54%, proposed merging Tata Electronics Systems Solutions and Tata Consulting Engineers into Tata Sons to generate operating income and reduce investments in group companies, taking it outside NBFC and core investment company definitions. The plan follows the Reserve Bank of India's directive to list as an upper-layer NBFC, for which Tata Sons has begun financial, regulatory and corporate preparations. A Trusts executive said the plan was an evaluable option sent also to the RBI and that shareholder approval under Article 121A is required anyway. Legal experts said the board must independently assess the plan and its earlier listing resolution remains valid absent a formal shareholder resolution.

Gurugram-based AITMC Ventures, operating as AVPL International, filed an updated draft red herring prospectus with SEBI on September 30 for an IPO comprising entirely a fresh issue of 3.5 crore equity shares. Market sources peg the offer size at Rs 155-200 crore. The company had filed via the confidential route in October 2025 and received SEBI approval in January 2026. Promoters hold 57.95% and public shareholders hold 42.05%. Proposed use of proceeds includes Rs 14.5 crore to upgrade Global Incubation and Skill Hubs in 50 AICTE-approved colleges, Rs 69.67 crore for a Future Tech Park at Sisai, Haryana, Rs 40.44 crore to upgrade 17 ITIs and three polytechnic colleges in Uttar Pradesh, Rs 10.4 crore for R&D labs at IIT Ropar, IIT Kanpur and Gurugram, Rs 20 crore for debt repayment, and the balance for general corporate purposes. For FY26 standalone profit was Rs 13.38 crore on Rs 106.75 crore revenue; FY25 consolidated profit nearly doubled to Rs 16.14 crore from Rs 8.63 crore as revenue more than doubled to Rs 87.47 crore from Rs 41.87 crore. Khandwala Securities is the merchant banker.

Indian IPO-bound companies prioritised debt repayment over expansion in the first nine months of 2026, according to Prime Database Group data cited in the report. Of Rs 46,712 crore raised via fresh issues, Rs 18,068 crore, or 39%, was earmarked for debt retirement, up from Rs 12,662 crore, or 32%, a year earlier. Capacity expansion, new projects, plant and machinery accounted for Rs 10,418 crore versus Rs 8,857 crore last year. Funds for capital enhancement and working capital fell to Rs 4,521 crore, or 9%, from Rs 7,534 crore, or 19%, in 2025. General corporate purposes rose to Rs 5,553 crore from Rs 4,368 crore despite regulatory scrutiny. Acquisitions and strategic investments increased to Rs 3,436 crore, or nearly 8%, from Rs 534 crore, or about 1%. Investment in subsidiaries, joint ventures and associates was Rs 665 crore versus Rs 591 crore. Issue expenses were Rs 3,687 crore against Rs 3,355 crore. Brand building fell to Rs 341 crore from Rs 471 crore, while research and development dropped to Rs 196 crore from Rs 750 crore.

Mumbai-based HD Fire Protect, a manufacturer of fire protection equipment and systems, will open its initial public offering for subscription on October 13 and close it on October 15. The IPO comprises entirely an offer for sale of 2.62 crore equity shares by promoters Harish Narshi Dharamshi and his wife Kusum Dharamshi, so all net proceeds will go to the selling shareholders and the company will receive no funds. Shares worth Rs 1.75 crore are reserved for employees. The anchor book opens on October 12, allotment is expected by October 16, and trading on the BSE and NSE is expected to commence on October 21. The company filed its draft red herring prospectus in September 2025 and received SEBI approval in January 2026. It operates two manufacturing facilities in Maharashtra and supplied 2,066 customers in fiscal 2026, with 65 percent domestic and 35 percent international business. For the quarter ended June 2026, it reported profit of Rs 23.8 crore on revenue of Rs 109 crore. For FY26, profit grew 6.4 percent to Rs 116.8 crore and revenue rose 13 percent to Rs 489.3 crore. Ambit, Anand Rathi Advisors and IIFL Capital Services are merchant bankers.

Four trustees of the Tata charities that control Tata Sons have accused fellow trustees Venu Srinivasan and Vijay Singh of breaking with their long-standing opposition to listing the holding company, deepening a governance dispute at the $277 billion group. In an October 5 letter, Noel Tata, Neville Tata, Darius Khambata and Bhaskar Bhat told Srinivasan and Singh that exploring ways to keep Tata Sons unlisted was consistent with positions previously approved by the seven charitable trusts, according to two sources familiar with the letter. Tata Trusts owns 66% of Tata Sons, the holding company for 26 publicly listed Tata Group companies. The authors said keeping Tata Sons unlisted had been debated and endorsed on multiple occasions and that a restructuring proposal was being considered after India's central bank rejected an exemption from listing rules. They said the trusts were acting as controlling shareholders and not interfering in Tata Sons' affairs. Srinivasan, Singh and Tata Trusts did not immediately respond to requests for comment.

Global equity fundraising topped $1.08 trillion across 5,566 deals in the first nine months of 2026, only the second time more than $1 trillion has been raised in that period, according to Mergermarket, surpassing full-year totals of the past four years with fewer but larger deals than in record year 2021. Momentum faded in the third quarter as Federal Reserve tightening pushed Treasury yields to multidecade highs and AI-valuation concerns grew. Mergermarket said technology, essentially artificial intelligence, made up almost half of third-quarter equity capital market deals, led by SK Hynix's $26.5 billion New York depository-receipt listing and Intel's $23 billion August raise. Smaller issuers were crowded out, while smart-ring maker Oura postponed its offering citing IPO-market uncertainty, with SB Energy, Nscale and a possible November Anthropic listing also delayed or pending. Market participants said higher yields caused investors to pause and that ample private capital and valuation worries reduced urgency to list, despite June's record SpaceX IPO fueling bumper-quarter expectations.

Arka Mookerjee, co-head of equity capital markets at law firm JSA, said euphoria in India's IPO market is giving way to selective investing with greater scrutiny of valuations and pressure to rationalise pricing. This comes even as Prime Database shows 69 companies launched IPOs in the last three months and raised over Rs 90,000 crore. Mookerjee said quality issuers offering good value can still attract demand despite secondary-market volatility. He expects manufacturing-linked entities, healthcare, and businesses using AI to streamline operations to lead listings, while pure info-tech or AI issuers may struggle to match funding needs with longer public fundraising timelines. He said QIP activity, linked to secondary volatility, remains driven by public shareholding needs, capital expenditure and debt retirement, with banks and financial institutions likely to tap equity and debt to strengthen balance sheets. He noted rising acceptance of SEBI's confidential pre-filing route, continued SEBI focus on objects, capital structure and promoter issues, and JSA's aim to build India's largest capital markets practice.

Citigroup Inc. ranked as the top underwriter for global initial public offerings for the year through September 2026, narrowly ahead of Goldman Sachs Group Inc. in Bloomberg league tables, according to the report. Goldman Sachs retained the lead for overall global equity offerings, a broader category that also includes block trades and follow-on share sales. Citi's IPO position reflected roles in several mega listings in Asia and the US, including National Stock Exchange of India Ltd.'s $2.4 billion September listing in Mumbai, described as one of India's largest ever. It also served as lead global coordinator on SK Hynix Inc.'s $26.5 billion Nasdaq listing in July, the largest-ever US share sale by a foreign company, and had a role in SpaceX's $86 billion IPO in June. The report noted Citi has been expanding its investment banking team globally, including equity capital markets hires such as Charlie Black from Goldman as head of North America technology ECM, Bernal J. Vargas III from JPMorgan Chase & Co. as head of ECM in North America, and Rob Chan as head of ECM syndication in Asia.

Shah Investor's Home debuted on NSE and BSE on October 6 at Rs 171 per share, a 2.4% premium to the Rs 159-167 IPO price band. The Rs 90.17-crore IPO, open September 28-30, was subscribed 38 times, with post-listing market capitalisation at Rs 361.72 crore. The company plans to use Rs 60 crore of net proceeds for working capital requirements and the balance for general corporate purposes. Analyst Mahesh M. Ojha of Kantilal Chagganlal Securities cited the company's 30-plus-year track record, sizeable retail client base, expanding digital platforms and initiatives such as SIHL Moneymaker and ALGOFY as long-term positives. However, he flagged FY26 revenue and PAT declines of around 24% and 44% year-on-year, negative operating cash flow and high dependence on Gujarat and broking income. At around 18 times FY26 earnings, he viewed valuation as broadly reasonable but offering limited comfort, advising allotted investors to consider booking listing gains and fresh investors to wait for price stabilisation and 1-2 quarters of results.

Three SMEs — Acme Universal Safezone 9, Pind Hospitality and Shivchem Agro — listed on BSE SME on October 6 after collectively raising nearly Rs 68 crore. Acme Universal Safezone 9 debuted strongest at Rs 101, a 42.2% premium to its Rs 71 issue price. Its Rs 35.93 crore fresh issue of 50.61 lakh shares, priced at Rs 65-71 with 1,600-share lots, was subscribed 23.41 times, led by NII at 31.98 times and QIB ex-anchor at 31.29 times. Pind Hospitality listed at Rs 79.2, 20% below its Rs 99 issue price. Its Rs 17.82 crore fresh issue of 18 lakh shares, priced at Rs 93-99 with 1,200-share lots, was subscribed 2.71 times. Shivchem Agro debuted flat at Rs 62. Its Rs 14.01 crore fresh issue of 22.60 lakh shares, priced at Rs 59-62 with 2,000-share lots, was subscribed 2.20 times. All three IPOs opened September 28, closed September 30, with allotment October 1.

Vinir Engineering Limited has filed its Draft Red Herring Prospectus with SEBI for an IPO comprising an entirely fresh issue of up to 7.1 crore equity shares of face value Rs 2 each, with no offer-for-sale, proposing to list on BSE and NSE. Pre-issue outstanding shares stood at 21.26 crore. Net proceeds are earmarked with Rs 149.85 crore for advanced forging and machining plant and machinery and Rs 35 crore for working capital, besides funding inorganic growth through unidentified acquisitions and general corporate purposes. QIB portion will not exceed 50%, with up to 60% of that for anchor investors, while NII and retail portions will be not less than 15% and 35%. GYR Capital Advisors is BRLM and KFin Technologies is registrar. The Bengaluru-based company offers integrated forging, machining and testing with over 5,000 dies, 30,000 MTPA forging and 8,000 MTPA machining capacity across three units. Defence and aerospace rose to 26.59% of revenue in FY2026 from 12.03% in FY2024. Revenue grew 7.82% in FY2026, net worth CAGR was 20.60% over March 2024-2026, and exports were 9.46% of revenue.

Orient Cables (India) shares fell sharply on Tuesday, 6 October, a day after a strong market debut. The stock opened at Rs 380 against its previous close of Rs 403.30 and dropped 10% to Rs 363, its lower circuit level and fresh all-time low, largely due to profit booking as investors locked in listing gains. Even at that level, the shares remained up about 33% from the IPO issue price of Rs 272. On Monday, 5 October, the stock had listed at Rs 448 on the BSE, a 65% premium to the issue price. Experts attributed the decline to selling to pocket listing gains and said investor focus in coming months will be on quarterly revenue growth, profitability, order execution and operating cash flow. The company is a B2B manufacturer of networking cables and passive networking equipment serving telecom, broadband, data centres, renewable energy, smart building automation, FMEG, automotive and e-mobility industries.

Nityas Gems & Jewellery and Vishal Nirmiti IPOs are set to finalise allotment on October 6, 2026, with share credit and refunds scheduled for October 7 and tentative listing on BSE and NSE on October 8. Nityas Gems & Jewellery IPO was subscribed 2.25 times overall, led by retail at 4.04 times, followed by NII at 2.05 times and QIB at 1.06 times. Vishal Nirmiti IPO was subscribed 1.71 times overall, with NII at 1.81 times, retail at 1.67 times and QIBs at 1.27 times. In the grey market, Nityas Gems & Jewellery commands a premium of Rs 1, implying an estimated listing price of Rs 76 against an issue price of Rs 75, a 1.33% premium. Vishal Nirmiti commands a premium of Rs 2, implying an estimated listing of around Rs 222 against an issue price of Rs 220, a 0.91% premium. Bigshare Services Pvt. Ltd. is registrar for Nityas Gems & Jewellery, while MUFG Intime India Pvt. Ltd. is registrar for Vishal Nirmiti, with allotment checkable on BSE, NSE and registrar websites.

Six SME IPOs closed on October 5 with subscriptions ranging from 1.06 to 2.32 times, with allotments expected by October 6. Dove Soft's Rs 73.26 crore offer of 66 lakh shares at Rs 104-111 was subscribed 1.36 times, with NIIs at 1.87x, QIBs at 100% and retail at 81%. Omara Ventures India's Rs 41.98 crore offer at Rs 296-311 was subscribed 1.06 times for 13.5 lakh shares, with NIIs at 1.63x, QIBs at 100% and retail at 43%. Shree TNB Polymers' Rs 31.8 crore fresh issue of 60 lakh shares at Rs 50-53 was subscribed 1.91 times. Sollfege Smart Electronics' Rs 21.78 crore issue at Rs 55 was subscribed 2.08 times. SJP Ultrasonics' Rs 23.45 crore issue at Rs 67 was subscribed 1.77 times. Eventions' issue of up to Rs 38.11 crore at Rs 112-118 was subscribed 2.32 times. Five companies will list on BSE SME and Eventions on NSE Emerge on October 8, with proceeds for working capital, expansion, machinery, debt repayment and corporate purposes.

Biocon Electric Limited has filed its Draft Red Herring Prospectus with Sebi for an IPO of up to 59,00,000 equity shares of Rs 10 face value, comprising a fresh issue of up to 48,00,000 shares and an offer for sale of up to 11,00,000 shares by five promoter-selling shareholders offering up to 2,20,000 shares each. Pre-offer outstanding was 1,50,00,000 shares, with proposed listing on the Main Board of BSE and NSE. Of the net offer, not more than 50% is for QIBs including up to 60% for anchor investors, not less than 15% for non-institutional bidders and not less than 35% for retail investors. Net fresh proceeds will fund working capital of Rs 6,257.45 lakh, with balance for general corporate purposes. FY2026 revenue from operations rose 37.94% to Rs 19,673.37 lakh, EBITDA rose 17.58% to Rs 2,563.82 lakh and PAT rose 22.96% to Rs 1,414.05 lakh, with EBITDA margin at 12.94% and PAT margin at 7.19%. The Delhi-registered maker of wires, lighting, switches and switchgear operates three plants and offers over 1,500 SKUs.

Anarock Property Consultants reported FY26 revenue from operations of Rs 881.90 crore, up 33.83% from Rs 658.95 crore, and net profit of Rs 93.22 crore, up 53.38% from Rs 60.78 crore, per its draft red herring prospectus for a proposed Rs 1,000-crore IPO. Operating cash flow swung to an outflow of Rs 12.07 crore from an inflow of about Rs 93 crore in FY25 as trade receivables rose to Rs 464.21 crore from Rs 316 crore, attributed partly to revenue growth and year-end billing timing. Transaction advisory contributed Rs 442.45 crore, leasing and investment advisory Rs 306.83 crore, and management services Rs 89.17 crore. Anarock acquired 53.68% of DSP Design Associates for Rs 64.01 crore on September 27, 2026; DSP had an operating cash outflow of Rs 1.61 crore in FY26. On a proforma basis including DSP, FY26 revenue would be Rs 1,123.87 crore and net profit Rs 100.07 crore, implying an 8.90% margin versus 10.57% reported. The IPO comprises a Rs 550 crore fresh issue and Rs 450 crore offer for sale, with Rs 148 crore earmarked for additional DSP shares, Rs 120 crore for technology and AI, and Rs 89.5 crore for hiring.

Nuvama Alternative & Quantitative Research estimates shareholder lock-ins in 91 companies listed up to September 30, 2026 will expire between October 5 and December 29, covering shares worth about $14 billion. The figure represents eligibility, not confirmed selling, as holdings include promoters and promoter groups and actual supply will depend on shareholder decisions. Largest proportional unlocks include Central Mine Planning & Design Institute with 464 million shares (65%) on October 6, Amir Chand Jagdish Kumar with 62 million shares (60%) on October 5, Sai Parenteral with 21 million shares (48%) on October 5, CMR Green Technologies with 142 million shares (65%) on December 9, Turtlemint Fintech Solutions with 160 million shares (54%) on December 28, and Hexagon Nutrition with 67 million shares (54%) on December 15. Smaller October unlocks include Rentomojo, Purple Style Labs and SBI Funds Management. November-December also lists Juniper Green Energy, Dhoot Transmission, Milky Mist Dairy Food and NSE of India with 0.1%-3% of shares.

The Shapoorji Pallonji Group has put on hold plans for an initial public offering of Shapoorji Pallonji Real Estate, with a banker saying there is currently no active work on the IPO despite six banks being selected in January. The IPO was seen as a route to pare group debt estimated at more than Rs 55,000 crore. Focus has shifted to its 18.4% stake in Tata Sons after the Reserve Bank of India rejected Tata Sons' plea to deregister as a core investment company. On September 17, Noel Tata proposed a selective capital reduction for Tata Sons to buy back about 3% held by Mistry family entities, potentially yielding about Rs 25,000 crore for debt repayment and refinancing. A Tata Sons listing remains debated, opposed by Tata Trusts holding about 66%. SPRE has 22 projects under construction, 19 million sq ft completed, a 140 million sq ft pipeline and over 2,000 acres. Joyville posted FY25 revenue of $320 million and $1.4 million profit, while SD Corp had $54 million revenue and an $18 million loss.

R.K. Fashion Accessories Ltd. opened its Rs 34.99 crore book-built SME IPO for subscription on October 5, 2026, closing October 7, with allotment expected October 8 and tentative NSE SME listing October 12. The fresh issue comprises 42.67 lakh shares with no offer-for-sale. Price band is Rs 77-82 per share with lot size of 1,600 shares. At upper band, retail minimum is two lots (3,200 shares) for Rs 2,62,400, while HNIs must apply for at least three lots (4,800 shares) for Rs 3,93,600. Affinity Global Capital Market Pvt Ltd is book-running lead manager, Cameo Corporate Services Ltd is registrar, and Anant Securities is market maker. Net proceeds totalling Rs 27.47 crore are earmarked for working capital (Rs 5.21 crore), new plating facility in Baruipur, Kolkata (Rs 8.80 crore), new B2B showroom in Kolkata (Rs 5.37 crore), B2C stores completion (Rs 2.48 crore), inventory (Rs 5.60 crore) and general corporate purposes. In FY26, total income rose 77% to Rs 32 crore from Rs 18 crore, while PAT rose 215% to Rs 6 crore from Rs 2 crore.

Runwal Enterprises will debut on the BSE and NSE on Monday with zero grey market premium, implying a flat listing near the issue price of Rs 305. The Rs 500-crore IPO was entirely a fresh issue of 1.64 crore shares with no offer-for-sale, priced in a band of Rs 290-305 with a lot size of 49 shares, or Rs 14,945 minimum retail investment at the upper end. Subscription ran September 25-29, 2026, with overall subscription of 2.64 times — retail 1.19 times, QIB ex-anchor 4.10 times and NII 4.14 times. Proceeds include Rs 100 crore to repay company borrowings and Rs 225 crore for borrowings of subsidiaries Susneh Infrapark, Runwal Residency and Evie Real Estate, with the balance for future project acquisitions and general corporate purposes. In FY26 total income rose 76% to Rs 1,851 crore from Rs 1,051 crore in FY25, while PAT surged 234% to Rs 186 crore from Rs 56 crore. Incorporated in 2016, the Mumbai-focused developer ranked third for launches and sales during January 2023-March 2026.

Four SME IPOs that collectively raised around Rs 146 crore are scheduled to list today after closing subscription on September 29 and finalising allotment on September 30. Dudani Retail, a Rs 10.54 crore fixed-price issue at Rs 29 per share, and Sai Urja Indo Ventures, a Rs 24.95 crore book-built issue in the Rs 107-113 band, will debut on the BSE SME platform, while Himalayan Solar, a Rs 68.03 crore issue in the Rs 98-103 band, and Bench Mark Infotech Services, a Rs 42.44 crore issue in the Rs 104-110 band, will list on the NSE SME platform. Subscription was strongest for Bench Mark Infotech Services at 103.12 times overall, including 136.92 times in NII, 96.90 times from individual investors and 88.62 times from QIBs ex-anchor. Sai Urja Indo Ventures was subscribed 3.50 times, Dudani Retail 1.42 times, and Himalayan Solar 1.19 times. Except Dudani Retail, which was entirely a fresh issue of 36.36 lakh shares, the issues included both fresh issues and offer-for-sale portions.

Two mainboard IPOs that opened September 30 closed for bidding on October 5, with allotment expected to be finalised on October 6 and listing on the NSE and BSE scheduled for October 8. By the close of the second bidding day, Vishal Nirmiti was subscribed 57% and Nityas Gems & Jewellery was subscribed 69%. Grey market trends indicate a Rs 20 premium for Vishal Nirmiti, implying an estimated listing price of Rs 240 versus the Rs 220 issue price, a 9.09% gain, and a Rs 2 premium for Nityas Gems & Jewellery, implying Rs 77 versus Rs 75, a 2.67% gain. Vishal Nirmiti set a Rs 208-220 band for an approximately Rs 178 crore issue comprising a fresh issue of up to 69.71 lakh shares worth Rs 145 crore for working capital, loan repayment and general purposes plus a 15 lakh-share offer for sale worth Rs 33 crore. Nityas Gems and Jewellery set a Rs 70-75 band to raise about Rs 108.42 crore via 1.4456 crore shares of Rs 5 face value for working capital and general purposes.

AceVector Ltd. will list on the BSE and NSE on October 5, 2026, after finalising allotment on September 30. The Rs 420-crore IPO, priced at Rs 30-32 per share, comprised a fresh issue of 8.97 crore shares worth Rs 287 crore and an offer for sale of 4.16 crore shares worth Rs 133 crore. It was subscribed 5.07 times during September 25-29, with retail at 4.83 times, QIB excluding anchor at 3.42 times and NII at 8.53 times. Lot size was 468 shares, implying Rs 14,976 for one lot at Rs 32. Ahead of debut, grey market premium was Rs 1, about 2% over Rs 32, implying an estimated listing price of Rs 33. The company will use Rs 132 crore for Marketplace marketing and business promotion and Rs 50 crore for technology infrastructure, with the balance for acquisitions and general corporate purposes. Total income rose 32% to Rs 538 crore in FY26 from Rs 407 crore in FY25, while net loss narrowed to Rs 45 crore from Rs 126 crore.

The primary market slows in the week starting October 5 after a busy 2026, with only R K Fashion Accessories, an SME imitation jewellery distributor from Kolkata, opening for subscription. Its Rs 34.99 crore fresh issue of 42.67 lakh shares is priced at Rs 77-82 per share, with no mainboard IPO scheduled. Ten IPOs from last week close on October 5-6, including mainboard issues Vishal Nirmiti at 57% and Nityas Gems & Jewellery at 69% subscription, while several SME issues such as Acme India Industries at 1.9 times and Sollfege Smart Electronics at 1.81 times are fully subscribed. Twenty-nine companies are set to list, including eight mainboard names such as Orient Cables India, Runwal Enterprises, Acevector, German Green Steel & Power, Shah Investor's Home, SRIT India, Vishal Nirmiti and Nityas Gems & Jewellery. Year-to-date through September, 275 IPOs mobilised over Rs 1.21 lakh crore, with 96 mainboard IPOs raising nearly Rs 1.13 lakh crore, including Rs 65,175 crore in August-September led by National Stock Exchange of India at Rs 22,563 crore.

Tanvi Exports India Limited has filed its Draft Red Herring Prospectus with Sebi for a proposed IPO. The Rajkot-based company designs, manufactures and exports fine gold jewellery and accounts for around 8% of Gujarat's overall gold jewellery exports. It operates an integrated facility in Rajkot with installed capacity of 5,500 kg per annum, making products in gold, silver and platinum across karatages, Italian machine-made chains, bridal, casting, CZ-studded, daily-wear and lightweight jewellery. The IPO comprises a fresh issue of up to 3,580,000 shares and an offer for sale of up to 3,580,000 shares of face value Rs 10 each. Fresh issue proceeds will fund repayment or pre-payment of borrowings, incremental working capital and general corporate purposes. Revenue from operations rose from Rs 1,374.60 million in fiscal 2024 to Rs 10,084.05 million in fiscal 2025 and Rs 11,399.36 million in fiscal 2026, a CAGR of 188%. Exports grew from a single UAE order of Rs 43.40 million in fiscal 2024 to Rs 2,457.46 million across five countries in fiscal 2025. As of March 2026, domestic sales were 84.35% and exports 15.65% of revenue, with sales across 18 states and union territories to customers including Joyalukkas, Kalyan Jewellers, Senco Gold, Titan and Jos Alukkas. Aryaman Financial Services Limited is the book running lead manager and Bigshare Services Private Limited is the registrar.

India's primary market will see a breather in the week starting October 5, with only one IPO opening after companies raised about Rs 39,000 crore in September, one of the busiest months this year following a muted start to FY27. The sole opener is NSE SME issue RK Fashion Accessories, raising Rs 35 crore via 42.67 lakh fresh shares at Rs 77-82 per share, with lot size of 1,600 shares and minimum retail investment of Rs 2.62 lakh. The Kolkata imitation jewellery and cosmetics trader will use proceeds for working capital, a Baruipur plating facility, a Kolkata B2B showroom and B2C stores. Action shifts to nearly 29 listings. Orient Cables, a Rs 552 crore issue at Rs 272, lists October 5 with GMP of Rs 123 or 45.22%. SRIT India, a Rs 218 crore issue at Rs 130 subscribed 125 times, lists October 6 with GMP of Rs 53 or 40.77%. Black Opal Consultants at Rs 197 subscribed 73.8 times lists October 7 with GMP of Rs 78 or 39.59%, while Vans Electroengineerings at Rs 118 subscribed 629 times lists October 7 with GMP of Rs 70 or 59%. EverestIMS Technologies lists October 8 with GMP of Rs 40 over Rs 85.

INOX Air Products, an integrated industrial, medical, electronic and specialty gases company, has filed its draft red herring prospectus with the Securities and Exchange Board of India for a proposed initial public offering. The proposed IPO is structured entirely as an offer-for-sale of up to 7.72 crore equity shares, with no fresh issue component. As a result, the offering will not involve issuance of new shares by the company. The filing marks the start of the regulatory process for the public listing.

PL Research said anchor shares in 18 recently listed companies become eligible for trading between October 5 and October 16, 2026, comprising 14 companies under 30-day lock-in and four under 90-day lock-in. Among 30-day expiries, Purple Style Labs with 26,60,869 shares and Manipal Payment & Identity Solutions with 53,42,916 shares each see around 22% unlock, followed by Rays of Belief with 10,46,095 shares at 20%, while most others see about 15% and Pranav Constructions about 12%. Eleven of the 14 were trading above issue price, led by ESDS Software Solution up about 234%, Glass Wall Systems up 51%, Priority Jewels up 47%, Steamhouse India up 35%, Kanohar Electricals up 34% and Rentomojo up 27%. Pranav Constructions was down 20%, Purple Style Labs down 7% and Rays of Belief down 5%. For 90-day expiries, Knack Packaging with 38,60,294 shares, Kusumgar with 23,14,443 shares, Laser Power & Infra with 52,00,934 shares and SBI Funds Management with 2,31,96,554 shares see 14-15% unlock. Expiry enables trading but does not guarantee selling.

Gautam Adani-promoted solar components maker Vishakha Renewables has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to launch an initial public offering (IPO). The proposed offering comprises a fresh issue of equity shares aggregating Rs 1,250 crore and an offer-for-sale (OFS) of 1.81 crore shares by existing shareholders. The company said it plans to utilise Rs 900 crore from the net fresh issue proceeds to repay outstanding borrowings, with the balance to be used for general corporate purposes. Proceeds from the OFS will not accrue to the company and will go to the selling shareholders. The filing marks a key step toward listing, though pricing, timing, share allocation and valuation details were not disclosed in the source material. For investors, the key monitorables will be the final issue size, use of remaining proceeds, debt reduction impact, and SEBI approval progress.

Quadria Capital-backed Maxivision Super Specialty Eye Hospitals has taken its first formal step toward a stock market listing by confidentially filing draft IPO papers, as confirmed by a newspaper advertisement on Friday. The confidential route allows the company to seek approval from India's market regulator without publicly disclosing financial and operational details at this stage. Reuters had reported in July that the chain had appointed ICICI Securities and IIFL Capital as bankers for an offering expected to comprise fresh share issuance alongside sale of existing investors' stock. Founded in 1996, Maxivision operates more than 90 centres across six states. It competes with Dr Agarwal's Health Care, Centre for Sight and ASG Eye Hospitals in India's fast-expanding eye-care market. Grand View Research projects the market to grow to $31.2 billion by 2033 from $12.8 billion in 2025. No issue size, valuation, or timetable has been disclosed.

Airtel Mobile Commerce NV, operating as Airtel Money, will raise £529 million via its London Stock Exchange IPO, offering 270 million shares at £1.96 per share for a £5.3 billion or $7 billion valuation, potentially one of the LSE's largest IPOs in five years. Existing investors including TPG-backed The Rise Fund II Aurora, Qatar Holding, Mastercard Inc and Chimetech will sell holdings, following their combined $550 million minority investment in 2021 alongside Qatar Investment Authority. Bharti Airtel International may sell an additional 27 million shares via an over-allotment option after trading begins on October 14. Public hands are expected at about 16.5% of issued capital, rising to 17.5% if over-allotment is fully exercised, with Airtel Africa remaining a long-term strategic shareholder and free float targeted for FTSE UK index eligibility. Existing shareholders will also sell up to £67.2 million ($90 million) to International Finance Corporation. The 13-market platform has 53 million monthly active users, $213 billion processed value and $1.3 billion revenue for the year ended March 2026 at about 50% EBITDA margin.

The Rs 178-crore initial public offering of Vishal Nirmiti Ltd saw muted demand on Day 2, with 30% subscription by 11:50 am on October 1, receiving bids for 24,94,988 shares against 84,71,153 shares on offer. The non-institutional investor portion was subscribed 41% and retail 24%. The book-built issue comprises a Rs 145-crore fresh issue of 65.91 lakh shares and a Rs 33-crore offer for sale of 15 lakh shares at a price band of Rs 208-220 per share, with a lot size of 68 shares requiring minimum retail investment of Rs 14,960. It closes on October 5, with allotment expected October 6 and tentative NSE and BSE listing on October 8. Grey market premium was Rs 35, implying about 16% premium and an estimated Rs 255 listing price. Net fresh proceeds of Rs 94 crore include Rs 75 crore for working capital and Rs 19 crore for loan repayment. FY26 total income rose 6% to Rs 344 crore and profit after tax to Rs 25 crore.

Kataline Ltd has filed a Draft Red Herring Prospectus with Sebi for an Initial Public Offering comprising a fresh issue of up to 43 lakh equity shares and an offer for sale of up to 43 lakh shares by promoters Amit Arvind Thatte and Ketaki Amit Thatte, with a possible pre-IPO placement of up to 6.70 lakh shares. Proceeds from the fresh issue are proposed for working capital requirements, upgrading its manufacturing facility, purchasing project execution equipment and general corporate purposes. The Nagpur-based company, incorporated in 2008, offers integrated traffic safety solutions, manufacturing road marking products across four categories and providing end-to-end project execution services. Hot-applied thermoplastic marking materials contributed 84.82 per cent of FY26 operating revenue. It completed over 60 projects valued above Rs 50 lakh each in the last three fiscals across highways, expressways, airports and urban infrastructure, including Samruddhi Mahamarg and Delhi-Vadodara Expressway, serving 24 states and union territories. Revenue rose 38.79 per cent to Rs 220.58 crore in FY26, while profit after tax grew 61.15 per cent to Rs 26.83 crore. InCred Capital Financial Services and Ashika Capital are book-running lead managers.

Anarock Property Consultants Ltd has filed a Draft Red Herring Prospectus with Sebi for a Rs 1,000 crore initial public offering, comprising a fresh issue of up to Rs 550 crore and an offer for sale of up to Rs 450 crore by promoters Peter Properties Ltd and Khushi Trust and investors including funds managed by 360 ONE, Om Sai Trust and Colared Consultants and Traders LLP. The company may undertake a pre-IPO placement of up to Rs 110 crore, which would reduce the fresh issue size. Proceeds are earmarked for technology and growth, including Rs 80 crore for AI augmentation in transaction advisory, Rs 25 crore for technology via ACP, Rs 15 crore via subsidiary Anacity, Rs 89.5 crore for talent augmentation, and Rs 148 crore for the DSP Acquisition, with the balance for unidentified acquisitions and general corporate purposes. The group employs about 2,300 people across India and the Middle East. ICICI Securities, IIFL Capital Services and 360 ONE WAM are lead managers, with listing proposed on BSE and NSE.

Inox Air Products has filed a draft red herring prospectus with SEBI on September 30 for an initial public offering comprising entirely an offer-for-sale of 7.71 crore equity shares, with no fresh issue component. The entire net proceeds will accrue to selling promoter shareholders, including INOX Chemicals, Prodair Corporation, Siddhomal Air Products and Sitashri Trading and Finance, and the company will receive no proceeds. Incorporated in April 1963 and jointly owned by the INOX Group and US-based Air Products Group, the company claims to be India's largest industrial, medical, electronic and specialty gases company by revenue with 22.4% market share in FY26 and more than 3,000 customers. It operates on-site, merchant, packaged and specialty gas facilities across 57 locations in 15 states and one union territory, with on-site gas capacity of 16,074 tonnes per day, merchant liquid gas capacity of 5,106 tonnes per day, and a fleet of 739 cryogenic tankers. For the year ended March 2026, profit rose 3.7% to Rs 913.9 crore from Rs 880.9 crore, while revenue grew 8.8% to Rs 3,033.9 crore from Rs 2,789.8 crore. Kotak Mahindra Capital Company, Citigroup Global Markets India, ICICI Securities and JP Morgan India are the merchant bankers.

India's domestic institutions are exerting growing pricing power over initial public offerings as persistent foreign selling, Iran war concerns, global trade tensions and AI-related anxiety pressure equities. The median price-to-book ratio for IPOs raising at least Rs10 billion has fallen to 7.4 times in 2026 from 10.2 times last year, according to Chittorgarh data, with only two loss-making companies in the cohort versus at least five each in 2025 and 2024. Domestic institutions accounted for 33% of first-time share-sale proceeds this year versus 24% in 2021, according to primedatabase.com. The shift has affected marquee deals, including National Stock Exchange of India downsizing its second-largest-ever IPO by about 15%, while Zepto Pvt. paused its offering in August and Prestige Estates Projects Ltd.'s hospitality unit paused its sale last week. Fund managers say issuers are now offering discounts and leaving more margin of safety.

Between September 29 and 30, nearly a dozen companies filed preliminary IPO papers with SEBI amid sustained primary market activity for expansion, working capital, debt repayment and corporate purposes. Inox Clean Energy proposed the largest issue at up to Rs 10,000 crore, comprising a fresh issue up to Rs 8,000 crore and an offer for sale up to Rs 2,000 crore by promoter Devansh Jain, for repayment of borrowings of the company and subsidiaries. Shreejikrupa Project filed for up to Rs 500 crore, including a Rs 410 crore fresh issue and Rs 90 crore offer for sale, for equipment, scaffolding and working capital. Vardhman Appliances proposed a Rs 250 crore fresh issue plus 2.50 crore shares offer for sale for a Baghpat project and debt repayment. Wadhwa Group Holdings used the confidential pre-filing route, with details undisclosed. Other filers include Pioneer Fabricators, Pentacle Consultants, Tenty, PCI Infraprojects, Sanghvi Housing & Infrastructure, Momai Art and Biocon Electric. Over two dozen more companies, including AssetGro Fintech and EverBrands India, also filed recently.

Gautam Adani-promoted Vishakha Renewables filed its draft red herring prospectus with SEBI on September 30 for an initial public offering comprising a fresh issue of Rs 1,250 crore and an offer-for-sale of 1.81 crore equity shares by existing shareholders, including promoters. The company may consider a pre-IPO placement of up to Rs 250 crore, which would reduce the fresh issue size to that extent. Promoters including Jigish Nagindas Doshi, Akshat Doshi, Gautam Adani, Rajesh Adani, Vinod Adani, Adani Properties, Adani Commodities and S B Adani Family Trust hold 75.61%, with Adani Properties at 39.14% and Jigish Doshi at 30.92%. The Mundra, Gujarat-based maker of solar glass, aluminium frames, encapsulants and backsheets operates four facilities and is India's second-largest solar glass maker with 660 tonnes per day capacity as of March 2026, plus 1,260 TPD in advanced commissioning. Of net fresh proceeds, Rs 900 crore will repay debt against Rs 2,700.5 crore borrowings as of June 2026, with the balance for general corporate purposes. FY26 profit rose to Rs 173.4 crore from Rs 56.5 crore on revenue of Rs 1,893.4 crore, up 24.8% from Rs 1,517 crore. SBI Capital Markets, ICICI Securities and IIFL Capital Services are book running lead managers.

Delhi-based Matangi Rubber, promoted by the Gupta family, received SEBI observations on September 28 on its draft red herring prospectus filed in May 2026, enabling it to launch its IPO within the next one year. The planned IPO totals 72.76 lakh shares, comprising a fresh issue of 57.61 lakh shares and an offer-for-sale of 15.15 lakh shares. From the net fresh issue proceeds, the company plans to use Rs 45 crore to repay debt, Rs 19.05 crore to set up a greenfield facility for rubber recycling products, and Rs 8.43 crore to set up a greenfield solid tyre facility in Bhind, Madhya Pradesh, with the balance for general corporate purposes. The company operates five manufacturing plants, with tyres for two- and three-wheelers, flaps and tubes mainly for commercial vehicles, and rubber compounds. For the nine months ended December 2025, tyre flaps contract manufacturing contributed 75% of revenue, job-work services 21%, and compounds, tubes and tyres 1%. It reported consolidated profit of Rs 16.42 crore on revenue of Rs 86.64 crore for that period, versus FY25 profit of Rs 19.66 crore on revenue of Rs 101.3 crore. Sarthi Capital Advisors is the sole merchant banker.

The Shapoorji Pallonji Group offered to sell up to 3 percentage points of its 18.37% Tata Sons stake back for about Rs 25,000 crore via selective capital reduction priced under income-tax Rule 11UA, implying a Tata Sons valuation of about Rs 8.3 trillion versus market estimates of Rs 9-12.5 trillion and SMC Global's Rs 12-12.5 trillion. The Tata Sons board rejected it by 4:1, extended N. Chandrasekaran for five years and set the listing in motion after the Reserve Bank of India refused to allow surrender of core investment company registration. The SP Group faces pressing liquidity needs after issuing Rs 15,100 crore of three-year zero-coupon rupee bonds at 18.95% plus $650 million at 14.5%, requiring Rs 3,500 crore by end-September and about Rs 13,500 crore within 24 months, with group debt estimated up to Rs 60,000 crore. Flagship Shapoorji Pallonji and Co. is rated BBB- with negative outlook by Icra. Options include post-listing sale worth Rs 36,000-37,500 crore for 3%, buyback, swap into listed Tata shares, or land sales.

Nityas Gems and Jewellery Limited opened its Rs 108.42-crore initial public offering on September 30, with the issue subscribed 15% by 1:45 pm, according to NSE data. The IPO received bids for 21,07,400 shares against 1,44,56,000 shares on offer. Retail investors led demand with 38% subscription of their portion, while the non-institutional investors category was subscribed 7%. The price band is fixed at Rs 70-75 per share and the issue will remain open until October 5. The IPO comprises an entirely fresh issue of 1.44 crore equity shares with no offer-for-sale, aiming to raise Rs 108.42 crore at the upper band. The anchor book opened on September 29. Allotment is likely on October 6, with listing expected on October 8. Grey market shares were trading around the issue price on September 30 morning. The company plans to use Rs 70 crore of net proceeds for working capital and the balance for general corporate purposes. The Gujarat-based company manufactures diamond-studded gold jewellery under a B2B model and operates D2C omnichannel retail through subsidiary Ayaani Diamonds and Jewellery.

EQT AB-owned Virtusa Corp is sounding out domestic investment banks to join its proposed India initial public offering, which could value the IT services provider at $7 billion or approximately Rs 67,000 crore, according to people familiar with the matter. The Massachusetts-based company has already hired Citigroup Inc., Morgan Stanley and JPMorgan Chase & Co., and is now seeking local banks for placement strength, with banker appointments to conclude after holding-structure discussions. The share sale is targeted for 2027. Virtusa was taken private from Nasdaq by Baring Private Equity Asia for about $2 billion in 2021, with EQT gaining control after its 2022 merger with BPEA. Founded in 1996, it has delivery centres in Hyderabad, Chennai, Bengaluru, Mumbai and Gurugram and about 47,000 employees globally as of March 2026, with about 86.2% in South Asia, primarily India. S&P Global on 20 August revised its outlook on Virtusa to negative, citing margin pressure and leverage near 6x. India's mainboard IPO pipeline stood at about Rs 3.86 trillion as of September 2026, versus Rs 1.10 trillion raised via 84 IPOs this year.

Vishal Nirmiti Ltd's initial public offering was subscribed 3% on the first day of bidding on September 30, according to NSE data till 12:30 pm. The issue received bids for 2.24 lakh shares against 84.71 lakh shares on offer, with the Retail Individual Investors portion subscribed 4%. The civil engineering, manufacturing and construction company has fixed a price band of Rs 208-220 per equity share. The IPO opened on September 30 and will close on October 5, with listing proposed on the BSE and NSE. Proceeds are proposed to be used for funding working capital requirements, repayment of loans and general corporate purposes. The company manufactures and deals in pre-stressed concrete sleepers for railways, pre-cast and pre-stressed concrete products, and fabricates mild steel pipes, MS liners and pre-stressed pipes for pumped storage projects. It also provides engineering, procurement, infrastructure and construction services for railway infrastructure and civil engineering, irrigation and infrastructure projects.

Five SME IPOs that closed subscription during September 23-25 are scheduled to list on September 30, with Coreintegra Consulting and Pooja Logistics debuting on the NSE SME platform and Liqvd Digital, S.K. Offset and Unitec Fibres on the BSE SME platform. Liqvd Digital, a Rs 39.01-crore issue with a fresh issue of Rs 34.14 crore and OFS of Rs 4.87 crore priced at Rs 51-54, was the most subscribed at 5.08 times, driven by 21.02 times NII subscription. Unitec Fibres' Rs 34.47-crore issue priced at Rs 83-88 was subscribed 3.92 times, while Pooja Logistics' Rs 44.23-crore issue priced at Rs 109-115 was subscribed 3.11 times. Coreintegra Consulting's Rs 21.99-crore issue priced at Rs 74-78 was subscribed 1.40 times, and S.K. Offset's Rs 29.06-crore issue priced at Rs 119-125 was subscribed 1.18 times, with its individual investors' portion at 0.78 times. Lot sizes ranged from 1,000 to 2,000 shares, implying minimum retail investments of Rs 2.16 lakh to Rs 2.81 lakh at the upper price bands.

Eight SME IPOs opening September 30 aim to raise about Rs 440 crore, with seven listing on BSE SME and Eventions on NSE SME; issues close October 5 or October 6 with listings October 8-9. Acme India Industries, the largest at Rs 121.69 crore (Rs 186-196, 600-share lot), comprises Rs 105.98 crore fresh issue plus Rs 15.71 crore OFS. Paramount Syntex seeks Rs 81.79 crore (Rs 119-127, 1,000-share lot). Dove Soft seeks Rs 73.26 crore (Rs 104-111, 1,200-share lot) including Rs 59.14 crore fresh and Rs 14.12 crore OFS. Omara Ventures India seeks Rs 41.99 crore (Rs 296-311, 400-share lot). Eventions seeks Rs 38.12 crore (Rs 112-118, 1,200-share lot). TNA Solutions seeks Rs 37.86 crore (Rs 66-70, 2,000-share lot). SJP Ultrasonics is a Rs 23.45 crore fixed-price issue at Rs 67 (2,000-share lot). Sollfege Smart Electronics is a Rs 21.78 crore fixed-price issue at Rs 55 (2,000-share lot). Retail minimum is two lots, HNI three lots across issues.

Former and current Flipkart employees are seeking clarity from Walmart and Flipkart's board on the long-awaited IPO, which sources say could be delayed by another one to two years as Walmart stays cautious. Employees worry ESOP wealth remains locked, with the targeted IPO valuation at about $50 billion. Flipkart was valued at about $38.2 billion in its July employee stock buyback, up 6 per cent from the $36 billion May 2024 private raise, with eligible staff allowed to liquidate up to 5 per cent of vested options. Uncertainty is fuelling retention concerns and reported senior-level exits, including vice president Manikandan Rengaswamy Raju exploring a move. Operationally, marketplace arm Flipkart Internet Private Limited narrowed FY25 consolidated net loss 36.7 per cent to Rs1,494.2 crore from Rs2,358.7 crore, while total income rose 14 per cent to Rs20,807.4 crore and revenue from operations rose 14.4 per cent to Rs20,493.3 crore. Flipkart Minutes now runs nearly 1,200 micro-fulfilment centres across more than 150 cities, targeting about 1,500 by year-end, with 627 dark stores topping Swiggy Instamart's 615, while Ekart added 14 million cubic feet of warehousing, up 50 per cent.

Technopaints and Chemicals has filed a draft red herring prospectus with SEBI for a Rs 500-crore initial public offering comprising a Rs 325-crore fresh issue and a Rs 175-crore offer for sale by existing shareholders including promoters. The company may raise up to Rs 65 crore in a pre-IPO placement, which would reduce the fresh issue size. It plans to use Rs 149.1 crore of net fresh proceeds to set up a greenfield paints manufacturing and innovation facility in Telangana and about Rs 80 crore for incremental working capital, with the balance for general corporate purposes. The new plant is proposed to have capacity of 2,34,000 MTPA for powder paints and 31,200 KLPA for liquid paints, consolidating existing Cheriyal and Pashamylaram operations. The company executes turnkey paint supply and application projects and sells putties, textures, primers, emulsions and enamels, with 28 franchisees and an order book of Rs 994.7 crore as of July 2026. Revenue rose 68.4% to Rs 350.5 crore in FY26, while profit more than doubled to Rs 37.8 crore from Rs 16.65 crore. Anand Rathi Advisors is the sole merchant banker.

Ace Designers Ltd., the Bengaluru-based industrial machinery maker, has started discussions with investment banks about a potential Mumbai initial public offering that could raise up to $400 million, according to people familiar with the matter. The company has invited pitches from banks and is expected to appoint advisers soon. The offering could comprise new shares alongside a sale by existing shareholders, though deliberations remain at an early stage and size, structure and timing could still change. A company representative did not respond to requests for comment. The potential listing would add to strong Indian IPO activity, with 61 listings in September raising about $4.1 billion, including National Stock Exchange of India Ltd.'s roughly $2.4 billion offering, India's second-biggest after Hyundai Motor India Ltd.'s $3.3 billion sale in October 2024. Kotak Alternate Asset Managers Ltd. invested Rs 12 billion in Ace Designers last year to fund a new manufacturing facility and expand its product portfolio and international presence. Founded in 1979 as a design consulting firm, Ace Designers now makes CNC turning and machining centers and reported annual revenue of more than Rs 28 billion for the fiscal year ended March 2026.

EverBrands India Ltd has filed a Draft Red Herring Prospectus with Sebi for a Rs 600 crore initial public offering comprising entirely a fresh issue of equity shares. The company plans to use Rs 125 crore to repay or prepay borrowings of its wholly owned subsidiary Culinary Brands India, Rs 326.85 crore to set up new Subway stores under the company-owned-company-operated format, and the balance for general corporate purposes. Formerly Culinary Brands Pvt Ltd, EverBrands is a multi-brand food and beverages platform comprising Subway, Lavazza, Dilmah and its own Fresh & Honest brand, and holds master franchisee rights for Subway restaurants across India, Sri Lanka and Bangladesh. As of March 31, 2026, it had 1,008 Subway stores in India, including 678 COCO stores and 33 franchise-owned-franchise-operated outlets, plus 8 FOFO stores in Sri Lanka. Its QSR revenue rose to Rs 693.09 crore in FY26 from Rs 480.38 crore in FY25 and Rs 355.31 crore in FY24, while beverages revenue rose to Rs 240.57 crore from Rs 206.36 crore and Rs 172.16 crore. Motilal Oswal Investment Advisors, ICICI Securities and Nuvama Wealth Management are book-running lead managers.

Five recent Indian IPOs have delivered more than 100% returns from issue prices. ESDS Software Solution, issued at Rs 429, trades around Rs 1,586.35 for a 270% gain after listing on 4 September at over 76% premium and hitting the upper circuit. IndoMIM, issued at Rs 485, trades at Rs 1,288.40 for a 166% gain after listing on 30 July at nearly 45% premium. Technocraft Ventures, issued at Rs 212, trades at Rs 492.35 for a 132% gain after debuting on 14 August at over 34% premium. Milky Mist Dairy Food, issued at Rs 140, trades around Rs 318 for a 127% gain after listing on 18 August nearly 18% higher. Xtranet Technologies, issued at Rs 127, trades at Rs 285 for a 124% gain after debuting on 30 July about 7% higher. Recent trading was mixed, with ESDS locked in 5% lower circuits and Xtranet and Milky Mist in the red, while Technocraft and IndoMIM traded higher. Analyst Arun Kejriwal cautioned some gains appear driven beyond fundamentals, citing IndoMIM's differentiated extrusion model, Milky Mist's 97.5% milk revenue mix, ESDS's Australian data-centre and GPU deal, Technocraft's small-cap operator-like moves, and Xtranet's stretched valuation.

Surat-based J B Ecotex Limited has filed its Draft Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of up to Rs 400 crore with face value of Rs 5 per share and an offer-for-sale of up to 12,950,000 equity shares by nine promoter selling shareholders. The company may, with its book-running lead managers, undertake a pre-IPO placement of up to Rs 80 crore, which would be deducted from the fresh issue size. Of the fresh proceeds, Rs 320 crore is earmarked for repayment or pre-payment of certain borrowings of the company and its material subsidiary, with the balance for general corporate purposes. The book-built offer allocates not more than 50% to Qualified Institutional Buyers and not less than 15% and 35% to non-institutional and retail bidders, respectively. Incorporated in 2012, the PET recycler was India's second-largest by installed capacity at 180,360 tonnes as of August 31, 2026. Revenue rose to Rs 827.6 crore in FY26 from Rs 527.3 crore in FY24, while net profit was Rs 22.4 crore versus Rs 21.1 crore. Motilal Oswal Investment Advisors and JM Financial are BRLMs, with proposed listing on NSE and BSE.

On September 28, Tata Trusts proposed merging wholly owned Tata Electronics Systems Solutions (TESS) and Tata Consulting Engineers (TCE) into Tata Sons to move the holding company outside RBI's non-banking financial company and core investment company definitions and remove its upper-layer listing requirement, subject to Tata Sons board and RBI approval. Adviser Farokh N Subedar said the two were chosen for turnover and operating assets without adding outside shareholders. On a pro forma FY26 basis, Tata Sons would have operating revenue of Rs 1,05,043 crore, or 64.3% of total income, while investments in group firms would be Rs 1,77,120 crore of Rs 2,00,158 crore net assets, about 88.5%, below the 90% CIC threshold. TESS, the former Wistron Narasapura iPhone plant acquired in 2023 for a reported $125-130 million, reported FY26 standalone revenue of Rs 67,542 crore and consolidated revenue of Rs 1,26,896 crore, including 60%-owned Tata Electronics Products and Solutions at Rs 59,432 crore, with Rs 38,776 crore in assets. TCE, consultant on the Ram Mandir complex, Mumbai-Ahmedabad bullet train and Dholera plant, reported FY26 consolidated income of Rs 2,885 crore and profit after tax of Rs 155 crore.

ICICI Prudential AMC chief investment officer Sankaran Naren said at the Moneycontrol Startup Conclave 2026 in Bangalore on September 25 that India's IPO market has shifted from limited seasonal windows to being open almost year-round. He compared the earlier market to Kedarnath and Badrinath, which have limited seasonal access, and the current market to Tirupati, which welcomes pilgrims through the year, amid a sustained pipeline including startups and new-age businesses. Naren said investment bankers frequently ask fund managers to support IPOs, but he is investing public money and cannot back issues like a promoter or banker. He said wider IPO availability does not mean every company deserves institutional backing. Startups must keep evolving after listing, citing food delivery companies expanding into quick commerce to enlarge their total addressable market. He said funds cannot afford to overlook new-age companies but must assess fundamentals rather than follow market attention. He also flagged cyclical corporate governance in India and said good governance will be rewarded in the long run.

The proposed IPO of Solar Energy Corporation of India is likely to slip to FY28 from the planned FY27, though Cabinet approval is expected in the current fiscal, government officials told Moneycontrol. The delay reflects the ongoing financial valuation exercise, with the Department of Public Enterprises working with SBI Capital and other agencies. Once completed, the proposal will move through remaining government approvals before Cabinet consideration, followed by regulatory and preparatory processes subject to market conditions. SECI, a central public sector enterprise under the Ministry of New and Renewable Energy and a designated implementing agency, conducts competitive bidding and acts as intermediary procurer between developers and buyers. In FY25, it awarded 73.8 GW of renewable capacity, tendered 9.4 GW and awarded 8.4 GW, plus 1.125 GW of energy-storage capacity. It signed power sale agreements for 7.925 GW, taking cumulative PSAs to 59.823 GW, and traded 50,873 million units of renewable power. Granted Navratna status in August 2024, SECI reported standalone revenue from operations of Rs 15,185.10 crore and profit after tax of Rs 501.92 crore in FY25.

Royal Chain, a Mumbai-based B2B jewellery manufacturer, filed a draft red herring prospectus with SEBI on September 28 to raise Rs 1,000 crore through an initial public offering. The offer comprises a fresh issue of Rs 850 crore and an offer for sale of up to Rs 150 crore by promoters. The company plans to use Rs 650 crore from net fresh proceeds to repay debt against standalone outstanding borrowings of Rs 820.4 crore, with the balance for general corporate purposes. Royal Chain is a vertically integrated, technology-driven original design manufacturer of gold chains and jewellery with annual installed capacity of 12,000 kg, supplying organised retailers including Titan Company, Kalyan Jewellers India, P N Gadgil Jewellers, Senco Gold and others. A TKC report pegs India's jewellery market at about Rs 7,77,840 crore in fiscal 2026, seen rising to about Rs 15,47,970 crore by fiscal 2031. Profit nearly tripled to Rs 173.3 crore in FY26 from Rs 63.3 crore, while revenue grew 30.8 percent to Rs 4,732.5 crore from Rs 3,617.2 crore. JM Financial and 360 ONE WAM are managing the IPO.

Four SME book-built IPOs opening on September 29, 2026 aim to raise about Rs 158 crore. Black Opal Consultants, the largest at Rs 55.08 crore with a fresh issue of 22.38 lakh shares worth Rs 44.09 crore plus an OFS of 5.58 lakh shares worth Rs 10.99 crore, has a price band of Rs 185-Rs 197 and lot size of 600 shares, with retail minimum of 1,200 shares for Rs 2,36,400; it closes October 1, with allotment on October 5 and BSE SME listing on October 7. EverestIMS Technologies Rs 48.46 crore issue has a band of Rs 80-Rs 85, lot of 1,600 shares and retail minimum of 3,200 shares for Rs 2,72,000; it stays open until October 5, with allotment on October 6 and listing on October 8. Vans Electroengineerings Rs 33.98 crore fully fresh issue of 28.80 lakh shares has a band of Rs 112-Rs 118, lot of 1,200 shares and retail minimum of 2,400 shares for Rs 2,83,200. Papadmalji Agro Foods Rs 20.18 crore issue has a band of Rs 69-Rs 72, lot of 1,600 shares and retail minimum of 3,200 shares for Rs 2,30,400; both close October 1 with allotment October 5.

Varmora Granito is set to list on the BSE and NSE on September 29, 2026, with grey market premium at zero, signalling a flat debut around the Rs 140-148 issue price. The Rs 708.02 crore IPO comprised a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale of 2.62 crore shares worth Rs 388.02 crore. It was open September 22-24, 2026, and subscribed 1.58 times overall, with QIB at 3.16 times, retail at 1.00 times and NII at 0.92 times. Allotment was finalised September 25. Lot size was 101 shares, requiring Rs 14,948 at the upper band. Net proceeds include Rs 245 crore for repayment or pre-payment of borrowings of the company and subsidiaries Covertek Ceramica, Varmora Sanitarywares and Simola Tiles LLP, plus general corporate purposes. FY26 total income rose 5% to Rs 1,563 crore from Rs 1,493 crore, while PAT rose 79% to Rs 55 crore from Rs 31 crore.

Himalaya Nutravedics and Anand Seamless are set to list on the BSE SME platform on September 29 after raising a combined Rs 52.02 crore via entirely fresh issues. Himalaya Nutravedics raised Rs 26.50 crore through 25 lakh shares, subscribed 2.33 times overall, with individual investors at 2.56 times, NIIs at 3.58 times and QIBs at 1.00 time. It priced shares at Rs 100 to Rs 106 with a 1,200-share lot. It plans to use Rs 13.75 crore for working capital and Rs 7.50 crore for business development and digital marketing, with the balance for general corporate purposes. Anand Seamless raised Rs 25.52 crore through 35.44 lakh shares at Rs 72 per share with a 1,600-share lot, subscribed 1.47 times, with retail at 0.98 times and NII at 1.96 times. It earmarked Rs 13.20 crore for capacity expansion and Gujarat facility upgrades, Rs 5.49 crore for debt repayment, Rs 3.70 crore for general corporate purposes and Rs 3.13 crore for issue expenses.

Acko founder and CEO Varun Dua said the Bengaluru-based insurtech waited one to two years to gain visibility into its growth trajectory before preparing for an initial public offering, stressing need for scale and predictability before listing. Moneycontrol had earlier reported Acko is expected to file its draft red herring prospectus with SEBI in coming months, targeting a valuation of $2-2.5 billion or approximately Rs 18,800 to Rs 23,500 crores through a mix of fresh issue and offer for sale by existing investors. Dua said governance, clear strategy communication and investor trust will be critical, noting Acko has been regulated from Day 1 as an underwriting entity and has not had a single month without audit in nine years. Acko appointed its first independent director almost three years ago and has ring-fenced a six-seven member CXO and CFO team for the IPO to avoid distracting operations. Founded in 2016 in direct-to-consumer auto insurance, Acko entered retail health insurance in March 2023 and acquired Parentlane. Dua also called for simplifying insurance to 3-4 core products and avoiding over-packaging such as ULIPs.

Abakkus Asset Manager Ltd., led by Sunil Singhania, has filed its draft red herring prospectus with SEBI for a proposed IPO comprising an offer for sale of 15 million equity shares of Rs 2 face value, with proceeds to go to selling shareholders. The DRHP discloses Madhuri Madhusudan Kela holds 8.99% of total capital contribution in promoter and holding entity Abakkus Expert Professionals LLP under an LLP amendment agreement dated September 11, 2026. The issue proposes 50% for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors, plus an employee reservation. Revenue rose to Rs 796 crore in FY26 from Rs 707 crore in FY25 and Rs 479 crore in FY24, while profit after tax rose to Rs 327 crore from Rs 258 crore and Rs 205 crore. The platform spans Category III AIFs and PMS, offshore advisory and Aryabhata UCITS fund, Category I and II AIFs and mutual funds. ICRA cited 18.39% CAGR in non-mutual fund QAAUM over FY24-FY26, and fourth rank in discretionary equity PMS with Rs 185,381.40 million AUM and 5.25% share as of March 31, 2026.

Papadmalji Agro Foods will open its SME initial public offering for public subscription on September 29 and close on October 1, with listing proposed on NSE Emerge on October 7. The price band is fixed at Rs69-72 per share with face value of Rs10 each. The total issue size is Rs20.18 crore comprising 28,03,200 shares, of which 18,40,000 shares are offered to the public. MAS Services Ltd is the registrar to the issue. The company plans to use proceeds to establish a new manufacturing unit at Bachhasar, Rajasthan to expand capacity. It also intends to expand its geographical network beyond its current presence across 21 states and three Union Territories into under-penetrated markets. The announcement outlines key dates, pricing, issue size and listing plan for prospective investors evaluating the SME offer. The article does not disclose lot size, reservation details, or use-of-proceeds break-up beyond the capacity expansion plan.

Around eight mainboard IPOs were open on September 28, 2026, with Moneyview and A-One Steels India closing for bidding that day and Runwal Enterprises, German Green Steel & Power, Orient Cables (India) and Acevector closing around September 29-30. Moneyview was subscribed 6.22 times by Day 2, with NIIs at 16.08 times, retail at 5.41 times and QIBs at 0.26 times, commanding a Rs 14 premium implying Rs 48 listing versus Rs 34 issue price. A-One Steels was subscribed 1.43 times, with a Rs 56 premium implying Rs 461 versus Rs 405. Runwal was subscribed 0.44 times, with a Rs 14 premium implying Rs 319 versus Rs 305. German Green was subscribed 1.82 times, with a Rs 29 premium implying Rs 168 versus Rs 139. Orient Cables was subscribed 2.07 times, with a Rs 90 premium implying Rs 362 versus Rs 272. Acevector was subscribed 0.23 times, with a Rs 1 premium implying Rs 33 versus Rs 32.

Three SME IPOs totalling Rs 98.53 crore are scheduled to list on the BSE SME platform on September 28, 2026, after closing subscription on September 23 and finalising allotment on September 24. Robokidz Eduventures' Rs 31.09-crore fresh issue of 29.33 lakh shares, priced at Rs 100-Rs 106 with 1,200-share lots, was subscribed 833.56 times, with NII demand at 1,593 times; it plans Rs 23.46 crore for working capital and Rs 2.20 crore for debt repayment. FX Multitech's Rs 45.24-crore issue, comprising a Rs 41.20-crore fresh issue and Rs 4.04-crore OFS priced at Rs 110-Rs 116, was subscribed 17.72 times; it earmarked Rs 10 crore for debt repayment, Rs 6.26 crore for machinery via subsidiary Everestt Chillers, and Rs 14.83 crore for working capital. Vivekanand Cotspin's Rs 22.20-crore fresh issue of 60 lakh shares priced at Rs 32-Rs 37 was subscribed 1.79 times; it allocated Rs 5.27 crore for plant and machinery and Rs 11 crore for working capital.

Nine companies filed IPO papers with Sebi between September 21 and September 26 to raise funds for business expansion, working capital, debt repayment and general corporate purposes. Trans ACNR Solutions used the confidential pre-filing route for a main-board IPO, so its offer size, structure, financial performance, valuation and timeline were not disclosed. The other eight filed public draft red herring prospectuses. Maharashtra Oil Extractions proposed a fresh issue of up to Rs 370 crore plus an OFS of up to 2.14 crore shares. Jagatjit Agri Engineering, Jai Parvati Forge and Koolking Industries India each proposed fresh issues of up to Rs 300 crore with OFS components of 31 lakh, 90 lakh and 30.50 lakh shares respectively. Sai Infinium proposed Rs 280 crore fresh plus 1.20 crore shares OFS. SG Encon proposed 71.90 lakh fresh shares plus 13.71 lakh shares OFS. Mount Everest Breweries proposed 1.15 crore fresh shares, while Ultravibrant Integrated Energy proposed 1.20 crore fresh shares plus 25 lakh shares OFS. Separately, 11 more companies including JSW One Platforms and Anmol Industries also filed draft papers.

Unlisted Arena data for 2026 shows a sharply divergent unlisted-share market. Metropolitan Stock Exchange of India led gains, with its indicative price rising from Rs 3.25 on January 1 to Rs 7.30 currently, up around 124.6% or Rs 4.05. Other gainers were Goodluck Defence & Aerospace to Rs 425 from Rs 350, up 21.4%; PPFAS to Rs 19,400 from Rs 16,400, up 18.3%; API Holdings, parent of PharmEasy, to Rs 7 from Rs 6.05, up 15.7% after falling to Rs 4.95 around August 12; and Prisma Global AI to Rs 8,500 from Rs 7,500, up 13.3%. Zepto fell sharpest, from Rs 58 on January 12 to Rs 30, down 48.3%. Decliners also included NCDEX to Rs 380 from Rs 455, down 16.5% after touching Rs 355 around June 24; OYO to Rs 23.50 from Rs 26.85, down 12.5%; GFCL EV Products to Rs 40.50 from Rs 45, down 10%; and Garuda Aerospace to Rs 439 from Rs 465 since April 14, down 5.6%. Unlisted Arena attributed interest to defence, AI and exchanges, but called pricing selective. NSE, which debuted September 24 after its Rs 22,561.57 crore IPO, was among the most-traded unlisted names in 2026.

Ankita Pathak, Head – Global Investments at Ionic Asset, said Indian residents can invest in US securities under FEMA and the RBI's Liberalised Remittance Scheme, which allows remittances up to US$250,000 per financial year, but direct access to US IPOs such as Anthropic is constrained because allocations skew toward institutions and retail tranches are often restricted by residence. She said postponing an IPO is common and not alone a red flag, citing valuation gaps, weak anchor demand, changed listing rationale or market conditions, and noted Anthropic can keep raising private capital while AI safety scrutiny and quarterly disclosure risks affect timing, a view echoed by OpenAI's reported deferral. She said AI valuations embed medium-to-long-term growth and vary by layer — hardware on order books, cloud on utilisation, software on market expansion versus pricing pressure. She advised judging winners on retained economics, margins, retention and moats, and cautioned that high-profile IPOs like SpaceX trade on scarcity, thin floats and staggered lockups, favouring waiting for wider float and earnings history.

Cars24 expects to be eligible to file its draft red herring prospectus by April after completing its reverse flip from Singapore, where it was incorporated in 2015, to India, CFO Shivanshu Makkar told PTI. He said the company has received approval from Singapore and is filing in India, a process taking six to nine months, after which it can file the DRHP, followed by three to four months for SEBI approvals, pricing and book-building. Its last funding round was in 2022 at a USD 3.3 billion post-money valuation, with no fresh capital raised since as it retains sufficient capital and is not burning cash. Makkar said the IPO would mainly create a war chest to go deeper into India and expand to new geographies, provide liquidity to shareholders and employees, and add a governance stamp. He cited headroom with five of 100 Indians owning a car, plans to expand retail from 25 cities to potentially 200 cities and about 50,000 cars, around 7% used-car share in the UAE growing nearly 30%, and presence in three cities in Australia.

India's busiest IPO week will see 20 issues open for subscription seeking a combined Rs 1,292 crore. Four mainboard IPOs plan to raise Rs 595 crore, while 16 SME IPOs target about Rs 697.20 crore. SRIT India, the largest mainboard offer, seeks Rs 218 crore via a fresh issue of 1.68 crore shares from September 28-30 at Rs 123-130 with a 115-share lot, or Rs 14,950 minimum. The IT services firm reported FY26 income of Rs 462.54 crore and PAT of Rs 43.29 crore. Vishal Nirmiti's Rs 178 crore IPO, with Rs 145 crore fresh issue and Rs 33 crore OFS, opens September 30-October 5 at Rs 208-220 with a 68-share lot, targeting BSE-NSE listing around October 8; FY26 income was Rs 344 crore with PAT of Rs 25 crore. Nityas Gems & Jewellery's Rs 108 crore fresh issue opens September 30-October 5 at Rs 70-75 with a 200-share lot. Shah Investor's Home's Rs 90.17 crore fresh issue of 53.99 lakh shares opens September 28-30 at Rs 159-167 with an 85-share lot; FY26 income fell 23% to Rs 72.40 crore and PAT fell 44% to Rs 13.11 crore.

J Infratech Ltd has filed a draft red herring prospectus with Sebi for an initial public offering comprising a fresh issue of shares worth Rs600 crore and an offer for sale of 1 crore equity shares by promoters. The Haryana-based integrated infrastructure engineering, procurement and construction company may also consider a pre-IPO placement of up to Rs120 crore, and the fresh issue size will be reduced accordingly if completed. Proceeds from the fresh issue will primarily be used to meet working capital requirements, repay or pre-pay certain borrowings and for general corporate purposes. The company focuses on roads, highways and bridges, including large-scale projects with specialised structures across India. It commenced operations in 2005 through partnership firm Jandu Construction Co, converted into J Infratech in 2019. As of July 31, 2026, it had completed 35 projects and was executing 46 projects across 16 states and three Union Territories. The shares are proposed to be listed on BSE and NSE, with Systematix Corporate Services as book-running lead manager and KFin Technologies as registrar.

Vishal Nirmiti Ltd, a civil engineering, manufacturing and construction company, has fixed a price band of Rs 208-220 per equity share for its initial public offering opening for subscription on September 30 and closing on October 5. At the upper end of the band, the total issue size stands at Rs 178 crore, comprising a fresh issue of up to 69.71 lakh equity shares aggregating to Rs 145 crore and an offer for sale of 15 lakh shares worth Rs 33 crore. Proceeds from the fresh issue are proposed to be utilised for funding working capital requirements, loan repayments and general corporate purposes. The company manufactures and deals in pre-stressed concrete sleepers for railways, pre-cast and pre-stressed concrete products, and fabricates mild steel pipes, MS liner and pre-stressed pipes for pumped storage projects. It also provides engineering, procurement, infrastructure and construction services for railway infrastructure and civil engineering, irrigation and infrastructure projects. The equity shares are proposed to be listed on the BSE and NSE.

Baanganga Gold & Diamond (I) has filed its Draft Red Herring Prospectus with Sebi for an IPO of up to Rs 720 crore, comprising a fresh issue of up to Rs 540 crore and an offer for sale of up to Rs 180 crore by promoters Navratanmal Jeetmal Ganna for up to Rs 120 crore and Jinesh Navratanmal Ganna for up to Rs 60 crore. The company will use Rs 405 crore of net fresh proceeds for working capital requirements across Fiscal 2027, Fiscal 2028 and Fiscal 2029 and the balance for general corporate purposes, and will receive no proceeds from the offer for sale. The organised, fully integrated business-to-business gold and diamond jewellery manufacturer supplies corporate retail chains, wholesalers and distributors. As of July 31, 2026, it had more than 500,000 designs, 579 customers across 18 states and four union territories, and exports to seven countries with more than 25 international clients. It operates three Mumbai facilities totalling 23,994 sq ft with installed capacity of 7,500 kg per annum, utilised at 48.39% as of March 31, 2026. CareEdge pegs its Fiscal 2026 wholesale market share at about 1.9%. DAM Capital Advisors Ltd. is the sole book running lead manager and KFin Technologies Ltd. is the registrar.

Solar engineering, procurement and construction company Deon Energy has filed a Draft Red Herring Prospectus with Sebi for an initial public offering. The Ahmedabad-based company's IPO comprises a fresh issue of up to 72 lakh equity shares and an offer for sale of up to 20 lakh shares by promoters. It plans to use Rs 95.80 crore from fresh issue proceeds to set up a 30 MW DC independent power production plant across six sites in Gujarat's Junagadh, Surendranagar and Kachchh districts, marking entry into solar power generation alongside its EPC business. It will allocate Rs 75 crore to working capital, with the balance for general corporate purposes. Since starting as a partnership firm in 2020, Deon Energy has executed 126 solar projects totalling 321.53 MW DC as of August 31, 2026, with an outstanding EPC order book of Rs 527.43 crore across 34 projects. Revenue rose to Rs 456.28 crore in FY26 from Rs 298.54 crore in FY25, while profit after tax rose to Rs 46.06 crore from Rs 26.41 crore. Shares are proposed to be listed on the BSE and NSE, with Valmiki Leela Capital as book-running lead manager.

Prestige Estates Projects Ltd has withdrawn the draft red herring prospectus filed by its subsidiary Prestige Hospitality Ventures Ltd (PHVL) for a proposed initial public offering of up to Rs 2,700 crore. In a regulatory filing on Friday, the company said its board decided to withdraw the DRHP, originally filed with the Securities and Exchange Board of India in April last year, citing strategic considerations and uncertain market conditions. PHVL may file a fresh DRHP in the future subject to suitable market conditions, requisite approvals and other considerations. The withdrawal follows a binding framework agreement in August this year under which CPP Investment Board Pvt Holdings Inc (CPPIB) proposed to invest up to Rs 3,000 crore in PHVL in multiple tranches. Bengaluru-based Prestige Estates, a leading developer of homes, offices, malls and hotels across major cities, had planned the hospitality listing to raise capital for its hotel business.

JSW One Platforms has filed its draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering of up to Rs 3,054 crore. The proposed IPO comprises a fresh issue of equity shares worth Rs 1,300 crore and an offer for sale of shares worth up to Rs 1,754 crore by existing shareholders. Under the offer for sale, JSW Steel will sell shares worth up to Rs 811 crore, JSW Cement will sell shares worth up to Rs 123 crore, and existing investor Mitsui & Co will sell shares worth up to Rs 820.01 crore, according to the filing. The filing was reported from Bengaluru and positions the JSW Group platform for a public listing, with proceeds structure split between primary capital raising and secondary stake sales by promoters and an investor.

Anmol Industries has filed draft papers for an initial public offering worth up to Rs 18 billion ($187.87 million), according to Friday filings. The offering is entirely an offer for sale by the Baijnath Choudhary & Family Trust, which holds roughly 84% stake as top investor; the company will not issue new shares or receive proceeds. Founded in 1994 and based in Kolkata, Anmol sells biscuits, cookies and cakes through 70 brands and exports to 31 countries. For the year ended March 31, net profit jumped five-fold to Rs 1.91 billion while revenue rose 28% to about Rs 21 billion. The company competes with listed rivals Britannia, ITC and Mrs Bectors Food Specialities. The filing comes as Indian primary market activity picks up after a muted first half. Anmol had previously attempted a Rs 7.5 billion IPO in 2018 and received regulatory approval but did not proceed. Intensive Fiscal Services, ICICI Securities and IIFL Capital Services are managing the offering.

Anjali LabTech Ltd has filed updated draft papers with Sebi to raise Rs 1,225 crore through an Initial Public Offering, after receiving the regulator's go-ahead in February following a confidential filing. The proposed IPO comprises a fresh issue of shares worth Rs 925 crore and an offer for sale of Rs 300 crore by promoters. The company may consider a pre-IPO placement of up to Rs 185 crore, which would reduce the fresh issue size. Proceeds from the fresh issue are planned for capital expenditure for manufacturing and captive installation of MPCVD machines for in-house growing of rough lab-grown diamonds, construction and development of Anjali Corporate House at Moje Kosmada in Surat, Gujarat, debt repayment, and general corporate purposes. Incorporated in 2021, the Surat-based company is a vertically integrated player across the lab-grown diamond value chain with seven manufacturing facilities in Surat. IIFL Capital Services Ltd and Axis Capital Ltd are the book-running lead managers.

Kian-M Export Ltd has filed a Draft Red Herring Prospectus with Sebi on Thursday for an initial public offering comprising a fresh issue of shares worth Rs 500 crore and an offer for sale of up to 15 lakh equity shares. Proceeds from the fresh issue will fund working capital requirements, acquisition of a 35.29 per cent stake in Ultra Denim Ltd, purchase of machinery and equipment, and capital expenditure in its material subsidiary Usha Cotton Ltd, besides general corporate purposes. The Rajkot-based company manufactures and exports processed fabrics by converting grey fabric through preparation, dyeing or printing and finishing, selling to wholesalers, garment makers and brands. It operates two manufacturing facilities in Rajkot, Gujarat, one held directly and one through Usha Cotton Ltd. For FY ended March 31, 2026, it reported revenue of Rs 383.01 crore and profit after tax of Rs 42.19 crore, with exports at 52.43 per cent and domestic sales at 47.57 per cent. Mirae Asset Capital Markets (India) Pvt Ltd is the book running lead manager and MUFG Intime India is the registrar.

Dove Soft's BSE SME initial public offering will open for subscription on September 30 and close on October 5, with listing proposed on October 8. The price band is fixed at Rs 104-111 per share with a face value of Rs 10 per equity share. The company aims to raise Rs 73.26 crore through a fresh issue of 53.28 lakh shares and an offer for sale of 12.72 lakh shares. Swastika Investmart is the book-running lead manager, while Purva Sharegistry (India) Pvt Ltd is the registrar to the issue. Incorporated in 2011, Dove Soft is an integrated cloud communications solutions provider in India, operating as a Communications Platform as a Service provider. It serves enterprises and over-the-top platforms with transactional SMS, WhatsApp messaging solutions, voice services, automated voice calls, email communication and other digital products. The announcement outlines the subscription timetable, issue size, intermediaries and business profile for prospective investors.

Runwal Enterprises' Rs 500 crore fresh-issue IPO opened on September 25 and will close on September 29 with a price band of Rs 290-305 per share. As of 1:45 pm on Day 1, the issue was subscribed 21% overall, with bids for 25,51,038 shares against 1,21,11,294 shares on offer, according to NSE data. Qualified institutional buyers led at 48% subscription, followed by retail at 12% and non-institutional investors at 8%. Shares commanded a grey market premium of around 2.5%, or about Rs 7 per share. Ahead of opening, the company raised Rs 148.9 crore from nine anchor investors at Rs 305 per share for 48.83 lakh shares, led by Tata Mutual Fund with Rs 40 crore. The company plans to use Rs 325 crore of proceeds to repay borrowings of itself and subsidiaries Runwal Residency and Evie Real Estate, with the balance for project acquisitions and general corporate purposes. ICICI Securities and Jefferies India are book-running lead managers.

Integrum Energy Infrastructure has filed a draft red herring prospectus with SEBI for an initial public offering comprising a fresh issue of 1.58 crore equity shares and an offer for sale of 82.42 lakh shares by promoters and existing shareholders, totalling 2.41 crore shares. Proceeds from the fresh issue are proposed to fund working capital requirements, investment in subsidiary Integrum Green Assets Pvt Ltd for procurement of wind turbine generators and associated equipment, and repayment or prepayment of borrowings. The company also plans a strategic investment to acquire a controlling interest in Stactiv Energy Services Pvt Ltd, besides general corporate purposes. The filing follows an earlier 2025 plan to list on the BSE SME platform via a fresh issue of up to 49.50 lakh shares and an OFS of up to 5.40 lakh shares, which did not proceed. The company serves commercial and industrial customers across hybrid, wind and solar projects, with 263.19 MW commissioned as of August 31, 2026 and an order book of 241 MW. Mefcom Capital Markets, Centrum Broking and Beeline Capital Advisors are book-running lead managers.

Air IQ, a Siliguri, West Bengal-based B2B travel technology and distribution company, has confidentially filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering to raise around Rs 1,000 crore, according to sources familiar with the matter. The filing was reportedly made yesterday. The proposed offering comprises a mix of fresh issue and offer for sale, with around 60 percent structured as an OFS and the remainder as fresh issue. Promoters and promoter family members will sell part of their shareholding through the OFS. Pantomath Capital Advisors is the sole book running lead manager for the issue. Air IQ connects airlines, hotels, travel agencies and technology partners through one integrated ecosystem, enabling search, booking, ticketing and post-booking operations from a connected environment. The filing comes amid a strong IPO market, with more than 80 mainboard issues this calendar year cumulatively raising nearly Rs 1.10 lakh crore, marking the third consecutive calendar year IPO fundraising has crossed Rs 1 lakh crore.

KKR-backed PMI Electro Mobility Solutions has confidentially filed draft papers for an initial public offering in Mumbai, as disclosed in a newspaper advertisement on Friday. Founded in 2017, the company is an electric commercial vehicle manufacturer operating a fleet of 3,300 e-buses across 34 cities in India. US private equity firm KKR invested around $310 million earlier this year in PMI Electro Mobility Solutions and its e-bus platform Allfleet India. The company competes with listed rivals Olectra Greentech, JBM Auto and Tata Motors in India. Under India's confidential filing process, companies can submit draft IPO documents to the market regulator without making them public, allowing them to shield sensitive financial and business information while seeking regulatory feedback. Offer size, valuation, timeline and financial details were not disclosed in the reported material.

ArMee Infotech's Rs 300-crore book-built IPO, comprising an entirely fresh issue of 80 lakh shares with no offer-for-sale, entered its final bidding day on September 25, 2026, with listing tentatively scheduled on NSE and BSE on September 30 and allotment on September 28. The price band is Rs 350 to Rs 375 per share with a 40-share lot, requiring Rs 15,000 at the upper end. By end of Day 2, the issue was subscribed 1.17 times for 74.30 lakh shares on offer, with Retail Individual Investors at 1.35 times for 45 lakh shares, Non-Institutional Investors at 86% for 19.28 lakh shares and Qualified Institutional Buyers at 94% for 10.01 lakh shares, while grey market premium was around 5%. Proceeds will fund Rs 155 crore for new government and PSU projects, Rs 60 crore for working capital, Rs 6.50 crore for borrowings repayment and balance for general corporate purposes. Anand Rathi Research rated it Subscribe-Long Term, pegging valuation at 26.2 times FY26 P/E and 17.83 times EV/EBITDA with Rs 11,899 million market capitalisation. FY26 total income rose about 7% to Rs 1,410 crore from Rs 1,316 crore and PAT rose about 9% to Rs 45 crore from Rs 42 crore.

Ekkaa Electronics (India) has filed its draft red herring prospectus with SEBI on September 24 for a Rs 725 crore maiden IPO, comprising a Rs 525 crore fresh issue and a Rs 200 crore offer-for-sale by promoters Chandra Prakash Gupta and Madhuri Gupta. The company may undertake a Rs 105 crore pre-IPO placement, which would reduce the fresh issue size accordingly. Backed by Sunil Singhania's Abakkus Four2eight Opportunities Fund with 6.5% and Mukul Mahavir Agrawal with 2.7%, who invested via private placements in July 2026 and September 2025, the Noida-based firm is an integrated ODM and OEM for LED televisions, semi-automatic washing machines, air coolers, speakers and cooktops. It reported installed capacities of 28.21 lakh LED TV units, 3.3 lakh washing machine units and other appliances. It plans to use Rs 225 crore of net proceeds to repay debt against Rs 396.1 crore borrowings as of June 2026, Rs 150 crore for working capital and the balance for general corporate purposes. For FY26, it reported consolidated profit of Rs 65.3 crore on revenue of Rs 1,221.7 crore. Motilal Oswal Investment Advisors and Shannon Advisors are book running lead managers.

JSW Group-backed B2B commerce player JSW One Platforms filed a draft red herring prospectus with SEBI on September 24 to raise Rs 3,054 crore via IPO. The offer comprises a Rs 1,300 crore fresh issue and a Rs 1,754 crore offer for sale. Promoters JSW Steel and JSW Cement will sell shares worth Rs 811 crore and Rs 123 crore, respectively, while investor Mitsui & Co will sell Rs 820 crore. The company may raise up to Rs 260 crore via pre-IPO placement, which would reduce the fresh issue size. Promoters held 81.52 percent, while Mitsui held 7.01 percent. From net fresh proceeds, Rs 125 crore will fund marketing by subsidiary JSW One Distribution, Rs 500 crore will augment capital of JSW One Finance, and Rs 350 crore will fund technology and platform development, with the balance for general corporate purposes. For Q1 ended June 2026, profit was Rs 14.2 crore on Rs 1,642.4 crore revenue. For FY26, loss narrowed to Rs 106.4 crore from Rs 217 crore, while revenue rose 45 percent to Rs 5,743.4 crore from Rs 3,962.8 crore.

Axiom Gas Engineering Ltd.'s Rs 50.75 crore SME IPO is scheduled to list on the NSE SME platform on September 25, 2026, after closing with overall subscription of 1.39 times. The entirely fresh issue of 93.98 lakh shares was open September 18-22 at a price band of Rs 51-Rs 54 per share with a lot size of 2,000 shares; retail investors had to apply for a minimum 4,000 shares, or Rs 2.16 lakh at the upper band. Subscription comprised 1.86 times from individual investors, 1.10 times from qualified institutional buyers and 0.98 times from non-institutional investors. The company plans to use Rs 27.60 crore for capital expenditure and Rs 9.12 crore for prepayment or repayment of borrowings, with the balance for general corporate purposes, totalling Rs 36.72 crore across stated objects. For FY26, total income rose 12% to Rs 101 crore from Rs 90 crore in FY25, while profit after tax rose 22% to Rs 9 crore from Rs 8 crore. The company provides Auto LPG, CNG and LNG engineering solutions and operates over 20 Auto LPG Dispensing Stations under the PRIMEFUEL brand across Telangana, Karnataka and Maharashtra.

The Rs 708-crore Varmora Granito IPO, open from September 22 to September 24, 2026, with a price band of Rs 140-148 per share and lot size of 101 shares, was subscribed 1.58 times, with bids for 5,34,85,762 shares against 3,39,02,899 shares on offer. Qualified Institutional Buyers subscribed 3.16 times the 93.65 lakh shares on offer, Retail Individual Investors bid for 1,70,92,634 shares against 1,71,76,172 shares reserved, and Non-Institutional Investors subscribed 92% of 73.61 lakh shares. The book-built issue comprises a fresh issue of 2.16 crore shares worth Rs 320 crore and an offer for sale of 2.62 crore shares worth Rs 388.02 crore. Basis of allotment is likely on September 24, checkable via Kfin Technologies, NSE and BSE, with listing tentatively on September 29 on BSE and NSE. Grey market premium was flat, indicating a potentially muted debut. The company earmarked Rs 245 crore from net proceeds for repayment or pre-payment of borrowings of itself, Covertek Ceramica Pvt. Ltd., Varmora Sanitarywares Pvt. Ltd. and Simola Tiles LLP, plus general corporate purposes.

Five SME IPOs open September 25-29, with allotment on September 30 and tentative listing on October 5, 2026, collectively targeting Rs 177.16 crore. Shree TNB Polymers offers Rs 31.20 crore fresh issue of 60 lakh shares at Rs 47-52, lot 2,000 shares, retail minimum 4,000 shares (Rs 2.08 lakh), listing BSE SME. Dudani Retail offers Rs 10.54 crore fixed-price fresh issue of 36.36 lakh shares at Rs 29, lot 4,000 shares, retail minimum 8,000 shares (Rs 2.32 lakh), listing BSE SME. Sai Urja Indo Ventures offers Rs 24.95 crore (Rs 20.67 crore fresh + Rs 4.28 crore OFS) at Rs 107-113, lot 1,200 shares, retail minimum 2,400 shares (Rs 2.71 lakh), listing BSE SME. Himalayan Solar, largest at Rs 68.03 crore (Rs 60.68 crore fresh + Rs 7.35 crore OFS) at Rs 98-103, lot 1,200 shares, retail minimum 2,400 shares (Rs 2.47 lakh), listing NSE SME. Bench Mark Infotech Services offers Rs 42.44 crore (Rs 37.40 crore fresh + Rs 5.04 crore OFS) at Rs 104-110, lot 1,200 shares, retail minimum 2,400 shares (Rs 2.64 lakh), listing NSE SME.

Inox Clean Energy is likely to file a draft red herring prospectus with SEBI before the weekend for a Rs 10,000 crore initial public offering, potentially the largest IPO by a private Indian renewable energy company. The INOXGFL Group company's offering will comprise fresh shares and an offer for sale by existing shareholders. The company had made a confidential DRHP filing last December but later withdrew it. The fresh plan follows private fundraising from global and local institutions and capacity expansion through acquisitions in India and overseas over the past year and a half, both organically and via M&A. Inox Clean Energy operates renewable energy generation and solar photovoltaic module and cell manufacturing. Its independent power producer vertical, Inox Neo Energies, operates 5 gigawatts of renewable plants with an additional 11 gigawatts under development. Government-backed NTPC Green Energy had made a similar-sized IPO in November 2024.

Runwal Enterprises raised Rs 148.9 crore from nine institutional investors through its anchor book on September 24, allotting 48.83 lakh shares at the upper end of the price band at Rs 305 per share. Tata Mutual Fund was the largest anchor investor with 13.11 lakh shares for Rs 40 crore, followed by Maybank Securities with 8.19 lakh shares for Rs 25 crore and Authum Investment and Infrastructure with 6.44 lakh shares for Rs 19.6 crore, alongside 360 ONE WAM, Sanshi Fund, Founders Collective Fund, Capri Global Capital, Ashika Global Finance and LRSD Securities. The Subodh Runwal-promoted Mumbai real estate firm will launch its Rs 500-crore IPO, comprising entirely a fresh issue, for public subscription on September 25 at a price band of Rs 290-305 per share, closing on September 29. Of the net proceeds, Rs 325 crore will repay debt of the company and subsidiaries Runwal Residency and Evie Real Estate, with the balance for future project acquisitions and general corporate purposes. As of July 2026, standalone borrowings were Rs 431.4 crore, while Evie Real Estate owed Rs 356.4 crore and Runwal Residency Rs 286.5 crore. As of March 2026, it had 28 ongoing projects covering 19.88 million square feet, 33 upcoming projects covering 56.41 million square feet, and 19 completed projects. ICICI Securities and Jefferies India are managing the issue.

Orient Cables (India) mobilised Rs 165.6 crore from 14 anchor investors on September 24 ahead of its Rs 552-crore initial public offering. The Gurugram-based networking cables and passive networking equipment maker allotted 60.88 lakh shares at Rs 272 per share, the upper end of the Rs 258-272 price band. Of these, 41.17 lakh shares went to eight domestic mutual funds including Nippon Life India, ICICI Prudential AMC, Aditya Birla Sun Life AMC, Motilal Oswal AMC, Invesco, Bandhan Mutual Fund, Sundaram Mutual Fund and Edelweiss. Insurers Aditya Birla Sun Life Insurance and Edelweiss Life Insurance took 4.26 lakh shares worth Rs 11.58 crore, with Goldman Sachs, Ashoka WhiteOak, 360 ONE WAM and Border to Coast Pensions Partnership also participating. The IPO, opening September 25 and closing September 29, comprises a Rs 320 crore fresh issue and Rs 232 crore offer-for-sale by the Nagpal promoter family. From net fresh proceeds, Rs 91.5 crore will fund machinery and civil works and Rs 155.5 crore will repay debt against total borrowings of Rs 258.4 crore as of June 2026. IIFL Capital Services and JM Financial are book running lead managers.

AceVector, parent of Snapdeal, Unicommerce and Stellaro Brands, raised Rs 189 crore on September 24 by allotting 5.9 crore equity shares to 14 anchor investors ahead of its Rs 420-crore initial public offering. The IPO, with a price band of Rs 30-32 per share, opens for public subscription on September 25 and closes on September 29. It comprises a fresh issue worth Rs 287 crore and an offer-for-sale of 4.15 crore shares by existing shareholders including promoter Starfish. Negen Undiscovered Value Fund was the largest anchor investor with 1.24 crore shares for Rs 40 crore at Rs 32 per share, followed by Singularity AMC with 84.37 lakh shares for nearly Rs 27 crore and 360 ONE Asset Management's Turnaround Opportunities Fund with 62.49 lakh shares for Rs 20 crore. Two domestic mutual funds, Helios and Taurus, received 93.74 lakh shares. The Kunal Bahl, Rohit Kumar Bansal and SoftBank-promoted company will use Rs 132 crore for marketing and business promotion, Rs 50 crore for technology infrastructure, and the balance for acquisitions and general corporate purposes. IIFL Capital Services, CLSA India and Systematix are book running lead managers.

Electromech Infraprojects, a Mumbai-headquartered mechanical, electrical and plumbing solutions provider focused on data centres and global capability centres, filed its draft red herring prospectus with SEBI on September 23. The proposed IPO comprises a fresh issue of Rs 326 crore and an offer-for-sale of 18.91 lakh equity shares by the Maniar promoter family and investor AIG Direct LLC. AIG Direct, which holds a 7.04% stake, plans to offload 5.25 lakh shares, while Shreyas Shibulal holds 1.47%. The company undertakes high- and low-voltage electrical and mechanical works, fire protection, and civil and interior fit-outs, with specialised design, execution, testing and commissioning for digital infrastructure. Its ongoing order book stood at Rs 829.72 crore as of March 2026, including Rs 729.46 crore from data centres. Proceeds will fund Rs 100 crore in working capital, Rs 76.47 crore to raise its stake in Jika EPC Services to 60%, Rs 24.15 crore in Sinerco Power Systems, Rs 30 crore in Electromech Global Holdings, and general purposes. It reported FY26 consolidated profit of Rs 36.19 crore on revenue of Rs 427.05 crore. Arihant Capital Markets is sole bookrunner.

Elevate Campuses' IPO, which opened September 23 and closes September 25, was subscribed 22% by 1:50 pm on September 24, with bids for 73.48 lakh shares against 3.37 crore shares on offer. The retail portion was subscribed 21% and the NII portion 31%. In the grey market on September 24 morning, shares commanded a premium of nearly 1%, indicating a largely flat listing. The offer comprises entirely a fresh issue at a price band of Rs 343-362 per share. Ahead of the IPO, the company raised Rs 945 crore from 40 anchor investors via allotment of 2.61 crore shares on September 22, including Rs 600 crore for 1.65 crore shares to eight domestic mutual funds through 24 schemes, plus global investors including Citigroup, BofA Securities, Societe Generale and Government Pension Fund Global. It plans to use Rs 1,100 crore to acquire K-12 entities from promoter fellow subsidiaries, Rs 750 crore for debt repayment by itself and subsidiaries, and the balance for inorganic growth and general corporate purposes. The operator owns seven student housing campuses with 20,368 beds and manages 14 campuses with 55,487 beds.

Claroid Pharmaceuticals, a Gujarat-based pharmaceutical formulations manufacturer, has filed a draft red herring prospectus with SEBI for an initial public offering. The proposed IPO comprises a fresh issue of up to 74.50 lakh equity shares and an offer for sale of up to 51.50 lakh shares, aggregating to 1.26 crore equity shares. Net proceeds from the fresh issue will fund capital expenditure for a new manufacturing facility on existing land in Ahmedabad to make injectables, ampoules, vials, dry powder, pre-filled syringes and eye-drop products. The plant is estimated to cost Rs 167.97 crore with installed capacity of 15 lakh units per month. The company currently operates a Pirana, Ahmedabad facility making tablets, capsules and ointments, and has developed 129 formulations across anti-infective, anti-inflammatory, anti-fungal, dermatology, pain management and gastrointestinal therapies. It exports to Nigeria, Tanzania, Kenya, Myanmar, Zanzibar and Botswana, with Nigeria as largest destination, supported by over 30 distributors in Africa. Revenue from operations rose to Rs 169.72 crore in FY26 from Rs 62.98 crore in FY24, a CAGR of 64.13 percent. It holds GMP certifications from Rwanda, Ghana, Tanzania and Zanzibar. Oneview Corporate Advisors and Valmiki Leela Capital are book-running lead managers.

Koolking Industries India, the Punjab-based heating, ventilation, and air conditioning components manufacturer, filed its draft red herring prospectus with SEBI on September 23 for an initial public offering. The IPO comprises a fresh issue of Rs 300 crore and an offer for sale of up to 30.5 lakh shares by promoters. The company may consider a pre-IPO placement of up to Rs 60 crore, which would reduce the fresh issue size to that extent. Incorporated in 2008, the company operates five manufacturing facilities across Punjab, Uttar Pradesh, Rajasthan and Andhra Pradesh with total capacity of 41.92 crore units per annum, serving commercial and residential air-conditioner and refrigeration industries. Of the net fresh proceeds, Rs 138.4 crore is proposed for new manufacturing units at Malerkotla, Sricity and Ghiloth, Rs 14.5 crore for new machinery at existing facilities, and Rs 60 crore for working capital, with the balance for general corporate purposes. For the year ended March 2026, profit rose 22.4% to Rs 33.2 crore from Rs 27.1 crore, while revenue rose 9% to Rs 526.7 crore from Rs 483.1 crore. Keynote Financial Services is the merchant banker.

Three SME IPOs seeking about Rs 133 crore open for subscription on September 24, 2026 and close on September 28, with allotment expected on September 29 and tentative listing on October 1, 2026. Peshwa Wheat IPO is a Rs 53.52 crore fresh issue of 52.99 lakh shares at Rs 95-Rs 101, lot size 1,200 shares, with retail minimum of 2,400 shares costing Rs 2,42,400 at the upper band, listing on BSE SME. It plans Rs 6.69 crore for plant and machinery, Rs 5.01 crore for civil construction and Rs 26.50 crore for working capital. Roopa Screen IPO is a Rs 19.20 crore fresh issue of 30 lakh shares at Rs 60-Rs 64, lot size 2,000 shares, with retail minimum of 4,000 shares costing Rs 2,56,000, listing on BSE SME. It plans Rs 9.90 crore for a new manufacturing facility and Rs 6 crore for working capital. Green Asia Impex IPO is a Rs 60.10 crore issue with Rs 53.10 crore fresh issue and Rs 7 crore offer for sale at Rs 85-Rs 90, lot size 1,600 shares, with retail minimum of 3,200 shares costing Rs 2,88,000, listing on NSE SME. It plans Rs 40.03 crore for a seafood processing facility.

AssetGro Fintech, the Bengaluru-based operator of stock market research and advisory platform StockGro, is likely to file draft papers with the Securities and Exchange Board of India through the confidential route for a Rs 2,000-2,500 crore initial public offering, according to people familiar with the matter. The company could file its draft red herring prospectus before the end of September. The proposed IPO is expected to comprise a fresh issue of around Rs 800 crore, with the balance as an offer for sale by existing shareholders. Emirates NBD Capital is reported as the book-running lead manager to the issue. AssetGro and Emirates did not respond to emails seeking comment. The confidential filing route allows companies to submit draft IPO documents to Sebi without immediate public disclosure, with documents made public closer to launch. Founded in 2020, StockGro offers stock analysis, strategy-building and portfolio-tracking tools, along with trade ideas backed by Sebi-registered research analysts, and allows users to research and track stocks and build investment strategies.

A-One Steels India mobilised Rs 120.9 crore by allotting 29.85 lakh shares to eight anchor investors on September 23 at the upper end of the Rs 385-405 price band. The Rs 405-crore IPO opens on September 24 and closes on September 28, comprising a Rs 355-crore fresh issue and a Rs 50-crore offer-for-sale by promoters. LRSD Securities was the largest anchor investor with 7.01 lakh shares for Rs 28.39 crore, followed by Morgan Stanley with 6.17 lakh shares for Rs 25 crore and Longthrive Capital with 4.98 lakh shares for Rs 20 crore. Taurus Asset Management, through four schemes, was the only domestic mutual fund with Rs 5 crore for 1.23 lakh shares. Other investors were Vikas India, SB Opportunities Fund, Venus Investments and Ashika Global Finance. The company will use Rs 250 crore of net fresh proceeds to repay debt and the balance for general corporate purposes. It operates six units in Karnataka and Andhra Pradesh with 17,33,100 MTPA capacity for billets, sponge iron, HR coils, TMT bars and HR pipes. PL Capital Markets and Khambatta Securities are merchant bankers.

Electrical products maker PM Cona Industries Ltd has filed a draft red herring prospectus with the Securities and Exchange Board of India for an initial public offering. The proposed IPO comprises a fresh issue of equity shares worth up to Rs 120 crore and an offer for sale of 45 lakh equity shares by promoter Prakash Naraindas Motwani, according to the DRHP filed on Tuesday. Proceeds from the fresh issue are proposed to fund capital expenditure, including purchase of plant, equipment and machinery, setting up 50 new display showrooms, brand building and marketing initiatives, and general corporate purposes. Mumbai-based PM Cona Industries is an established manufacturer of electrical products primarily catering to the low-voltage electrical equipment market for domestic and commercial applications. It manufactures fast-moving electrical goods and wires under the 'PM CONA' brand. The equity shares are proposed to be listed on BSE and NSE. Valmiki Leela Capital is the book-running lead manager, while KFin Technologies is the registrar to the issue.