India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), has granted approval to eight companies to proceed with their initial public offerings (IPOs). The list includes prominent names such as Indira IVF, Rays Of Belief, Tempsens Instruments, and Jerai Fitness. In addition, SEBI has issued observations on IPO draft documents filed by Chartered Speed, Glass Wall Systems (India), Shriram Food Industry, and RKCPL.
With the issuance of regulatory observations, these companies are now eligible to move closer to launching their respective public issues, subject to compliance with disclosure requirements.
SEBI Observation Timeline
SEBI issued its observations on the confidential Draft Red Herring Prospectus (DRHP) filed by Indira IVF and Rays Of Belief on December 30 and December 31, respectively. Tempsens Instruments received approval earlier on December 26, followed by Glass Wall Systems (India) on December 29. Shriram Food Industry secured observations on December 30, while Jerai Fitness and RKCPL were cleared on December 31. Chartered Speed received regulatory approval most recently, on January 2.
Once SEBI issues its observations, companies typically have a one-year window to launch their IPOs. However, entities that opt for the confidential filing route are allowed up to 18 months, as they must submit updated draft documents before filing the final Red Herring Prospectus (RHP).
Indira IVF: Large-Scale OFS in the Pipeline
EQT-backed fertility services provider Indira IVF filed its IPO papers through the confidential route in July. The company is reportedly aiming to raise around ₹3,500 crore through the public issue. The proposed IPO is expected to be entirely an offer-for-sale (OFS), with no fresh capital infusion. Notably, Indira IVF had previously filed draft IPO documents in February, which were withdrawn a month later.
Rays Of Belief Submits Confidential Draft
Founded in 2017, Rays Of Belief is the parent entity of Mom’s Belief, a platform focused on child development and therapy services. The company, established by Nitin Bindlish, submitted its confidential DRHP to SEBI in August, seeking regulatory clearance for a potential listing.
Tempsens Instruments: Fresh Issue and OFS
Jaipur-based Tempsens Instruments, which operates in the thermal engineering and specialised cable segment, plans to raise ₹118 crore through a fresh equity issue. The IPO will also include an offer-for-sale of 1.79 crore shares by promoters and existing shareholders. The company intends to utilise the fresh issue proceeds for capital expenditure, debt repayment, and general corporate purposes.
Jerai Fitness: Listing via Offer-for-Sale
Mumbai-headquartered Jerai Fitness, a manufacturer of fitness equipment across cardiovascular and strength-training categories, has filed for an IPO comprising a pure offer-for-sale of up to 43.92 lakh equity shares. The issue does not include a fresh share component and is primarily aimed at securing the advantages of a stock market listing.
Chartered Speed: Expansion and Deleveraging
Passenger mobility services provider Chartered Speed, based in Gujarat, is planning to raise up to ₹855 crore through its IPO. The issue includes a fresh equity component of ₹655 crore and an OFS worth ₹200 crore by promoters. The company plans to deploy the proceeds towards fleet expansion and debt reduction.
Glass Wall Systems (India): Mixed Issue Structure
Glass Wall Systems (India), a facade engineering and solutions provider, has proposed a fresh issue of ₹60 crore. In addition, promoters and investors will divest up to 4.02 crore equity shares via OFS. The IPO will facilitate partial exits for investors such as India Business Excellence Fund (IBEF) and Vistra ITCL.
Shriram Food Industry: Rice Exporter’s IPO Plans
Shriram Food Industry, a Maharashtra-based rice exporter, has filed for an IPO comprising a fresh issue of up to 2.12 crore equity shares. The public issue will also include an offer-for-sale of 52 lakh shares by promoters Orient Dealtrade and Greta Industries.
RKCPL: Infrastructure-Focused Public Issue
Gurgaon-based RKCPL, which operates in civil construction and infrastructure development, plans to raise up to ₹1,250 crore through its IPO. The issue structure includes a fresh equity issue of ₹700 crore and an OFS of ₹550 crore by promoters Naresh Kumar and Krishan Kumar Goyal.
Summary
SEBI’s approval of IPO proposals from eight diverse companies underscores the continued momentum in India’s primary markets. From healthcare and education services to manufacturing, mobility, and infrastructure, the upcoming listings span multiple sectors. While some issuers are targeting growth capital through fresh issues, others are leveraging the IPO route primarily for shareholder exits and listing benefits. Together, these offerings are expected to keep investor interest buoyant in the months ahead.
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
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