Milky Mist Dairy Food, Curefoods India, and Kanodia Cement are among the five companies that received approval from the markets regulator SEBI to float their initial public offerings (IPOs).
Steamhouse India and Gaja Alternative Asset Management, which had preferred the confidential filing route, also received the nod to proceed with their IPO plans.
SEBI confirms over 80 offers under review
Meanwhile, the Securities and Exchange Board of India (SEBI) reported that more than 80 draft offer documents were under review as of October 24, including PhonePe, Meesho, and Shiprocket.
As per SEBI’s latest processing status of draft offer documents, the regulator issued observations on the IPO papers of Milky Mist Dairy Food and Curefoods India on October 24, and on Kanodia Cement on October 20. Gaja Alternative Asset Management and Steamhouse India received observations on their Confidential Draft Red Herring Prospectus (CDRHP) on October 20 and October 14, respectively.
The issuance of observations meant that the companies could go ahead with their IPO fundraising within a year by filing the Red Herring Prospectus (RHP). Firms that opted for the confidential route received 18 months to launch their issue after filing an updated DRHP and the final RHP with the Registrar of Companies.
The data came from SEBI’s weekly “Processing Status of Draft Offer Documents” update, which tracked every filing, communication date, and lead manager.
Pre-filing the new playbook for large tech firms
The pre-filing route, introduced in 2022, had become the method of choice for India’s leading tech names. It allowed companies to file confidential drafts before public release, giving them time to adjust disclosures based on SEBI’s queries.
Shiprocket, advised by Axis Capital, filed its confidential draft on May 26, 2025. Meesho, managed by Kotak Mahindra Capital, filed on July 4, while PhonePe, also with Kotak, filed on September 24.
Other firms that used the same route included Acevector, Rays of Belief, Hella Infra Market, Avaado Electro, Anjali Labtech, AITMC Ventures, and Jainam Broking.
Each of these names had already reached various stages of SEBI correspondence by mid-October, confirming that the pre-filing mechanism had gained traction with consumer-tech issuers.
Industrial, retail and services firms filed traditional IPOs
The list showed a second wave of activity from traditional sectors that relied on the full Draft Red Herring Prospectus route.
Lalithaa Jewellery Mart, Rajputana Stainless, Manika Plastech, Hy Tech Engineers, Knack Packaging, and Behari Lal Engineering filed combined Fresh Issue and OFS drafts. Their filings marked the revival of industrial and manufacturing participation in public markets.
Tea Post, Executive Centre India, Duroflex, Leap India, and RSB Retail India represented the consumer and retail side of the pipeline. Each of these companies had been preparing to raise fresh capital while allowing partial promoter exits.
Renewable and energy-linked issuers were also visible. Clean Max Enviro Energy Solutions, Powerica, Deon Energy, Sky Alloys and Power, and Virupaksha Organics had all filed during the June–October period.
A financial and infrastructure subset followed close behind: Chartered Speed, UKB Electronics, Lohia Corp, and Runwal Developers. Each had already moved through early-stage review by the time of SEBI’s October update.
Observation letters cleared a batch of firms in mid-October
The regulator issued observation letters and the final go-ahead for IPO launch to five companies between October 14 and October 24.
The list included Kanodia Cement, Gaja Alternative Asset Management, Curefoods India, Milky Mist Dairy Food, and Steamhouse India.
Curefoods and Milky Mist, both advised by JM Financial, received observations on October 24. Steamhouse India, managed by Equirus Capital Private, received observations on October 14 and October 20 for its Confidential Draft Red Herring Prospectus.
The batch represented one of SEBI’s fastest turnaround cycles of the year, as most filings had entered the system between May and July.
Dozens of filings in active queue
By October-end, several names were still awaiting SEBI’s feedback or additional clarifications.
Fusion CX, Lalithaa Jewellery Mart, Tea Post, Rajputana Stainless, Manika Plastech, Annu Projects, German Green Steel and Power, ICICI Prudential Asset Management Company, Allied Engineering Works, Orient Cables India, Amagi Media Labs, Nephrocare Health Services, and Transline Technologies all remained under process.
The group also included Clean Max Enviro, Powerica, Lohia Corp, Onemi Technology Solutions, Leap India, Shivalaya Construction, and Hy Tech Engineers, each in different stages of regulator correspondence.
From the September cohort, Eldorado Agritech, Medicap Healthcare, RKCPL, Purple Style Labs, Yashoda Healthcare Services, and Dhariwal Buildtech were still exchanging data with merchant bankers.
Tech and healthcare names such as CSM Technologies, Integris Medtech, Molbio Diagnostics, and Medicap Healthcare stayed in review too.
Smaller issuers such as Jerai Fitness, Advit Jewels, Bonbloc Technologies, Learnfluence Education, Ardee Industries, Rays Power Infra, Om Power Transmission, Vishal Nirmiti, and Kusumgar formed the lower end of the active list.
Each name represented an expanding mid-market base, a sign that capital formation had spread beyond large corporates.
Some filings moved slowly due to clarifications or exchange checks
Several issuers faced pending clarifications or awaited approvals from stock exchanges before SEBI could proceed further.
Earthood Services and Varmora Granito waited for in-principle exchange approvals. Technocraft Ventures, Silver Consumer Electricals, and Skyways Air Services had cleared part of the process but awaited final listing permissions.
Another cluster, Foodlink F&B Holdings (India), Inox Clean Energy, Indira IVF, Oswal Energies, Steel Infra Solutions Company, Sahajanand Medical Technologies, and SFC Environmental Technologies had been in clarification stages during the same window.
SEBI’s report advised lead managers that in cases of delay, they could escalate issues directly to senior officials such as Shri Deep Mani Shah or Shri Jeevan Sonparote, an unusual but direct instruction that showed the regulator’s focus on closing pending reviews quickly.
Axis, Kotak, JM Financial, and ICICI Securities led mandates
The October filings revealed a familiar pecking order among merchant bankers.
Axis Capital managed Shiprocket, Clean Max Enviro, Virupaksha Organics, and Kusumgar. Kotak Mahindra Capital handled PhonePe, Meesho, Amagi Media Labs, and Hella Infra Market.
JM Financial oversaw a wide range of mid- and large-cap issues including Runwal Developers, Duroflex, Yashoda Healthcare, Elevate Campuses, and Vishvaraj Environment while ICICI Securities managed institution-heavy mandates such as Powerica, Integris Medtech, Runwal Developers, and Nephrocare Health Services.
Motilal Oswal Investment Advisors, IIFL Capital Services, Nuvama Wealth Management, and Anand Rathi Advisors covered the remaining mid-market spread, with roles in Tea Post, Rajputana Stainless, Shivalaya Construction, and Lalithaa Jewellery.
The pattern showed that issuers stayed aligned with established merchant bankers that had deeper experience handling SEBI’s new disclosure systems.
Sector distribution widened beyond tech
The 2025 pipeline displayed more diversity than the tech-dominated wave of 2021–22.
Digital-first issuers like PhonePe, Meesho, Shiprocket, and Amagi Media Labs coexisted with renewable companies such as Clean Max Enviro Energy, Sky Alloys and Power, and CMR Green Technologies.
Industrial manufacturers Rajputana Stainless, Knack Packaging, Hy Tech Engineers, and German Green Steel stood beside healthcare players like Nephrocare, Medicap, Molbio Diagnostics, and Yashoda Healthcare.
Consumer and lifestyle-driven firms Tea Post, Lalithaa Jewellery, Duroflex, Curefoods, and Milky Mist added retail exposure.
Smaller but notable filings from Jerai Fitness, Ardee Industries, Rays Power Infra, and Learnfluence Education suggested that India’s IPO ecosystem had extended well into tier-II businesses.
The mix showed a broader market participation pattern, with renewables, healthcare, and industrial automation companies joining tech in tapping public funds.
