ESDS Software Solution, BLS Polymers, and Dhariwal Buildtech have obtained approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs) collectively worth over Rs 1,700 crore.
The regulator issued observations on the draft papers of these companies last week, allowing them to proceed with IPOs within the next year. Dhariwal Buildtech received SEBI observations on December 15, BLS Polymers on December 16, and ESDS Software Solution on December 19, according to the processing status published on December 23.
Company-wise details:
- ESDS Software Solution – Maharashtra-based cloud infrastructure and data center services provider ESDS had refiled its Draft Red Herring Prospectus (DRHP) with SEBI in March 2025 to raise Rs 600 crore entirely via a fresh issue. The funds will primarily be used for purchase and installation of cloud computing and data centre equipment, with the remainder allocated for general corporate purposes.
- BLS Polymers – The New Delhi-based polymer compounds maker filed its draft papers in August 2025 for a fresh issue of 1.7 crore equity shares, raising funds solely through a fresh issue with no offer-for-sale component. About Rs 70 crore will be used for expanding its Goa manufacturing facility, Rs 75 crore for working capital, and the balance for general corporate purposes. BLS Polymers produces essential raw materials used in wires, cables, and pipeline coatings.
- Dhariwal Buildtech – The Haryana-based infrastructure construction company filed its draft IPO document with SEBI in September 2025 to raise Rs 950 crore entirely via fresh issue. The proceeds will be used for repayment of borrowings (Rs 474.2 crore), purchase of construction equipment (Rs 203 crore), and the remainder for general corporate purposes. The company specialises in roads, highways, bridges, tunnels, and rural infrastructure projects.
These approvals mark a significant step toward the capital market debut of these companies, enabling them to raise funds to support business expansion and infrastructure development.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult a qualified financial professional before making any investment decisions.
