The Securities and Exchange Board of India (SEBI) has granted approval to five companies — Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Management (Gaja Capital), and Kanodia Cement — to raise funds through initial public offerings (IPOs), according to an update from the market regulator on Monday.
These firms had filed their draft IPO papers with SEBI between May and July, receiving regulatory observations between October 14 and 24, as per the update.
Meanwhile, SEBI has placed its observations on Sterlite Electric’s IPO proposal on hold, without disclosing a reason. Sterlite Electric, formerly Sterlite Power Transmission, operates in the power transmission and distribution sector and is primarily owned by Twin Star Overseas, with Vedanta Ltd holding a 1.51% stake as of March 2025.
IPO Details
Milky Mist Dairy Food, based in Tamil Nadu, plans to raise ₹2,035 crore through its IPO. The issue will comprise a fresh equity issue of ₹1,785 crore and an offer for sale (OFS) worth ₹250 crore by promoters, as per the draft red herring prospectus (DRHP).
The company intends to use the proceeds to repay debt, expand and modernize its Perundurai manufacturing plant, and establish facilities for whey protein concentrate, yogurt, and cream cheese. Funds will also be allocated for visi coolers, ice cream freezers, and chocolate coolers.
Curefoods India, the Bengaluru-based operator of CakeZone and Nomad Pizza, plans to raise ₹800 crore via a fresh issue and an OFS of 4.85 crore shares from existing shareholders.
Proceeds from the IPO will fund new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens, expansion of existing facilities, equipment purchases, subsidiary investments, and debt repayment.
Kanodia Cement’s proposed IPO will be an entirely OFS-based issue of 1.49 crore shares by promoters and a private shareholder. The company will not receive any proceeds from the offering, with all funds going to selling shareholders.
Steamhouse India and Gaja Alternative Asset Management (operating as Gaja Capital) have opted for the confidential pre-filing route, which allows companies to keep IPO details undisclosed until later stages. Steamhouse India is reportedly targeting to raise ₹500–700 crore through the issue.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or subscribe to any securities. Investors are advised to consult their financial advisors before making any investment decisions.
