India’s primary market pipeline continued to expand as eight companies received approval from the Securities and Exchange Board of India (SEBI) this week to proceed with their initial public offerings (IPOs). Among those cleared are Indira IVF, Rays of Belief, Tempsens Instruments and Jerai Fitness, alongside Chartered Speed, Glass Wall Systems (India), Shriram Food Industry and RKCPL.
SEBI issued its observations on the draft offer documents across multiple dates. Indira IVF and Rays of Belief received observations on their pre-filed draft red herring prospectuses (DRHPs), submitted through SEBI’s confidential filing route, on December 30 and 31 respectively. Tempsens Instruments received regulatory observations on December 26, followed by Glass Wall Systems on December 29. Shriram Food Industry was cleared on December 30, while RKCPL and Jerai Fitness received approvals on December 31. Chartered Speed secured SEBI’s observations on January 2.
The issuance of observations allows companies to launch their IPOs within a year. Firms using the confidential filing route, such as Indira IVF and Rays of Belief, have up to 18 months to complete the process, which includes submitting an updated DRHP and a red herring prospectus before opening the issue to the public.
EQT-backed Indira IVF, one of India’s largest fertility clinic chains, filed its confidential IPO papers in July after reviving its listing plans. Market estimates suggest the proposed offering could raise around ₹3,500 crore and is expected to be structured entirely as an offer-for-sale, with no fresh equity issuance.
Rays of Belief, incorporated in 2017 and the parent entity of child development and therapy platform Mom’s Belief, submitted its confidential DRHP in August.
The remaining six companies filed their IPO papers through the regular route in September. Rajasthan-based Tempsens Instruments plans to raise ₹118 crore through a fresh issue, alongside an offer-for-sale of 1.79 crore shares by existing shareholders. The proceeds will be used for capital expenditure, debt repayment and general corporate purposes.
Jerai Fitness, a Mumbai-based manufacturer of fitness equipment, has proposed a pure offer-for-sale of up to 43.92 lakh shares, primarily aimed at achieving the benefits of stock exchange listing.
Passenger transport operator Chartered Speed plans to raise up to ₹855 crore through a mix of ₹655 crore in fresh equity and a ₹200 crore offer-for-sale by promoters. Glass Wall Systems (India) intends to raise ₹60 crore via a fresh issue, while promoters and investors will divest up to 4.02 crore shares.
Shriram Food Industry’s IPO will comprise a fresh issue of up to 2.12 crore shares and an offer-for-sale of 52 lakh shares by its promoters. Meanwhile, Gurgaon-based infrastructure firm RKCPL plans to raise up to ₹1,250 crore, combining a fresh issue of ₹700 crore with a ₹550 crore offer-for-sale by promoters.
With these approvals, the IPO pipeline for the coming months remains robust, reflecting sustained interest from companies across sectors to tap the equity markets.
