The Securities and Exchange Board of India (SEBI) has granted approval to five companies — Milky Mist Dairy Food, Curefoods India, Kanodia Cement, Steamhouse India, and Gaja Alternative Asset Management — to move ahead with their initial public offerings (IPOs).
Steamhouse India and Gaja Alternative Asset Management had opted for the confidential filing route, which also received SEBI’s nod to proceed.
SEBI’s October Update: Over 80 IPOs Under Review
According to SEBI’s latest “Processing Status of Draft Offer Documents” report (as of October 24, 2025), more than 80 IPO drafts remain under review, including filings from PhonePe, Meesho, and Shiprocket.
Milky Mist Dairy Food and Curefoods India received SEBI’s observations on October 24, while Kanodia Cement received clearance on October 20.
Gaja Alternative Asset Management and Steamhouse India secured approvals for their Confidential Draft Red Herring Prospectus (CDRHP) on October 20 and October 14, respectively.
An SEBI “observation” effectively authorizes companies to launch their IPOs within 12 months of filing the Red Herring Prospectus (RHP). Firms choosing the confidential route have 18 months to proceed after submitting updated drafts and final documents.
Pre-Filing Route Gains Momentum Among Tech Firms
Introduced in 2022, SEBI’s pre-filing mechanism has become the preferred approach for India’s leading tech players. It allows companies to file IPO drafts confidentially and modify disclosures based on SEBI feedback before going public.
Recent examples include:
- Shiprocket (filed May 26, 2025; advised by Axis Capital)
- Meesho (filed July 4; managed by Kotak Mahindra Capital)
- PhonePe (filed September 24; also with Kotak Mahindra Capital)
Other companies leveraging this route include Acevector, Hella Infra Market, Anjali Labtech, Avaado Electro, and Jainam Broking — signalling strong adoption of SEBI’s revised IPO process.
Traditional and Sectoral Participation Expands
Beyond tech, traditional sectors have re-entered the IPO market.
Recent Draft Red Herring Prospectus (DRHP) filings came from:
- Industrial and manufacturing firms like Lalithaa Jewellery Mart, Rajputana Stainless, Manika Plastech, and Hy Tech Engineers
- Consumer and retail names such as Tea Post, Duroflex, Leap India, and RSB Retail India
- Renewable and energy-linked players like Clean Max Enviro Energy Solutions, Powerica, and Virupaksha Organics
- Financial and infrastructure companies such as Lohia Corp, Chartered Speed, and Runwal Developers
This diversification marks a revival in traditional sectors alongside continued strength from digital-first issuers.
Batch Approvals Mark SEBI’s Fastest Turnaround in 2025
Between October 14 and October 24, SEBI cleared a batch of five IPOs, including those of Kanodia Cement, Curefoods India, Milky Mist Dairy Food, Gaja Alternative Asset Management, and Steamhouse India — one of the quickest approval cycles of the year, with filings initially submitted between May and July.
Dozens Still in Review
As of late October, several companies — including Fusion CX, Lalithaa Jewellery Mart, Tea Post, Rajputana Stainless, German Green Steel, ICICI Prudential AMC, Amagi Media Labs, and Nephrocare Health Services — remain under review.
Others such as Earthood Services, Varmora Granito, Indira IVF, Inox Clean Energy, and Sahajanand Medical Technologies await clarifications or exchange-level approvals before SEBI can finalize observations.
Merchant Bankers Lead the Charge
Top investment banks like Axis Capital, Kotak Mahindra Capital, JM Financial, and ICICI Securities continue to dominate mandates across large and mid-cap issues, showcasing their deep expertise with SEBI’s newer disclosure frameworks.
Broader Sector Mix in 2025 IPO Pipeline
India’s 2025 IPO pipeline demonstrates a diverse sectoral spread — from tech and renewables to manufacturing, healthcare, and retail.
Notable names include:
- Tech: PhonePe, Meesho, Shiprocket, Amagi Media Labs
- Renewables: Clean Max Enviro, Sky Alloys and Power
- Industrial: Rajputana Stainless, Knack Packaging, Hy Tech Engineers
- Healthcare: Nephrocare, Molbio Diagnostics, Yashoda Healthcare
- Consumer brands: Tea Post, Curefoods, Milky Mist, Duroflex
This broader participation signals strong investor appetite and a maturing capital market beyond the tech-heavy trend of earlier years.
