Upcoming IPOs: SEBI clears 8 issues, including Mahanadi Coalfields, Veritas Finance and Sagar Defence; details here
India's primary market pipeline is gathering momentum, with eight companies across sectors ranging from coal mining and financial services to defence, fintech, jewellery and travel receiving regulatory clearance to move ahead with their proposed initial public offerings (IPOs).
The list includes state-owned Mahanadi Coalfields, non-banking financial company Veritas Finance, defence technology player Sagar Defence Engineering, fintech major Razorpay and MakeMyTrip's India subsidiary. Other companies that have received regulatory observations include Encube Ethicals, Arjun Jewellers and IFL Finance.
The proposed public issues vary significantly in size and structure. While some companies plan to raise fresh capital to fund business expansion and lending requirements, others are looking to provide an exit route to existing shareholders through an offer for sale (OFS).
Here's a closer look at the eight upcoming IPOs, their proposed issue structures and what investors should know.
Veritas Finance Ltd, a non-deposit-taking non-banking financial company (NBFC), has received approval from the Securities and Exchange Board of India (SEBI) to launch its IPO.
The proposed public issue comprises a fresh issue of equity shares worth ₹900 crore and an offer for sale (OFS) of up to 1.28 crore equity shares by existing shareholders, according to its draft red herring prospectus (DRHP).
The company had initially filed draft papers with SEBI in January 2025, proposing to raise ₹2,800 crore through an IPO. The earlier issue comprised a fresh issue of ₹600 crore and an OFS worth ₹2,200 crore.
Veritas Finance plans to use the net proceeds from the fresh issue to strengthen its capital base and meet future business requirements, including onward lending.
State-owned Mahanadi Coalfields Ltd (MCL), an Odisha-based subsidiary of Coal India, has secured SEBI's clearance for its proposed IPO.
The public issue will be entirely an offer for sale of up to 66,18,36,300 equity shares by its promoter, Coal India Ltd.
Since the IPO is an OFS, Mahanadi Coalfields will not receive any proceeds from the issue. The entire amount raised will go to Coal India, the selling shareholder.
SEBI issued its final observations on the company's draft offer documents on 4 November. The regulatory observation is an important step in the IPO process, allowing the company to proceed with further preparations for the public issue, subject to applicable requirements.
Pharmaceutical company Encube Ethicals is planning to raise around ₹3,000 crore through its proposed IPO.
The issue will be entirely an OFS by promoter Mehul Madhusudan Shah and existing shareholder Frontier Investment Holdings Pte Ltd.
As the public issue does not include a fresh issue of shares, Encube Ethicals will not receive any proceeds. The entire amount raised will accrue to the selling shareholders.
SEBI has also approved the proposed IPO of Arjun Jewellers. The company's public issue will comprise a fresh issue of equity shares worth ₹200 crore, with no OFS component.
The proceeds from the fresh issue will be available to the company to meet its stated business and funding requirements.
New Delhi-based non-deposit-taking NBFC IFL Finance is planning to raise funds through a combination of a fresh issue and an OFS.
The proposed IPO comprises a fresh issue of up to 3.55 crore equity shares and an OFS of up to 30 lakh shares by existing shareholders.
The company plans to use the proceeds from the fresh issue to strengthen its Tier-I capital base, support future capital requirements, including lending activities, and meet applicable capital adequacy norms.
Sagar Defence Engineering has received observations from SEBI on 4 November after filing its draft IPO papers through the confidential pre-filing route.
The proposed IPO is estimated to be worth around ₹3,000 crore, according to people familiar with the development.
The company operates in the defence engineering space. Its proposed public offering is among the issues attracting attention as investors track the pipeline of companies looking to tap India's capital markets.
Fintech major Razorpay has secured SEBI's approval for its proposed IPO, which is expected to be worth ₹5,000–6,000 crore, according to sources familiar with the development.
The company is targeting a valuation of around $5 billion through the public offering, they added.
Razorpay had submitted its draft IPO papers to SEBI through the confidential filing route in June, setting the stage for its proposed entry into the public markets.
The proposed issue will mark a significant development for India's fintech sector, with investors likely to watch the company's valuation and financial performance closely as further details emerge.
MakeMyTrip's India subsidiary, MakeMyTrip (India) Ltd, has received SEBI's approval to launch its proposed IPO.
The company had filed draft papers with the regulator through the confidential route in July. SEBI issued its final observations on 6 November after examining the documents.
The proposed IPO is expected to comprise an OFS by its parent, Nasdaq-listed MakeMyTrip, and its wholly owned subsidiary, ibibo Group Holdings (Singapore) Pte Ltd.
In a regulatory filing with Nasdaq, MakeMyTrip said that its India subsidiary would continue to remain under its control after the proposed IPO. Its financial results would also continue to be consolidated with those of the parent company.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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HomeMarketsStock MarketsUpcoming IPOs: SEBI clears 8 issues, including Mahanadi Coalfields, Veritas Finance and Sagar Defence; details here
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