**Executive Summary**
This report, dated January 9, 2026, provides an update on the processing status of draft offer documents filed with SEBI as per the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. It lists companies seeking initial public offers (IPOs) or rights issues. The report is updated on a weekly basis, and contact information is provided for inquiries.
**Key Points / Main Content**
* **Draft Offer Documents Under Process:** Lists 64 companies with draft offer documents under process with SEBI, including the name of the issue, coordinating lead manager (LM), type of issue (IPO Fresh, OFS or both), date of receipt, and last date of communication.
* **Clarifications Sought by SEBI and Response from LM is Awaited:** Lists 25 companies for which SEBI has sought clarifications and is awaiting a response from the lead manager, including the name of the issue, coordinating LM, type of issue (IPO Fresh, OFS or pre-filing), date of receipt, and last date of communication.
* **In-principle Approval from Exchanges Awaited:** Lists 3 companies awaiting in-principle approval from exchanges, including the name of the issue, coordinating LM, type of issue, date of receipt, and last date of communication.
* **Comments Sought from other Regulators / Government Agencies:** Lists 1 company for which comments have been sought from other regulators or government agencies, including the name of the issue, coordinating LM, type of issue, date of receipt, and last date of communication.
* **Issuance of Observations Kept in Abeyance:** Mentions that there is no information for any observations kept in abeyance.
* **Observations Issued / Withdrawn / Returned During the Week:** Lists 5 companies for which observations were issued, withdrawn, or returned during the week of reporting, including the name of the issue, coordinating LM, type of issue, date of receipt, and notes what action has been taken.
**Impact Analysis**
**Issuers/Companies Seeking IPOs/Rights Issues**
* **Impact:** The processing status impacts their ability to proceed with their IPO or rights issue.
* **Action Required:** Ensure timely responses to SEBI clarifications and monitor the status of their application.
**Lead Managers (LMs)**
* **Impact:** LMs are responsible for coordinating with SEBI on behalf of the issuers.
* **Action Required:** Respond promptly to SEBI's queries and ensure all necessary documentation is submitted.
**SEBI**
* **Impact:** SEBI is responsible for reviewing and approving draft offer documents.
* **Action Required:** Continue reviewing offer documents and seeking necessary clarifications.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations requiring issuers to file a draft offer document with SEBI before making an initial public offer, rights issue, or public offer above a certain value.
Initial Public Offer (IPO): A type of public offering where a company, often unlisted, issues shares to the public for the first time.
Offer for Sale (OFS): The selling of shares by existing shareholders of a company. Often these shares are existing to the public.
Securities and Exchange Board of India (SEBI): The regulator responsible for governing the securities market in India, receiving draft offer documents from companies seeking to raise capital.
Merchant Banker: An institution that manages the process of issuing securities to investors and helps companies raise capital.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on January 9, 2026
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 require every issuer, being an unlisted
company desirous of making an initial public offer and a listed company desirous making a rights issue for a value
exceeding Rs. 50 Crore or a public offer, to file a draft offer document with SEBI through a merchant banker(s).
The merchant banker(s) correspond with SEBI on behalf of the issuer.
Given below is the processing status of draft offer documents filed with SEBI on which observations are yet to be
issued. The report is being updated on a weekly basis.
In case the draft offer document has remained unattended or there is an inordinate delay, the LM/Issuer should not
hesitate to write to the Chief General Manager, Shri Deep Mani Shah (deepmanis@sebi.gov.in) or the Executive
Director, Shri Jeevan Sonparote (jeevans@sebi.gov.in).
I. Draft Offer Document under process in SEBI:
Last Date of
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt
Communication
1 Horizon Industrial Parks Limited JM Financial Limited IPO (Fresh Only) 01 January 2025 01 January 2025
Emkay Global Financial Services
2 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2025 02 January 2025
Ltd.
3 Veegaland Developers Limited Cumulative Capital Private Limited IPO (Fresh Only) 09 January 2025 09 January 2025
Pantomath Capital Advisors Private
4 Sillverton Industries Limited IPO (Fresh + OFS) 02 July 2025 08 January 2026
Limited
Motilal Oswal Investment Advisors
5 UKB Electronics Limited IPO (Fresh + OFS) 04 September 2025 11 December 2025
Limited
6 CMR Green technologies Limited Equirus Capital Private Limited IPO (OFS Only) 09 September 2025 08 January 2026
7 Supreet Chemicals Limited IIFL Capital Services Limited IPO (Fresh Only) 09 September 2025 06 January 2026
8 Purple Style Labs Limited Axis Capital Ltd IPO (Fresh Only) 25 September 2025 07 January 2026
9 HD Fire Protect Limited Ambit Private Limited IPO (OFS Only) 26 September 2025 07 November 2025
Share India Capital Services Private
10 Xtranet Technologies Limited IPO (Fresh Only) 29 September 2025 01 January 2026
Limited
11 Rotomag Enertec Limited Equirus Capital Private Limited IPO (Fresh + OFS) 29 September 2025 03 December 2025
12 Armee Infotech Limited Khandwala Securities Limited IPO (Fresh Only) 29 September 2025 08 January 2025
Gaudium IVF and Women Health Sarthi Capital Advisors Private
13 IPO (Fresh + OFS) 30 September 2025 08 January 2025
Limited Limited
14 Elevate Campuses Limited JM Financial Limited IPO (Fresh Only) 30 September 2025 19 December 2025
Beeline Capital Advisors Private
15 Shah Investor's Home Limited IPO (Fresh Only) 30 September 2025 01 December 2025
Limited
16 Laser Power and Infra Limited IIFL Capital Services Limited IPO (Fresh + OFS) 30 September 2025 16 December 2025
17 BVG India Limited ICICI Securities Limited IPO (Fresh + OFS) 01 October 2025 05 December 2025
18 Anjali Labtech Limited IIFL Capital Services Limited Pre-filing 06 October 2025 06 January 2026
Eldeco Infrastructure and Properties
19 IIFL Capital Services Limited IPO (Fresh + OFS) 06 October 2025 07 January 2026
Limited
20 CSM Technologies Ltd. Keynote Corporate Services Ltd. IPO (Fresh Only) 06 October 2025 08 January 2025
21 Virupaksha Organics Limited Axis Capital Limited IPO (Fresh Only) 07 October 2025 22 December 2025
Smart Horizon Capital Advisors
22 Deon Energy Limited IPO (Fresh Only) 07 October 2025 01 January 2026
Private Ltd
23 Hotel Polo Towers Limited Equirus Capital Private Limited IPO (Fresh + OFS) 08 October 2025 02 January 2026
24 Shankesh Jewellers Limited Aryaman Financial Services Limited IPO (Fresh + OFS) 08 October 2025 26 December 2025
25 Lalbaba Engineering Limited IIFL Capital Services Limited IPO (Fresh + OFS) 08 October 2025 13 November 2025
26 Commtel Networks Limited Equirus Capital Private Limited IPO (Fresh + OFS) 08 October 2025 26 December 2025
27 Advit Jewels Limited Holani Consultants Private Ltd. IPO (Fresh Only) 08 October 2025 28 November 2025
28 Sai Parenteral's Limited Arihant Capital Markets Limited IPO (Fresh + OFS) 08 October 2025 01 January 2026
Nuvama Wealth Management
29 Augmont Enterprises Limited IPO (Fresh + OFS) 08 October 2025 24 December 2025
Limited
Motilal Oswal Investment Advisors
30 Pride Hotels Limited IPO (Fresh + OFS) 08 October 2025 26 December 2025
Limited
31 Hexagon Nutrition Limited Cumulative Capital Private Limited IPO (OFS Only) 08 October 2025 12 December 2025
32 Runwal Developers Limited ICICI Securities Limited IPO (Fresh + OFS) 08 October 2025 23 December 2025
33 Vishvaraj Environment Limited JM Financial Limited IPO (Fresh + OFS) 08 October 2025 12 December 2025
Beeline Capital Advisors Private
34 Om Power Transmission Limited IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited
35 Rays Power Infra Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 13 October 2025 18 December 2025
Kotak Mahindra Capital Company
36 Hella Infra Market Ltd. Pre-filing 14 October 2025 08 January 2026
Limited
37 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 29 December 2025
38 Sify Infinit Spaces Limited JM Financial Ltd. IPO (Fresh + OFS) 20 October 2025 31 December 2025JM Financial Institutional Securities
39 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 30 December 2025
Ltd.
40 Prasol Chemicals Limited DAM Capital Advisors Limited IPO (Fresh + OFS) 27 October 2025 12 December 2025
41 AITMC Ventures Limited Khandwala Securities Limited Pre-filing 30 October 2025 06 January 2026
42 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 08 January 2026
43 NoPaperForms Solutions Limited IIFL Capital Services Limited IPO (Fresh + OFS) 11 November 2025 19 December 2025
44 Jindal Supreme (India) Ltd. Sarthi Capital Advisors Pvt. Ltd. IPO (Fresh + OFS) 11 November 2025 08 January 2026
45 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025 06 December 2025
46 SEDEMAC Mechatronics Limited ICICI Securities Limited IPO (OFS Only) 18 November 2025 07 January 2026
47 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 06 January 2026
Pantomath Capital Advisors Private
48 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 01 January 2026
Limited
Motilal Oswal Investment Advisors
49 Travelstack Tech Limited IPO (Fresh + OFS) 19 December 2025 26 December 2025
Limited
50 SHIVGANGA DRILLERS LIMITED Aryaman Financial Services Limited IPO (Fresh Only) 19 December 2025 19 December 2025
51 Symbiotec Pharmalab Limited JM Financial Limited IPO (Fresh + OFS) 23 December 2025 23 December 2025
Nuvama Wealth Management
52 Jakson Green Limited Pre-filing 26 December 2025 26 December 2025
Limited
53 Yatayat Corporation India Limited Unistone Capital Private Limited IPO (Fresh + OFS) 29 December 2025 29 December 2025
54 WOG Technologies Ltd. Unistone Capital Pvt. Ltd. IPO (Fresh + OFS) 29 December 2025 29 December 2025
Motilal Oswal Investment Advisors
55 Surgiwear Limited IPO (Fresh + OFS) 30 December 2025 30 December 2025
Limited
Motilal Oswal Investment Advisors
56 Casagrand Premier Builder Limited IPO (Fresh + OFS) 30 December 2025 30 December 2025
Limited
57 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 01 January 2026
NEOLITE ZKW LIGHTINGS
58 Anand Rathi Advisors Limited IPO (Fresh + OFS) 02 January 2026 02 January 2026
LIMITED
MEHTA HITECH INDUSTRIES Beeline Capital Advisors Private
59 IPO (Fresh Only) 02 January 2026 02 January 2026
LIMITED Limited
60 Krishna Buildspace Limited Mefcom Capital Markets Ltd IPO (Fresh + OFS) 02 January 2026 02 January 2026
61 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 08 January 2026
Saffron Capital Advisors Private
62 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026
Limited
63 SS Retail Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 05 December 2026 05 January 2026
Choice Capital Advisors Private
64 Sonaselection India Limited IPO (Fresh Only) 17 December 2026 08 January 2026
Limited
II. Clarifications are sought by SEBI and response from LM is awaited:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
1 Jay Jagdamba Limited Elara Capital (India) Private Limited Pre-Filing 30 June 2025 06 January 2026
Pantomath Capital Advisors Private
2 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 05 January 2026
Limited
3 Medicap Healthcare Limited Aryamann Financial Services Ltd. IPO (Fresh Only) 23 September 2025 02 January 2026
Kotak Mahindra Capital Company
4 PHONEPE LIMITED Pre-filing 24 September 2025 19 December 2025
Limited
Aarvee Engineering Consultants
5 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025 06 January 2026
Limited
6 Parijat Industries India Limited SBI Capital Markets Limited IPO (Fresh + OFS) 29 September 2025 08 January 2026
7 Mann Fleet Partners Limited Khambatta Securities Limited IPO (Fresh + OFS) 29 September 2025 25 November 2025
Associated Power Structures
8 IIFL Capital Services Ltd. IPO (Fresh + OFS) 29 September 2025 31 December 2025
Limited
9 Premier Industrial Corporation Unistone Capital Private Limited IPO (Fresh + OFS) 30 September 2025 25 November 2025
10 Alpine Texworld Limited D & A Financial Services Pvt. Ltd. IPO (Fresh Only) 30 September 2025 08 January 2026
11 CJ Darcl Logistics Limited ICICI Securities Limited IPO (Fresh + OFS) 30 September 2025 07 January 2026
Pantomath Capital Advisors Private
12 Oswal Cables Limited IPO (Fresh + OFS) 30 September 2025 24 December 2025
Limited
RK Steel Manufacturing Company
13 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 26 December 2025
Limited
14 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 26 December 2025
Saffron Capital Advisors Private
15 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Limited
16 Jainam Broking Limited Intensive Financial Services Limited Pre-filing 07 October 2025 19 December 2025
17 APPL Containers Limited Cumulative Capital Private Limited IPO (Fresh + OFS) 08 October 2025 27 November 2025
Pantomath Capital Advisors Private
18 Bonbloc Technolgies Limited IPO (Fresh + OFS) 08 October 2025 07 January 2026
Limited
Smart Horizon Capital Advisors
19 Grand Housing Limited IPO (OFS Only) 08 October 2025 02 January 2026
Private Ltd
Pantomath Capital Advisors Private
20 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025 09 January 2025
Limited
21 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 07 January 2026
22 Eastman Auto & Power Limited Axis Capital Limited Pre-Filing 09 December 2025 08 January 2026
23 MV Electrosystems Ltd. Sundae Capital Advisors Pvt. Ltd. IPO (Fresh Only) 10 December 2025 09 January 2025
Motilal Oswal Investment Advisors
24 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 07 January 2026
Ltd.
25 Crystal Crop Protection Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 09 January 2026III) In-principle approval from Exchanges are awaited:
Last Date of
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt
Communication
1 Tea Post Ltd. Srujan Alpha Capital Advisors LLP IPO (Fresh + OFS) 12 June 2025 18 December 2025
2 Earthood Services Limited Unistone Capital Private Limited IPO (OFS Only) 23 June 2025 30 September 2025
Saffron Capital Advisors Private
3 Learnfluence Education Limited IPO (Fresh + OFS) 10 October 2025 08 January 2026
Limited
IV) Comments sought from other regulators / Government agencies and response awaited:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
Motilal Oswal Investment Advisors
1 Transline Technologies Limited IPO (OFS only) 13 August 2025 02 January 2026
Limited
V) Issuance of observations kept in abeyance:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
VI) Observations issued / withdrawn / returned during the week:
Observation letter issued /
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt
withdrawn / returned
Onemi Technology Solutions Observations issued during
1 JM Financial Limited IPO (Fresh + OFS) 22 August 2025
Limited the Week on 08-01-2026
Motilal Oswal Investment Advisors Observations issued during
2 Alcobrew Distilleries India Limited IPO (Fresh + OFS) 30 September 2025
Limited the Week on 08-01-2026
Observations issued during
3 Astha Spintex Limited BOI Merchant Bankers IPO (Fresh Only) 01 October 2025
the Week on 09-01-2026
Observations issued during
4 INDO-MIM Ltd. HDFC Bank Limited IPO (Fresh + OFS) 06 October 2025
the Week on 29-12-2025
Observations issued during
5 Kusumgar Ltd. Axis Capital Ltd. IPO (OFS Only) 09 October 2025
the Week on 07-01-2026
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