**Executive Summary**
This report, dated February 6, 2026, outlines the processing status of draft offer documents filed with SEBI (Securities and Exchange Board of India). It includes details of Initial Public Offers (IPOs) and rights issues under review, where observations are yet to be issued or where clarifications are being sought. The report is updated weekly, and contact information is provided for inquiries regarding unattended documents or delays.
**Key Points / Main Content**
* **Draft Offer Documents under Process in SEBI:**
* Lists 37 companies with draft offer documents currently under review by SEBI.
* Includes the name of the issue, coordinating lead manager (LM), type of issue (IPO Fresh, IPO Fresh + OFS, etc.), date of receipt, and last date of communication.
* **Clarifications Sought by SEBI:**
* Lists 19 companies for which SEBI has sought clarifications from the lead managers.
* Includes the name of the issue, coordinating LM, type of issue, date of receipt, and last date of communication.
* **In-Principle Approval from Exchanges Awaited:**
* Lists 4 companies awaiting in-principle approval from Exchanges.
* Includes 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:**
* No data is present in this section.
* **Issuance of Observations Kept in Abeyance:**
* No data is present in this section.
* **Observations Issued / Withdrawn / Returned During the Week:**
* Lists 9 companies where SEBI issued, withdrew, or returned observations during the week.
* Includes the name of the issue, coordinating LM, type of issue, date of receipt, and observation status.
**Impact Analysis**
**Issuers and Listed Companies (Planning an IPO or Rights Issue):**
* **Impact**: The processing status affects the timeline and progress of their planned public offering. Delays or requests for clarification can impact launch schedules.
* **Action Required**: Monitor the status of their draft offer documents, respond promptly to SEBI's queries, and coordinate with their lead managers. If there are unattended documents or delays, contact SEBI.
**Lead Managers (Merchant Bankers):**
* **Impact**: Responsible for coordinating with SEBI on behalf of the issuer. Subject to scrutiny and must address SEBI's observations and requests for clarification.
* **Action Required**: Correspond with SEBI, provide timely responses to SEBI's queries, and ensure all documentation is complete and accurate. Monitor processing status and follow up on any delays.
**SEBI (Securities and Exchange Board of India):**
* **Impact**: SEBI is the regulatory body responsible for reviewing and approving draft offer documents.
* **Action Required**: Continue processing the draft offer documents, seeking necessary clarifications, and issuing observations within the specified timelines.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Governs the filing of draft offer documents with SEBI for IPOs and rights issues.
Initial Public Offer (IPO): Listing of unlisted company on stock exchange through issue of new shares.
Rights Issue: An offer to existing shareholders to purchase additional shares.
Offer For Sale (OFS): Existing shareholders sell their holdings.
SEBI: The regulatory body responsible for overseeing the Indian securities market, to which the draft offer documents are filed.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on February 6, 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
Beeline Capital Advisors Private
1 Shah Investor's Home Limited IPO (Fresh Only) 30 September 2025 01 December 2025
Limited
RK Steel Manufacturing Company
2 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 22 January 2026
Limited
3 Anjali Labtech Limited IIFL Capital Services Limited Pre-filing 06 October 2025 05 February 2026
4 Virupaksha Organics Limited Axis Capital Limited IPO (Fresh Only) 07 October 2025 04 February 2026
5 Vishvaraj Environment Limited JM Financial Limited IPO (Fresh + OFS) 08 October 2025 20 January 2026
6 Hexagon Nutrition Limited Cumulative Capital Private Limited IPO (OFS Only) 08 October 2025 28 January 2026
Beeline Capital Advisors Private
7 Om Power Transmission Limited IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited
8 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 29 January 2026
9 Rays Power Infra Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 13 October 2025 02 February 2026
10 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 02 February 2026
11 Jindal Supreme (India) Ltd. Sarthi Capital Advisors Pvt. Ltd. IPO (Fresh + OFS) 11 November 2025 27 January 2026
12 NoPaperForms Solutions Limited IIFL Capital Services Limited IPO (Fresh + OFS) 11 November 2025 23 January 2026
13 Eastman Auto & Power Limited Axis Capital Limited Pre-Filing 09 December 2025 03 February 2026
14 MV Electrosystems Ltd. Sundae Capital Advisors Pvt. Ltd. IPO (Fresh Only) 10 December 2025 19 January 2026
Motilal Oswal Investment Advisors
15 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 27 January 2026
Ltd.
Choice Capital Advisors Private
16 Sonaselection India Limited IPO (Fresh Only) 17 December 2025 30 January 2026
Limited
Pantomath Capital Advisors Private
17 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 16 January 2026
Limited
18 Crystal Crop Protection Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 16 January 2026
19 Symbiotec Pharmalab Limited JM Financial Limited IPO (Fresh + OFS) 23 December 2025 04 February 2026
Motilal Oswal Investment Advisors
20 Casagrand Premier Builder Limited IPO (Fresh + OFS) 30 December 2025 04 February 2026
Limited
21 Tonbo Imaging India Limited JM Financial Limited IPO (OFS Only) 30 December 2025 30 December 2025
Motilal Oswal Investment Advisors
22 Surgiwear Limited IPO (Fresh + OFS) 30 December 2025 29 November 2026
Limited
NEOLITE ZKW LIGHTINGS
23 Anand Rathi Advisors Limited IPO (Fresh + OFS) 02 January 2026 06 February 2026
LIMITED
MEHTA HITECH INDUSTRIES Beeline Capital Advisors Private
24 IPO (Fresh Only) 02 January 2026 02 January 2026
LIMITED Limited
25 SS Retail Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 05 January 2026 05 January 2026
Choice Capital Advisors Private
26 Hindustan Laboratories Limited IPO (Fresh + OFS) 06 January 2026 12 January 2026
Limited
Saffron Capital Advisors Private
27 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 22 January 2026
Limited
28 Veegaland Developers Limited Cumulative Capital Private Limited IPO (Fresh Only) 09 January 2026 09 January 2026
29 Rodec Pharma Ltd. Khambatta Securities Ltd. IPO (OFS Only) 20 January 2026 20 January 2026
30 EAAA India Alternatives Limited Axis Capital Limited IPO (OFS Only) 21 January 2026 21 January 2026
31 Advanta Enterprises Limited JM Financial Limited IPO (OFS Only) 22 January 2026 22 January 2026
32 Kanohar Electricals Limited Nuvama Wealth Management Ltd. IPO (Fresh + OFS) 27 January 2026 27 January 2026
Bombay Coated and Speicla Steels
33 Smart Horizon IPO (Fresh Only) 30 January 2026 30 January 2026
Limited
Share India Capital Services Private
34 Madhur Iron & Steel India Limited IPO (Fresh Only) 02 February 2026 02 February 2026
Limited
35 Dhoot Transmission Limited Axis Capital Limited IPO (Fresh + OFS) 02 February 2026 02 February 2026
Choice Capital Advisors Private
36 SRIT India Limited IPO (Fresh) 02 February 2026 02 February 2026
Limited
Nuvama Wealth Management
37 MARRI RETAIL LIMITED IPO (Fresh + OFS) 03 February 2026 03 February 2026
LimitedII. 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
Pantomath Capital Advisors Private
1 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 14 January 2026
Limited
2 Alpine Texworld Limited D & A Financial Services Pvt. Ltd. IPO (Fresh Only) 30 September 2025 06 February 2026
3 Premier Industrial Corporation Unistone Capital Private Limited IPO (Fresh + OFS) 30 September 2025 25 November 2025
4 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 21 January 2026
Saffron Capital Advisors Private
5 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Limited
6 Jainam Broking Limited Intensive Financial Services Limited Pre-filing 07 October 2025 30 January 2026
Smart Horizon Capital Advisors
7 Grand Housing Limited IPO (OFS Only) 08 October 2025 06 February 2026
Private Ltd
8 APPL Containers Limited Cumulative Capital Private Limited IPO (Fresh + OFS) 08 October 2025 12 January 2026
Pantomath Capital Advisors Private
9 Bonbloc Technolgies Limited IPO (Fresh + OFS) 08 October 2025 02 February 2026
Limited
10 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 02 February 2026
JM Financial Institutional Securities
11 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 05 February 2026
Ltd.
12 Prasol Chemicals Limited DAM Capital Advisors Limited IPO (Fresh + OFS) 27 October 2025 02 February 2026
13 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 06 February 2026
14 SHIVGANGA DRILLERS LIMITED Aryaman Financial Services Limited IPO (Fresh Only) 19 December 2025 05 February 2026
Nuvama Wealth Management
15 Jakson Green Limited Pre-filing 26 December 2025 02 February 2026
Limited
16 WOG Technologies Limited Unistone Capital Pvt. Ltd. IPO (Fresh + OFS) 29 December 2025 06 February 2026
17 Yatayat Corporation India Limited Unistone Capital Private Limited IPO (Fresh + OFS) 29 December 2025 06 February 2026
18 Horizon Industrial Parks Limited JM Financial Limited IPO (Fresh Only) 01 January 2026 04 February 2026
19 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 04 February 202620 Krishna Buildspace Limited Mefcom Capital Markets Ltd IPO (Fresh + OFS) 02 January 2026 30 January 2026
21 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 29 January 2026
Emkay Global Financial Services
22 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 05 February 2026
Ltd.
III) 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 23 January 2026
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 30 January 2026
Limited
Motilal Oswal Investment Advisors
4 Travelstack Tech Limited IPO (Fresh + OFS) 19 December 2025 05 February 2026
Limited
IV) Comments sought from other regulators / Government agencies and response
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
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
Aarvee Engineering Consultants Observations issued during
1 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025
Limited the Week on 04-02-2026
Observations issued during
2 Armee Infotech Limited Khandwala Securities Limited IPO (Fresh Only) 29 September 2025
the Week on 06-02-2026
Issue Withdrawn/Returned on
3 Mann Fleet Partners Limited Khambatta Securities Limited IPO (Fresh + OFS) 29 September 2025
03-02-2026
Observations issued during
4 Laser Power and Infra Limited IIFL Capital Services Limited IPO (Fresh + OFS) 30 September 2025
the Week on 02-02-2026
Observations issued during
5 Elevate Campuses Limited JM Financial Limited IPO (Fresh Only) 30 September 2025
the Week on 05-02-2026
Observations issued during
6 Shankesh Jewellers Limited Aryaman Financial Services Limited IPO (Fresh + OFS) 08 October 2025
the Week on 06-02-2026
Pantomath Capital Advisors Private Observations issued during
7 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025
Limited the Week on 03-02-2026
Observations issued during
8 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025
the Week on 05-02-2026
Observations issued during
9 SEDEMAC Mechatronics Limited ICICI Securities Limited IPO (OFS Only) 18 November 2025
the Week on 06-02-2026----------------------------------------------------------------------------------------------------------------------------