**Executive Summary**
This report, dated January 23, 2026, provides an update on the processing status of draft offer documents filed with SEBI for IPOs and rights issues. It includes details on documents under process, those where clarifications are awaited, those with in-principle approval from exchanges, and those with issued/withdrawn observations. The report is updated weekly.
**Key Points / Main Content**
* **Draft Offer Documents Under Process:**
* A list of 49 companies that have draft offer documents under review by SEBI.
* Includes company name, coordinating lead manager (LM), type of issue (IPO, OFS, Pre-filing), date of receipt by SEBI, and last date of communication.
* **Clarifications Awaited:**
* A list of 7 companies for which SEBI has sought clarifications from the lead managers.
* Includes company name, coordinating LM, type of issue, date of receipt by SEBI, and last date of communication.
* **In-Principle Approval from Exchanges Awaited:**
* A list of 4 companies awaiting in-principle approval from exchanges.
* Includes company name, coordinating LM, type of issue, date of receipt, and last date of communication.
* **Comments Sought from Other Regulators/Govt Agencies:**
* This section is empty, implying no comments are currently being sought from other regulators or government agencies.
* **Issuance of Observations Kept in Abeyance:**
* This section is empty, implying there are currently no observations kept in abeyance.
* **Observations Issued/Withdrawn/Returned During the Week:**
* Observations have been issued during the week to 13 companies.
* Includes company name, coordinating LM, type of issue, date of receipt, and whether the observations were issued, withdrawn, or returned.
**Impact Analysis**
**Lead Managers (LM) / Issuers**
**Impact**
The document provides a comprehensive overview of the status of draft offer documents, aiding in understanding the progress of the IPO/rights issue.
**Action Required**
LMs/Issuers should ensure that if their draft offer document has remained unattended or there is an inordinate delay, they should 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).
LMs/Issuers who have received requests for clarification must respond to SEBI.
**SEBI**
**Impact**
The document allows tracking and monitoring of the progress of draft offer documents, ensuring compliance with regulations.
**Action Required**
Continue processing and providing feedback on draft offer documents, as well as issuing observations.
**Investors**
**Impact**
The document indicates the timelines associated with proposed public offerings which can allow investors to track the status of upcoming opportunities.
**Action Required**
No action is required by investors based on this document alone.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations requiring companies to file a draft offer document with SEBI for initial public offers and rights issues.
SEBI: Securities and Exchange Board of India, the regulator receiving draft offer documents.
Draft Offer Document: The document filed with SEBI by companies seeking to raise capital through IPOs or rights issues.
IPO: Initial Public Offering; a key type of issue covered by this policy
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on January 23, 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:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
Aarvee Engineering
1 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025 12 January 2026
Consultants Limited
2 HD Fire Protect Limited Ambit Private Limited IPO (OFS Only) 26 September 2025 21 January 2026
Associated Power IIFL Capital Services
3 IPO (Fresh + OFS) 29 September 2025 19 January 2026
Structures Limited Ltd.
Equirus Capital Private
4 Rotomag Enertec Limited IPO (Fresh + OFS) 29 September 2025 21 January 2026
Limited
Khandwala Securities
5 Armee Infotech Limited IPO (Fresh Only) 29 September 2025 08 January 2026
Limited
Parijat Industries India SBI Capital Markets
6 IPO (Fresh + OFS) 29 September 2025 22 January 2026
Limited Limited
Laser Power and Infra IIFL Capital Services
7 IPO (Fresh + OFS) 30 September 2025 16 December 2025
Limited Limited
8 Elevate Campuses Limited JM Financial Limited IPO (Fresh Only) 30 September 2025 23 January 2026
Shah Investor's Home Beeline Capital Advisors
9 IPO (Fresh Only) 30 September 2025 01 December 2025
Limited Private Limited
Eldeco Infrastructure and IIFL Capital Services
10 IPO (Fresh + OFS) 06 October 2025 22 January 2026
Properties Limited Limited
Virupaksha Organics
11 Axis Capital Limited IPO (Fresh Only) 07 October 2025 19 January 2026
Limited
Vishvaraj Environment
12 JM Financial Limited IPO (Fresh + OFS) 08 October 2025 20 January 2026
Limited
Cumulative Capital
13 Hexagon Nutrition Limited IPO (OFS Only) 08 October 2025 12 December 2025
Private Limited
Equirus Capital Private
14 Hotel Polo Towers Limited IPO (Fresh + OFS) 08 October 2025 22 January 2026
Limited
Shankesh Jewellers Aryaman Financial
15 IPO (Fresh + OFS) 08 October 2025 14 January 2026
Limited Services Limited
Holani Consultants
16 Advit Jewels Limited IPO (Fresh Only) 08 October 2025 28 November 2025
Private Ltd.
Om Power Transmission Beeline Capital Advisors
17 IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited Private Limited
18 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 20 January 2026
Pantomath Capital
19 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025 17 January 2026
Advisors Private Limited
20 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 29 December 2025
JM Financial Institutional
21 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 20 January 2026
Securities Ltd.
Khandwala Securities
22 AITMC Ventures Limited Pre-filing 30 October 2025 21 January 2026
Limited
23 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 08 January 2026
SEDEMAC Mechatronics
24 ICICI Securities Limited IPO (OFS Only) 18 November 2025 19 January 2026
Limited
25 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 21 January 2026Eastman Auto & Power
26 Axis Capital Limited Pre-Filing 09 December 2025 20 January 2026
Limited
Sundae Capital Advisors
27 MV Electrosystems Ltd. IPO (Fresh Only) 10 December 2025 21 January 2026
Pvt. Ltd.
Pantomath Capital
28 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 16 January 2026
Advisors Private Limited
Crystal Crop Protection
29 IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 16 January 2026
Limited
SHIVGANGA DRILLERS Aryaman Financial
30 IPO (Fresh Only) 19 December 2025 19 December 2025
LIMITED Services Limited
Symbiotec Pharmalab
31 JM Financial Limited IPO (Fresh + OFS) 23 December 2025 23 December 2025
Limited
Nuvama Wealth
32 Jakson Green Limited Pre-filing 26 December 2025 26 December 2025
Management Limited
Yatayat Corporation India Unistone Capital Private
33 IPO (Fresh + OFS) 29 December 2025 14 January 2026
Limited Limited
Motilal Oswal
34 Surgiwear Limited Investment Advisors IPO (Fresh + OFS) 30 December 2025 30 December 2025
Limited
Tonbo Imaging India
35 JM Financial Limited IPO (OFS Only) 30 December 2025 30 December 2025
Limited
Motilal Oswal
Casagrand Premier
36 Investment Advisors IPO (Fresh + OFS) 30 December 2025 30 December 2025
Builder Limited
Limited
Horizon Industrial Parks
37 JM Financial Limited IPO (Fresh Only) 01 January 2026 01 January 2026
Limited
Emkay Global Financial
38 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 02 January 2026
Services Ltd.
NEOLITE ZKW Anand Rathi Advisors
39 IPO (Fresh + OFS) 02 January 2026 16 January 2026
LIGHTINGS LIMITED Limited
40 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 08 January 2026
Krishna Buildspace Mefcom Capital Markets
41 IPO (Fresh + OFS) 02 January 2026 02 January 2026
Limited Ltd
MEHTA HITECH Beeline Capital Advisors
42 IPO (Fresh Only) 02 January 2026 02 January 2026
INDUSTRIES LIMITED Private Limited
Anand Rathi Advisors
43 SS Retail Limited IPO (Fresh + OFS) 05 January 2026 05 January 2026
Limited
Hindustan Laboratories Choice Capital Advisors
44 IPO (Fresh + OFS) 06 January 2026 12 January 2026
Limited Private Limited
Saffron Capital Advisors
45 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 22 January 2026
Private Limited
Veegaland Developers Cumulative Capital
46 IPO (Fresh Only) 09 January 2026 09 January 2026
Limited Private Limited
Khambatta Securities
47 Rodec Pharma Ltd. IPO (OFS Only) 20 January 2026 20 January 2026
Ltd.
EAAA India Alternatives
48 Axis Capital Limited IPO (OFS Only) 21 January 2026 21 January 2026
Limited
Advanta Enterprises
49 JM Financial Limited IPO (OFS Only) 22 January 2026 22 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
Pantomath Capital
1 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 14 January 2026
Advisors Private Limited
Xtranet Technologies Share India Capital
2 IPO (Fresh Only) 29 September 2025 20 January 2026
Limited Services Private Limited
Mann Fleet Partners Khambatta Securities
3 IPO (Fresh + OFS) 29 September 2025 25 November 2025
Limited Limited
Premier Industrial Unistone Capital Private
4 IPO (Fresh + OFS) 30 September 2025 25 November 2025
Corporation Limited
D & A Financial Services
5 Alpine Texworld Limited IPO (Fresh Only) 30 September 2025 23 January 2026
Pvt. Ltd.
RK Steel Manufacturing
6 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 26 December 2025
Company Limited
7 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 21 January 2026Keynote Corporate
8 CSM Technologies Ltd. IPO (Fresh Only) 06 October 2025 20 January 2026
Services Ltd.
IIFL Capital Services
9 Anjali Labtech Limited Pre-filing 06 October 2025 22 January 2026
Limited
Saffron Capital Advisors
10 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Private Limited
Intensive Financial
11 Jainam Broking Limited Pre-filing 07 October 2025 16 January 2026
Services Limited
Bonbloc Technolgies Pantomath Capital
12 IPO (Fresh + OFS) 08 October 2025 21 January 2026
Limited Advisors Private Limited
Smart Horizon Capital
13 Grand Housing Limited IPO (OFS Only) 08 October 2025 22 January 2026
Advisors Private Ltd
Cumulative Capital
14 APPL Containers Limited IPO (Fresh + OFS) 08 October 2025 12 January 2026
Private Limited
Anand Rathi Advisors
15 Rays Power Infra Limited IPO (Fresh + OFS) 13 October 2025 23 January 2026
Limited
DAM Capital Advisors
16 Prasol Chemicals Limited IPO (Fresh + OFS) 27 October 2025 23 January 2026
Limited
Jindal Supreme (India) Sarthi Capital Advisors
17 IPO (Fresh + OFS) 11 November 2025 16 January 2026
Ltd. Pvt. Ltd.
NoPaperForms Solutions IIFL Capital Services
18 IPO (Fresh + OFS) 11 November 2025 16 January 2026
Limited Limited
Motilal Oswal
19 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 23 January 2026
Investment Advisors Ltd.
Sonaselection India Choice Capital Advisors
20 IPO (Fresh Only) 17 December 2025 14 January 2026
Limited Private Limited
Motilal Oswal
21 Travelstack Tech Limited Investment Advisors IPO (Fresh + OFS) 19 December 2025 21 January 2026
Limited
Unistone Capital Pvt.
22 WOG Technologies Ltd. IPO (Fresh + OFS) 29 December 2025 23 January 2026
Ltd.
23 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 19 January 2026
III) In-principle approval from Exchanges are awaited:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of Communication
Srujan Alpha Capital
1 Tea Post Ltd. IPO (Fresh + OFS) 12 June 2025 23 January 2026
Advisors LLP
Unistone Capital Private
2 Earthood Services Limited IPO (OFS Only) 23 June 2025 30 September 2025
Limited
Learnfluence Education Saffron Capital Advisors
3 IPO (Fresh + OFS) 10 October 2025 15 January 2026
Limited Private Limited
4 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025 06 December 2025
IV) Comments sought from other regulators / Government agencies and
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 CommunicationVI) 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
Elara Capital (India) Observations issued during the
1 Jay Jagdamba Limited Pre-Filing 30 June 2025
Private Limited Week on 23-01-2026
Motilal Oswal
Transline Technologies Observations issued during the
2 Investment Advisors IPO (OFS only) 13 August 2025
Limited Week on 22-01-2026
Limited
Motilal Oswal
Observations issued during the
3 UKB Electronics Limited Investment Advisors IPO (Fresh + OFS) 04 September 2025
Week on 23-01-2026
Limited
CMR Green technologies Equirus Capital Private Observations issued during the
4 IPO (OFS Only) 09 September 2025
Limited Limited Week on 22-01-2026
Medicap Healthcare Aryamann Financial Observations issued during the
5 IPO (Fresh Only) 23 September 2025
Limited Services Ltd. Week on 23-01-2026
Observations issued during the
6 Purple Style Labs Limited Axis Capital Ltd IPO (Fresh Only) 25 September 2025
Week on 23-01-2026
Pantomath Capital Observations issued during the
7 Oswal Cables Limited IPO (Fresh + OFS) 30 September 2025
Advisors Private Limited Week on 19-01-2026
Observations issued during the
8 BVG India Limited ICICI Securities Limited IPO (Fresh + OFS) 01 October 2025
Week on 23-01-2026
Motilal Oswal
Observations issued during the
9 Pride Hotels Limited Investment Advisors IPO (Fresh + OFS) 08 October 2025
Week on 16-01-2026
Limited
Arihant Capital Markets Observations issued during the
10 Sai Parenteral's Limited IPO (Fresh + OFS) 08 October 2025
Limited Week on 21-01-2026
Commtel Networks Equirus Capital Private Observations issued during the
11 IPO (Fresh + OFS) 08 October 2025
Limited Limited Week on 22-01-2026
Kotak Mahindra Capital Observations issued during the
12 Hella Infra Market Ltd. Pre-filing 14 October 2025
Company Limited Week on 23-01-2026
Observations issued during the
13 Sify Infinit Spaces Limited JM Financial Ltd. IPO (Fresh + OFS) 20 October 2025
Week on 23-01-2026
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