**Executive Summary**
This report, dated February 27, 2026, provides the processing status of draft offer documents filed with the Securities and Exchange Board of India (SEBI) by unlisted companies seeking an initial public offering (IPO). It lists companies for which SEBI is yet to issue observations, seeks clarifications, and lists companies awaiting in-principle approval from exchanges. The report is updated weekly.
**Key Points / Main Content**
* **Draft Offer Documents Under Process in SEBI:**
* Lists 23 companies, their coordinating lead managers (LM), type of issue (IPO fresh or with offer for sale (OFS)), date of receipt of the draft offer document, and the last date of communication.
* **Clarifications Sought by SEBI and Response from LM is Awaited:**
* Lists 22 companies, their coordinating lead managers (LM), type of issue (IPO fresh or with offer for sale (OFS)), date of receipt of the draft offer document, and the last date of communication.
* **In-Principle Approval from Exchanges are Awaited:**
* Lists 3 companies, their coordinating lead managers (LM), type of issue (IPO fresh or with offer for sale (OFS)), date of receipt of the draft offer document, and the last date of communication.
* **Comments Sought from Other Regulators / Government Agencies:**
* No companies listed.
* **Issuance of Observations Kept in Abeyance:**
* No companies listed.
* **Observations Issued / Withdrawn / Returned During the Week:**
* Lists one company, its coordinating lead manager (LM), type of issue, date of receipt of the draft offer document, and indicates the issue was withdrawn/returned on 23-02-2026.
**Impact Analysis**
**LM/Issuer**
* **Impact:** Need to address any delays in the processing of draft offer documents.
* **Action Required:** Contact Shri Deep Mani Shah or Shri Jeevan Sonparote at SEBI if a draft offer document has remained unattended or there is an inordinate delay.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations that require unlisted companies making initial public offers to file a draft offer document with SEBI.
Initial Public Offer (IPO): The process by which a private company can go public by sale of its stock to the general public.
Securities and Exchange Board of India (SEBI): The regulator of the securities market in India; the body with which draft offer documents are filed.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on February 27, 2026
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 require every issuer, being an
unlisted company desirous of making an initial 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
Shah Investor's Home Beeline Capital Advisors
1 IPO (Fresh Only) 30 September 2025 17 February 2026
Limited Private Limited
Vishvaraj Environment
2 JM Financial Limited IPO (Fresh + OFS) 08 October 2025 16 February 2026
Limited
Bonbloc Technolgies Pantomath Capital
3 IPO (Fresh + OFS) 08 October 2025 11 February 2026
Limited Advisors Private Limited
Equirus Capital Private
4 Hotel Polo Towers Limited IPO (Fresh + OFS) 08 October 2025 09 February 2026
Limited
Anand Rathi Advisors
5 Rays Power Infra Limited IPO (Fresh + OFS) 13 October 2025 02 February 2026
Limited
DAM Capital Advisors
6 Prasol Chemicals Limited IPO (Fresh + OFS) 27 October 2025 26 February 2026
Limited
7 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 23 February 2026
NoPaperForms Solutions IIFL Capital Services
8 IPO (Fresh + OFS) 11 November 2025 23 January 2026
Limited Limited
9 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 10 February 2026
Eastman Auto & Power
10 Axis Capital Limited Pre-Filing 09 December 2025 26 February 2026
Limited
Sundae Capital Advisors
11 MV Electrosystems Ltd. IPO (Fresh Only) 10 December 2025 25 February 2026
Pvt. Ltd.
Sonaselection India Choice Capital Advisors
12 IPO (Fresh Only) 17 December 2025 30 January 2026
Limited Private Limited
Pantomath Capital
13 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 18 February 2026
Advisors Private Limited
SHIVGANGA DRILLERS Aryaman Financial
14 IPO (Fresh Only) 19 December 2025 20 February 2026
LIMITED Services Limited
Symbiotec Pharmalab
15 JM Financial Limited IPO (Fresh + OFS) 23 December 2025 04 February 2026
Limited
Nuvama Wealth
16 Jakson Green Limited Pre-filing 26 December 2025 02 February 2026
Management Limited
Yatayat Corporation India Unistone Capital Private
17 IPO (Fresh + OFS) 29 December 2025 09 February 2026
Limited Limited
WOG Technologies Unistone Capital Pvt.
18 IPO (Fresh + OFS) 29 December 2025 11 February 2026
Limited Ltd.
Motilal Oswal
Casagrand Premier
19 Investment Advisors IPO (Fresh + OFS) 30 December 2025 04 February 2026
Builder Limited
Limited
Motilal Oswal
20 Surgiwear Limited Investment Advisors IPO (Fresh + OFS) 30 December 2025 09 February 2026
Limited
NEOLITE ZKW Anand Rathi Advisors
21 IPO (Fresh + OFS) 02 January 2026 11 February 2026
LIGHTINGS LIMITED Limited
MEHTA HITECH Beeline Capital Advisors
22 IPO (Fresh Only) 02 January 2026 18 February 2026
INDUSTRIES LIMITED Private Limited
Krishna Buildspace Mefcom Capital Markets
23 IPO (Fresh + OFS) 02 January 2026 11 February 2026
Limited LtdAnand Rathi Advisors
24 SS Retail Limited IPO (Fresh + OFS) 05 January 2026 21 February 2026
Limited
Hindustan Laboratories Choice Capital Advisors
25 IPO (Fresh + OFS) 06 January 2026 27 February 2026
Limited Private Limited
Saffron Capital Advisors
26 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 03 February 2026
Private Limited
Veegaland Developers Cumulative Capital
27 IPO (Fresh Only) 09 January 2026 16 February 2026
Limited Private Limited
Bombay Coated and
28 Smart Horizon IPO (Fresh Only) 30 January 2026 21 February 2026
Speicla Steels Limited
Choice Capital Advisors
29 SRIT India Limited IPO (Fresh) 02 February 2026 02 February 2026
Private Limited
Bonfiglioli Transmissions
30 Axis Capital Limited IPO (OFS Only) 11 February 2026 11 February 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 12 February 2026
Advisors Private Limited
RK Steel Manufacturing
2 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 07 February 2026
Company Limited
3 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 17 February 2026
Saffron Capital Advisors
4 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 25 February 2026
Private Limited
Intensive Financial
5 Jainam Broking Limited Pre-filing 07 October 2025 12 February 2026
Services Limited
Smart Horizon Capital
6 Grand Housing Limited IPO (OFS Only) 08 October 2025 11 February 2026
Advisors Private Ltd
7 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 26 February 2026
Motilal Oswal
8 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 19 February 2026
Investment Advisors Ltd.
Crystal Crop Protection
9 IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 27 February 2026
Limited
Motilal Oswal
10 Travelstack Tech Limited Investment Advisors IPO (Fresh + OFS) 19 December 2025 26 February 2026
Limited
Tonbo Imaging India
11 JM Financial Limited IPO (OFS Only) 30 December 2025 16 February 2026
Limited
12 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 26 February 2026
Horizon Industrial Parks
13 JM Financial Limited IPO (Fresh Only) 01 January 2026 24 February 2026
Limited
Emkay Global Financial
14 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 26 February 2026
Services Ltd.
15 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 18 February 2026
Khambatta Securities
16 Rodec Pharma Ltd. IPO (OFS Only) 20 January 2026 26 February 2026
Ltd.
EAAA India Alternatives
17 Axis Capital Limited IPO (OFS Only) 21 January 2026 18 February 2026
Limited
Advanta Enterprises
18 JM Financial Limited IPO (OFS Only) 22 January 2026 17 February 2026
Limited
Kanohar Electricals Nuvama Wealth
19 IPO (Fresh + OFS) 27 January 2026 16 February 2026
Limited Management Ltd.
Dhoot Transmission
20 Axis Capital Limited IPO (Fresh + OFS) 02 February 2026 25 February 2026
Limited
Madhur Iron & Steel India Share India Capital
21 IPO (Fresh Only) 02 February 2026 20 February 2026
Limited Services Private Limited
Nuvama Wealth
22 MARRI RETAIL LIMITED Management IPO (Fresh + OFS) 03 February 2026 27 February 2026
LimitedIII) 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
Learnfluence Education Saffron Capital Advisors
2 IPO (Fresh + OFS) 10 October 2025 30 January 2026
Limited Private Limited
Jindal Supreme (India) Sarthi Capital Advisors
3 IPO (Fresh + OFS) 10 December 2025 27 January 2026
Ltd. Pvt. Ltd.
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 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
Unistone Capital Private Issue Withdrawn/Returned on 23-02-
1 Earthood Services Limited IPO (OFS Only) 23 June 2025
Limited 2026
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