**Executive Summary**
This report, dated February 13, 2026, details the processing status of draft offer documents filed with SEBI for IPOs and rights issues. It lists documents under process, those awaiting clarification responses, those awaiting in-principle approval from exchanges, and those for which observations have been issued/withdrawn/returned during the week. The report is updated weekly.
**Key Points / Main Content**
* **Draft Offer Documents Under Process in SEBI:**
* Lists 42 companies with details including the name of the issue, coordinating Lead Manager (LM), type of issue (IPO Fresh, OFS, etc.), date of receipt by SEBI, and last date of communication.
* **Clarifications Sought by SEBI and Response from LM is awaited:**
* Lists 15 companies for which SEBI has sought clarifications, with details including the name of the issue, coordinating LM, type of issue, date of receipt, and last date of communication.
* **In-principle approval from Exchanges are awaited:**
* Lists 3 companies awaiting in-principle approval from exchanges with the name of the issue, coordinating LM, type of issue, date of receipt, and last date of communication.
* **Observations issued / withdrawn / returned during the week:**
* Lists 5 companies for which SEBI issued, withdrew, or returned observations during the week, with details including the name of the issue, coordinating LM, type of issue, date of receipt, and type of observation.
* **Other Categories:**
* Also mentions categories for which comments were sought from other regulators/government agencies and Issuance of observations kept in abeyance.
**Impact Analysis**
**Issuers (Unlisted Companies)**
* **Impact:** The status of their draft offer documents affects their ability to proceed with initial public offerings (IPOs) or rights issues. Delays can impact their timelines and financial planning.
* **Action Required:** If documents remain unattended or experience inordinate delays, the LM/Issuer should contact SEBI officials.
**Lead Managers (Merchant Bankers)**
* **Impact:** They are responsible for corresponding with SEBI on behalf of the issuers and addressing any queries or clarifications.
* **Action Required:** They need to respond to SEBI's queries promptly and ensure the submitted documents comply with regulatory requirements.
**Investors**
* **Impact:** Investors who are interested in IPOs or rights issues by listed companies may be affected by the regulatory approval timelines.
* **Action Required:** There is no direct action from the investors. They can keep an eye on the approvals before deciding to invest in an IPO.
**SEBI (Securities and Exchange Board of India)**
* **Impact:** SEBI oversees the entire process and ensures compliance with regulations.
* **Action Required:** SEBI is responsible for reviewing draft offer documents, seeking clarifications, and issuing observations to ensure transparency and investor protection.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations that mandate the filing of draft offer documents with SEBI for IPOs and rights issues above a certain value.
SEBI: The primary regulator with whom draft offer documents must be filed.
Initial Public Offer (IPO): The listing is related to the processing status of draft offer documents for companies pursuing an IPO.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on February 13, 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
Shah Investor's Home Beeline Capital Advisors
1 IPO (Fresh Only) 30 September 2025 01 December 2025
Limited Private Limited
D & A Financial
2 Alpine Texworld Limited IPO (Fresh Only) 30 September 2025 10 February 2026
Services Pvt. Ltd.
3 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 13 February 2026
IIFL Capital Services
4 Anjali Labtech Limited Pre-filing 06 October 2025 05 February 2026
Limited
Vishvaraj Environment
5 JM Financial Limited IPO (Fresh + OFS) 08 October 2025 20 January 2026
Limited
Bonbloc Technolgies Pantomath Capital
6 IPO (Fresh + OFS) 08 October 2025 11 February 2026
Limited Advisors Private Limited
Equirus Capital Private
7 Hotel Polo Towers Limited IPO (Fresh + OFS) 08 October 2025 09 February 2026
Limited
8 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 05 February 2026
Anand Rathi Advisors
9 Rays Power Infra Limited IPO (Fresh + OFS) 13 October 2025 02 February 2026
Limited
10 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 10 February 2026
DAM Capital Advisors
11 Prasol Chemicals Limited IPO (Fresh + OFS) 27 October 2025 11 February 2026
Limited
NoPaperForms Solutions IIFL Capital Services
12 IPO (Fresh + OFS) 11 November 2025 23 January 2026
Limited Limited
13 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 10 February 2026
Jindal Supreme (India) Sarthi Capital Advisors
14 IPO (Fresh + OFS) 10 December 2025 27 January 2026
Ltd. Pvt. Ltd.
Sundae Capital Advisors
15 MV Electrosystems Ltd. IPO (Fresh Only) 10 December 2025 19 January 2026
Pvt. Ltd.
Motilal Oswal
16 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 27 January 2026
Investment Advisors Ltd.
Sonaselection India Choice Capital Advisors
17 IPO (Fresh Only) 17 December 2025 30 January 2026
Limited Private Limited
Crystal Crop Protection
18 IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 16 January 2026
Limited
Motilal Oswal
19 Travelstack Tech Limited Investment Advisors IPO (Fresh + OFS) 19 December 2025 11 February 2026
Limited
Symbiotec Pharmalab
20 JM Financial Limited IPO (Fresh + OFS) 23 December 2025 04 February 2026
Limited
Nuvama Wealth
21 Jakson Green Limited Pre-filing 26 December 2025 02 February 2026
Management Limited
WOG Technologies Unistone Capital Pvt.
22 IPO (Fresh + OFS) 29 December 2025 11 February 2026
Limited Ltd.
Yatayat Corporation India Unistone Capital Private
23 IPO (Fresh + OFS) 29 December 2025 09 February 2026
Limited Limited
Motilal Oswal
24 Surgiwear Limited Investment Advisors IPO (Fresh + OFS) 30 December 2025 29 November 2026
LimitedMotilal Oswal
Casagrand Premier
25 Investment Advisors IPO (Fresh + OFS) 30 December 2025 04 February 2026
Builder Limited
Limited
26 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 10 February 2026
Emkay Global Financial
27 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 09 February 2026
Services Ltd.
NEOLITE ZKW Anand Rathi Advisors
28 IPO (Fresh + OFS) 02 January 2026 11 February 2026
LIGHTINGS LIMITED Limited
Krishna Buildspace Mefcom Capital Markets
29 IPO (Fresh + OFS) 02 January 2026 11 February 2026
Limited Ltd
MEHTA HITECH Beeline Capital Advisors
30 IPO (Fresh Only) 02 January 2026 02 January 2026
INDUSTRIES LIMITED Private Limited
Anand Rathi Advisors
31 SS Retail Limited IPO (Fresh + OFS) 05 January 2026 09 February 2026
Limited
Saffron Capital Advisors
32 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 22 January 2026
Private Limited
Khambatta Securities
33 Rodec Pharma Ltd. IPO (OFS Only) 20 January 2026 11 February 2026
Ltd.
EAAA India Alternatives
34 Axis Capital Limited IPO (OFS Only) 21 January 2026 21 January 2026
Limited
Advanta Enterprises
35 JM Financial Limited IPO (OFS Only) 22 January 2026 10 February 2026
Limited
Kanohar Electricals Nuvama Wealth
36 IPO (Fresh + OFS) 27 January 2026 27 January 2026
Limited Management Ltd.
Bombay Coated and
37 Smart Horizon IPO (Fresh Only) 30 January 2026 30 January 2026
Speicla Steels Limited
Choice Capital Advisors
38 SRIT India Limited IPO (Fresh) 02 February 2026 02 February 2026
Private Limited
Dhoot Transmission
39 Axis Capital Limited IPO (Fresh + OFS) 02 February 2026 02 February 2026
Limited
Madhur Iron & Steel India Share India Capital
40 IPO (Fresh Only) 02 February 2026 02 February 2026
Limited Services Private Limited
Nuvama Wealth
41 MARRI RETAIL LIMITED Management IPO (Fresh + OFS) 03 February 2026 03 February 2026
Limited
Bonfiglioli Transmissions
42 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
Saffron Capital Advisors
3 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Private Limited
Intensive Financial
4 Jainam Broking Limited Pre-filing 07 October 2025 12 February 2026
Services Limited
Cumulative Capital
5 APPL Containers Limited IPO (Fresh + OFS) 08 October 2025 12 January 2026
Private Limited
Smart Horizon Capital
6 Grand Housing Limited IPO (OFS Only) 08 October 2025 11 February 2026
Advisors Private Ltd
7 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 12 February 2026
Eastman Auto & Power
8 Axis Capital Limited Pre-Filing 09 December 2025 11 February 2026
Limited
Pantomath Capital
9 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 10 February 2026
Advisors Private Limited
SHIVGANGA DRILLERS Aryaman Financial
10 IPO (Fresh Only) 19 December 2025 12 February 2026
LIMITED Services Limited
Tonbo Imaging India
11 JM Financial Limited IPO (OFS Only) 30 December 2025 12 February 2025
Limited
Horizon Industrial Parks
12 JM Financial Limited IPO (Fresh Only) 01 January 2026 11 February 2026
Limited
13 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 13 February 2026
Hindustan Laboratories Choice Capital Advisors
14 IPO (Fresh + OFS) 06 January 2026 11 February 2026
Limited Private Limited
Veegaland Developers Cumulative Capital
15 IPO (Fresh Only) 09 January 2026 13 February 2026
Limited Private 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
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 30 January 2026
Limited Private Limited
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:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Observation letter issued /
Premier Industrial Unistone Capital Private Observations issued during the Week
1 IPO (Fresh + OFS) 30 September 2025
Corporation Limited on 10-02-2026
Virupaksha Organics Observations issued during the Week
2 Axis Capital Limited IPO (Fresh Only) 07 October 2025
Limited on 12-02-2026
Cumulative Capital Observations issued during the Week
3 Hexagon Nutrition Limited IPO (OFS Only) 08 October 2025
Private Limited on 10-02-2026
Om Power Transmission Beeline Capital Advisors Observations issued during the Week
4 IPO (Fresh + OFS) 09 October 2025
Limited Private Limited on 13-02-2026
JM Financial Institutional Observations issued during the Week
5 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025
Securities Ltd. on 12-02-2026
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