**Executive Summary**
This report, dated February 20, 2026, outlines the processing status of draft offer documents filed with SEBI. It lists companies undergoing the IPO process and includes key dates such as the Date of Receipt and Last Date of Communication, serving as a weekly update on the status of these filings. The report categorizes documents based on their status, with a section for companies where SEBI is awaiting clarification from Lead Managers (LM).
**Key Points / Main Content**
* **Draft Offer Documents Under Process in SEBI:**
* Lists 23 companies, their coordinating LM, type of issue (IPO with Fresh issue, OFS or both), Date of Receipt, and Last Date of Communication.
* Includes companies like Shah Investor's Home Limited and Vishal Nirmiti Limited.
* **Clarifications Sought by SEBI and Response from LM is Awaited:**
* Details 24 companies from whom SEBI has sought clarifications and is awaiting a response from the Lead Manager.
* Includes Cotec Healthcare Limited and Madhur Iron & Steel India Limited.
* **In-principle Approval from Exchanges Awaited:**
* Lists 4 companies awaiting in-principle approval from Exchanges.
* Includes Tea Post Ltd. and Jindal Supreme (India) Ltd.
* **Comments Sought from Other Regulators/Government Agencies:**
* No specific information is provided in the document regarding this category.
* **Issuance of Observations Kept in Abeyance:**
* No specific information is provided in the document regarding this category.
* **Observations Issued/Withdrawn/Returned during the Week:**
* Lists 4 companies for whom observations were issued or withdrawn/returned during the week.
* Includes Alpine Texworld Limited and Integris Medtech Limited.
**Impact Analysis**
**Stakeholder: Issuers**
*Impact:* The document provides a status update on the progress of their draft offer documents with SEBI.
*Action Required:* To take note of the current status of their document, address any outstanding clarifications requested by SEBI and resubmit documents as necessary.
**Stakeholder: Lead Managers (LM)**
*Impact:* The document shows which LMs need to respond to SEBI's clarifications and provides a record of their engagement.
*Action Required:* Review the list, prioritize responses to SEBI, and ensure timely submission of required information.
**Stakeholder: SEBI**
*Impact:* The document functions as a public record of draft offer document processing.
*Action Required:* Continue to monitor the status of each document and ensure timely communication with issuers and LMs.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations governing the process for initial public offers (IPOs) and rights issues by unlisted and listed companies respectively.
SEBI: The Securities and Exchange Board of India, the regulator overseeing draft offer document filings and observations.
Draft Offer Document: Document filed with SEBI by companies seeking to raise capital, subject to review and observation by SEBI.
Initial Public Offer (IPO): A public offering of shares in a company for the first time.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on February 20, 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 17 February 2026
Limited Private Limited
Bonbloc Technolgies Pantomath Capital
2 IPO (Fresh + OFS) 08 October 2025 11 February 2026
Limited Advisors Private Limited
Vishvaraj Environment
3 JM Financial Limited IPO (Fresh + OFS) 08 October 2025 16 February 2026
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
NoPaperForms Solutions IIFL Capital Services
6 IPO (Fresh + OFS) 11 November 2025 23 January 2026
Limited Limited
7 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 10 February 2026
Sundae Capital Advisors
8 MV Electrosystems Ltd. IPO (Fresh Only) 10 December 2025 19 January 2026
Pvt. Ltd.
Sonaselection India Choice Capital Advisors
9 IPO (Fresh Only) 17 December 2025 30 January 2026
Limited Private Limited
Pantomath Capital
10 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 18 February 2026
Advisors Private Limited
Crystal Crop Protection
11 IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 16 January 2026
Limited
Motilal Oswal
12 Travelstack Tech Limited Investment Advisors IPO (Fresh + OFS) 19 December 2025 11 February 2026
Limited
Symbiotec Pharmalab
13 JM Financial Limited IPO (Fresh + OFS) 23 December 2025 04 February 2026
Limited
Nuvama Wealth
14 Jakson Green Limited Pre-filing 26 December 2025 02 February 2026
Management Limited
WOG Technologies Unistone Capital Pvt.
15 IPO (Fresh + OFS) 29 December 2025 11 February 2026
Limited Ltd.
Yatayat Corporation India Unistone Capital Private
16 IPO (Fresh + OFS) 29 December 2025 09 February 2026
Limited Limited
Motilal Oswal
17 Surgiwear Limited Investment Advisors IPO (Fresh + OFS) 30 December 2025 29 November 2026
Limited
Motilal Oswal
Casagrand Premier
18 Investment Advisors IPO (Fresh + OFS) 30 December 2025 04 February 2026
Builder Limited
Limited
Krishna Buildspace Mefcom Capital Markets
19 IPO (Fresh + OFS) 02 January 2026 11 February 2026
Limited Ltd
Emkay Global Financial
20 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 09 February 2026
Services Ltd.
MEHTA HITECH Beeline Capital Advisors
21 IPO (Fresh Only) 02 January 2026 18 February 2026
INDUSTRIES LIMITED Private Limited
NEOLITE ZKW Anand Rathi Advisors
22 IPO (Fresh + OFS) 02 January 2026 11 February 2026
LIGHTINGS LIMITED Limited
Saffron Capital Advisors
23 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 03 February 2026
Private LimitedKhambatta Securities
24 Rodec Pharma Ltd. IPO (OFS Only) 20 January 2026 11 February 2026
Ltd.
Choice Capital Advisors
25 SRIT India Limited IPO (Fresh) 02 February 2026 02 February 2026
Private Limited
Dhoot Transmission
26 Axis Capital Limited IPO (Fresh + OFS) 02 February 2026 02 February 2026
Limited
Nuvama Wealth
27 MARRI RETAIL LIMITED Management IPO (Fresh + OFS) 03 February 2026 03 February 2026
Limited
Bonfiglioli Transmissions
28 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 10 December 2025
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 10 February 2026
DAM Capital Advisors
8 Prasol Chemicals Limited IPO (Fresh + OFS) 27 October 2025 20 February 2026
Limited
9 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 12 February 2026
Eastman Auto & Power
10 Axis Capital Limited Pre-Filing 09 December 2025 18 February 2026
Limited
Motilal Oswal
11 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 19 February 2026
Investment Advisors Ltd.
SHIVGANGA DRILLERS Aryaman Financial
12 IPO (Fresh Only) 19 December 2025 12 February 2026
LIMITED Services Limited
Tonbo Imaging India
13 JM Financial Limited IPO (OFS Only) 30 December 2025 16 February 2026
Limited
Horizon Industrial Parks
14 JM Financial Limited IPO (Fresh Only) 01 January 2026 11 February 2026
Limited
15 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 19 February 2026
16 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 18 February 2026
Anand Rathi Advisors
17 SS Retail Limited IPO (Fresh + OFS) 05 January 2026 16 February 2026
Limited
Hindustan Laboratories Choice Capital Advisors
18 IPO (Fresh + OFS) 06 January 2026 11 February 2026
Limited Private Limited
Veegaland Developers Cumulative Capital
19 IPO (Fresh Only) 09 January 2026 13 February 2026
Limited Private Limited
EAAA India Alternatives
20 Axis Capital Limited IPO (OFS Only) 21 January 2026 18 February 2026
Limited
Advanta Enterprises
21 JM Financial Limited IPO (OFS Only) 22 January 2026 17 February 2026
Limited
Kanohar Electricals Nuvama Wealth
22 IPO (Fresh + OFS) 27 January 2026 16 February 2026
Limited Management Ltd.
Bombay Coated and
23 Smart Horizon IPO (Fresh Only) 30 January 2026 20 February 2026
Speicla Steels Limited
Madhur Iron & Steel India Share India Capital
24 IPO (Fresh Only) 02 February 2026 20 February 2026
Limited Services 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 17 February 2026
Limited
Learnfluence Education Saffron Capital Advisors
3 IPO (Fresh + OFS) 10 October 2025 30 January 2026
Limited Private Limited
Jindal Supreme (India) Sarthi Capital Advisors
4 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:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Observation letter issued /
D & A Financial Observations issued during the Week
1 Alpine Texworld Limited IPO (Fresh Only) 30 September 2025
Services Pvt. Ltd. on 20-02-2026
IIFL Capital Services Observations issued during the Week
2 Anjali Labtech Limited Pre-filing 06 October 2025
Limited on 17-02-2026
Cumulative Capital Observations issued during the Week
3 APPL Containers Limited IPO (Fresh + OFS) 08 October 2025
Private Limited on 20-02-2026
Observations issued during the Week
4 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025
on 13-02-2026
---------------------------------------------------------------------------------------------------------------------------