**Executive Summary**
This report, dated January 15, 2026, outlines the processing status of draft offer documents filed with SEBI for companies seeking initial public offers (IPOs) or rights issues exceeding Rs. 50 Crore. The report lists companies under review, those awaiting responses to SEBI clarifications, those awaiting in-principle exchange approval, and companies for which comments are awaited from other regulators. The report is updated weekly.
**Key Points / Main Content**
* **Draft Offer Documents Under Process:**
* Lists 59 companies, their coordinating Lead Managers (LM), type of issue (IPO or pre-filing), date of receipt, and last date of communication.
* Includes companies like Jay Jagdamba Limited, UKB Electronics Limited, and Veegaland Developers Limited.
* **Clarifications Sought by SEBI:**
* Lists 24 companies for which SEBI has sought clarifications and responses are awaited from the LM.
* Includes companies like Transline Technologies Limited, Cotec Healthcare Limited, and NEOLITE ZKW LIGHTINGS LIMITED.
* **In-Principle Approval Awaited from Exchanges:**
* Lists 3 companies awaiting in-principle approval from the exchanges.
* Includes Tea Post Ltd., Earthood Services Limited, and Learnfluence Education Limited.
* **Comments Awaited from Other Regulators:**
* States there are companies for which comments are sought from other regulators or government agencies, and the response is awaited (however, no specific companies are listed).
* **Issuance of Observations Kept in Abeyance:**
* States there are companies for which observations have been kept in abeyance (however, no specific companies are listed).
* **Observations Issued/Withdrawn/Returned During the Week:**
* Lists 8 companies for which SEBI has issued observation letters or withdrawn/returned issues during the week (ending January 16, 2026).
* Includes companies like Sillverton Industries Limited, Supreet Chemicals Limited, and Augmont Enterprises Limited.
**Impact Analysis**
**Stakeholder: Issuers (Companies Seeking IPOs/Rights Issues)**
* **Impact:** The document informs issuers about the status of their draft offer documents, pending actions, and deadlines.
* **Action Required:** Issuers should review the report to understand the status of their application, respond to SEBI clarifications promptly, and coordinate with their LMs to ensure timely resolution of issues. If the 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).
**Stakeholder: Lead Managers (Merchant Bankers)**
* **Impact:** The report identifies LMs responsible for coordinating with SEBI on behalf of the issuers and highlights any pending actions.
* **Action Required:** LMs should ensure timely submission of responses to SEBI clarifications, coordinate with issuers, and follow up on pending approvals from exchanges or other regulators.
**Stakeholder: SEBI**
* **Impact:** The document serves as an internal tracking mechanism for SEBI to monitor the progress of draft offer documents.
* **Action Required:** SEBI needs to continue reviewing the documents, seeking clarifications, and providing necessary approvals/observations in a timely manner.
**Stakeholder: Exchanges and Other Regulators/Government Agencies**
* **Impact:** The document highlights instances where in-principle approval from exchanges or comments from other regulators are pending.
* **Action Required:** Expedite the approval process and respond to SEBI requests, respectively.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations by SEBI requiring issuers to file draft offer documents for initial public offers and rights issues exceeding a certain value.
SEBI: The Securities and Exchange Board of India, the regulator overseeing draft offer documents and corresponding with merchant bankers on behalf of issuers.
Initial Public Offer: An unlisted company making a public offering, triggering the filing of a draft offer document with SEBI.
Rights Issue: A listed company making a rights offering exceeding a certain value, triggering the filing of a draft offer document with SEBI.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on January 15, 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
Elara Capital (India)
1 Jay Jagdamba Limited Pre-Filing 30 June 2025 14 January 2026
Private Limited
Motilal Oswal
2 UKB Electronics Limited Investment Advisors IPO (Fresh + OFS) 04 September 2025 11 December 2025
Limited
CMR Green technologies Equirus Capital Private
3 IPO (OFS Only) 09 September 2025 14 January 2026
Limited Limited
Medicap Healthcare Aryamann Financial
4 IPO (Fresh Only) 23 September 2025 16 January 2026
Limited Services Ltd.
5 Purple Style Labs Limited Axis Capital Ltd IPO (Fresh Only) 25 September 2025 16 January 2026
Aarvee Engineering
6 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025 12 January 2026
Consultants Limited
Equirus Capital Private
7 Rotomag Enertec Limited IPO (Fresh + OFS) 29 September 2025 03 December 2025
Limited
Khandwala Securities
8 Armee Infotech Limited IPO (Fresh Only) 29 September 2025 08 January 2026
Limited
Parijat Industries India SBI Capital Markets
9 IPO (Fresh + OFS) 29 September 2025 15 January 2026
Limited Limited
Xtranet Technologies Share India Capital
10 IPO (Fresh Only) 29 September 2025 01 January 2026
Limited Services Private Limited
Associated Power IIFL Capital Services
11 IPO (Fresh + OFS) 29 September 2025 10 January 2026
Structures Limited Ltd.
D & A Financial
12 Alpine Texworld Limited IPO (Fresh Only) 30 September 2025 14 January 2026
Services Pvt. Ltd.
Elevate Campuses
13 JM Financial Limited IPO (Fresh Only) 30 September 2025 12 January 2026
Limited
Laser Power and Infra IIFL Capital Services
14 IPO (Fresh + OFS) 30 September 2025 16 December 2025
Limited Limited
Shah Investor's Home Beeline Capital Advisors
15 IPO (Fresh Only) 30 September 2025 01 December 2025
Limited Private Limited
Eldeco Infrastructure and IIFL Capital Services
16 IPO (Fresh + OFS) 06 October 2025 07 January 2026
Properties Limited Limited
Keynote Corporate
17 CSM Technologies Ltd. IPO (Fresh Only) 06 October 2025 08 January 2026
Services Ltd.
IIFL Capital Services
18 Anjali Labtech Limited Pre-filing 06 October 2025 06 January 2026
Limited
Virupaksha Organics
19 Axis Capital Limited IPO (Fresh Only) 07 October 2025 22 December 2025
Limited
Shankesh Jewellers Aryaman Financial
20 IPO (Fresh + OFS) 08 October 2025 14 January 2026
Limited Services Limited
Cumulative Capital
21 Hexagon Nutrition Limited IPO (OFS Only) 08 October 2025 12 December 2025
Private Limited
Vishvaraj Environment
22 JM Financial Limited IPO (Fresh + OFS) 08 October 2025 12 December 2025
Limited
Commtel Networks Equirus Capital Private
23 IPO (Fresh + OFS) 08 October 2025 26 December 2025
Limited Limited
Bonbloc Technolgies Pantomath Capital
24 IPO (Fresh + OFS) 08 October 2025 10 January 2026
Limited Advisors Private LimitedEquirus Capital Private
25 Hotel Polo Towers Limited IPO (Fresh + OFS) 08 October 2025 05 January 2026
Limited
Holani Consultants
26 Advit Jewels Limited IPO (Fresh Only) 08 October 2025 28 November 2025
Private Ltd.
Arihant Capital Markets
27 Sai Parenteral's Limited IPO (Fresh + OFS) 08 October 2025 09 January 2026
Limited
Motilal Oswal
28 Pride Hotels Limited Investment Advisors IPO (Fresh + OFS) 08 October 2025 06 January 2026
Limited
Om Power Transmission Beeline Capital Advisors
29 IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited Private Limited
Anand Rathi Advisors
30 Rays Power Infra Limited IPO (Fresh + OFS) 13 October 2025 18 December 2025
Limited
31 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 29 December 2025
32 Sify Infinit Spaces Limited JM Financial Ltd. IPO (Fresh + OFS) 20 October 2025 15 January 2026
JM Financial Institutional
33 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 30 December 2025
Securities Ltd.
DAM Capital Advisors
34 Prasol Chemicals Limited IPO (Fresh + OFS) 27 October 2025 12 December 2025
Limited
Khandwala Securities
35 AITMC Ventures Limited Pre-filing 30 October 2025 06 January 2026
Limited
36 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 08 January 2026
37 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025 06 December 2025
38 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 06 January 2026
Motilal Oswal
39 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 15 January 2026
Investment Advisors Ltd.
Pantomath Capital
40 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 16 January 2026
Advisors Private Limited
Motilal Oswal
41 Travelstack Tech Limited Investment Advisors IPO (Fresh + OFS) 19 December 2025 26 December 2025
Limited
SHIVGANGA DRILLERS Aryaman Financial
42 IPO (Fresh Only) 19 December 2025 19 December 2025
LIMITED Services Limited
Symbiotec Pharmalab
43 JM Financial Limited IPO (Fresh + OFS) 23 December 2025 23 December 2025
Limited
Nuvama Wealth
44 Jakson Green Limited Pre-filing 26 December 2025 26 December 2025
Management Limited
Yatayat Corporation India Unistone Capital Private
45 IPO (Fresh + OFS) 29 December 2025 14 January 2026
Limited Limited
Unistone Capital Pvt.
46 WOG Technologies Ltd. IPO (Fresh + OFS) 29 December 2025 29 December 2025
Ltd.
Motilal Oswal
Casagrand Premier
47 Investment Advisors IPO (Fresh + OFS) 30 December 2025 30 December 2025
Builder Limited
Limited
Motilal Oswal
48 Surgiwear Limited Investment Advisors IPO (Fresh + OFS) 30 December 2025 30 December 2025
Limited
Tonbo Imaging India
49 JM Financial Limited IPO (OFS Only) 30 December 2025 30 December 2025
Limited
Horizon Industrial Parks
50 JM Financial Limited IPO (Fresh Only) 01 January 2026 01 January 2026
Limited
51 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 12 January 2026
52 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 08 January 2026
Emkay Global Financial
53 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 02 January 2026
Services Ltd.
Krishna Buildspace Mefcom Capital Markets
54 IPO (Fresh + OFS) 02 January 2026 02 January 2026
Limited Ltd
MEHTA HITECH Beeline Capital Advisors
55 IPO (Fresh Only) 02 January 2026 02 January 2026
INDUSTRIES LIMITED Private Limited
Anand Rathi Advisors
56 SS Retail Limited IPO (Fresh + OFS) 05 January 2026 05 January 2026
Limited
Hindustan Laboratories Choice Capital Advisors
57 IPO (Fresh + OFS) 06 January 2026 12 January 2026
Limited Private Limited
Saffron Capital Advisors
58 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 08 January 2026
Private Limited
Veegaland Developers Cumulative Capital
59 IPO (Fresh Only) 09 January 2026 09 January 2026
Limited Private 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
Motilal Oswal
Transline Technologies
1 Investment Advisors IPO (OFS only) 13 August 2025 02 January 2026
Limited
Limited
Pantomath Capital
2 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 14 January 2026
Advisors Private Limited
3 HD Fire Protect Limited Ambit Private Limited IPO (OFS Only) 26 September 2025 14 January 2026
Mann Fleet Partners Khambatta Securities
4 IPO (Fresh + OFS) 29 September 2025 25 November 2025
Limited Limited
Pantomath Capital
5 Oswal Cables Limited IPO (Fresh + OFS) 30 September 2025 24 December 2025
Advisors Private Limited
Premier Industrial Unistone Capital Private
6 IPO (Fresh + OFS) 30 September 2025 25 November 2025
Corporation Limited
7 BVG India Limited ICICI Securities Limited IPO (Fresh + OFS) 01 October 2025 15 January 2026
RK Steel Manufacturing
8 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 26 December 2025
Company Limited
9 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 16 January 2026
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
Cumulative Capital
12 APPL Containers Limited IPO (Fresh + OFS) 08 October 2025 12 January 2026
Private Limited
Smart Horizon Capital
13 Grand Housing Limited IPO (OFS Only) 08 October 2025 02 January 2026
Advisors Private Ltd
14 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 14 January 2026
Pantomath Capital
15 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025 09 January 2026
Advisors Private Limited
Kotak Mahindra Capital
16 Hella Infra Market Ltd. Pre-filing 14 October 2025 14 January 2026
Company 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
SEDEMAC Mechatronics
19 ICICI Securities Limited IPO (OFS Only) 18 November 2025 14 January 2026
Limited
Eastman Auto & Power
20 Axis Capital Limited Pre-Filing 09 December 2025 08 January 2026
Limited
Sundae Capital Advisors
21 MV Electrosystems Ltd. IPO (Fresh Only) 10 December 2025 09 January 2026
Pvt. Ltd.
Sonaselection India Choice Capital Advisors
22 IPO (Fresh Only) 17 December 2025 14 January 2026
Limited Private Limited
Crystal Crop Protection
23 IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 09 January 2026
Limited
NEOLITE ZKW Anand Rathi Advisors
24 IPO (Fresh + OFS) 02 January 2026 16 January 2026
LIGHTINGS LIMITED Limited
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 18 December 2025
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
IV) Comments sought from other regulators / Government agencies and response awaited:
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt Last Date of CommunicationV) 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 /
Sillverton Industries Pantomath Capital Observations issued during the Week
1 IPO (Fresh + OFS) 02 July 2025
Limited Advisors Private Limited on 12-01-2026
Supreet Chemicals IIFL Capital Services Observations issued during the Week
2 IPO (Fresh Only) 09 September 2025
Limited Limited on 16-01-2026
Observations issued during the Week
3 CJ Darcl Logistics Limited ICICI Securities Limited IPO (Fresh + OFS) 30 September 2025
on 14-01-2026
Gaudium IVF and Women Sarthi Capital Advisors Observations issued during the Week
4 IPO (Fresh + OFS) 30 September 2025
Health Limited Private Limited on 15-01-2026
Smart Horizon Capital Issue Withdrawn/Returned on 08-01-
5 Deon Energy Limited IPO (Fresh Only) 07 October 2025
Advisors Private Ltd 2026
Runwal Developers Observations issued during the Week
6 ICICI Securities Limited IPO (Fresh + OFS) 08 October 2025
Limited on 13-01-2026
Lalbaba Engineering IIFL Capital Services Observations issued during the Week
7 IPO (Fresh + OFS) 08 October 2025
Limited Limited on 13-01-2026
Augmont Enterprises Nuvama Wealth Observations issued during the Week
8 IPO (Fresh + OFS) 08 October 2025
Limited Management Limited on 12-01-2026
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