**Executive Summary**
This report, dated January 30, 2026, provides an update on the processing status of draft offer documents filed with SEBI for companies seeking initial public offerings (IPOs) or rights issues. It covers documents under process, those awaiting clarification responses, those awaiting in-principle approval from Exchanges, as well as those that were issued/withdrawn/returned during the week. The report is updated on a weekly basis.
**Key Points / Main Content**
* **Draft Offer Documents Under Process in SEBI:** Lists 39 companies, their coordinating lead managers (LM), the type of issue (IPO/OFS), date of receipt by SEBI, and the last date of communication.
* **Clarifications are Sought by SEBI and Response from LM is Awaited:** Lists 17 companies, their coordinating LM, the type of issue, date of receipt, and the last date of communication.
* **In-principle Approval from Exchanges is Awaited:** Lists 4 companies, their coordinating LM, the type of issue and the date of receipt of the in-principle application from the exchanges.
* **Comments Sought from Other Regulators/Government Agencies and Response:** No data available
* **Issuance of Observations Kept in Abeyance:** No data available
* **Observations Issued / Withdrawn / Returned During the Week:** Lists 8 companies and the action taken by SEBI during the week of January 26-January 30 2026.
**Impact Analysis**
**LM/Issuers**
* **Impact:**
* LM/Issuers with draft offer documents under process or awaiting clarification must ensure timely communication with SEBI.
* **Action Required:**
* LM/Issuers should correspond with SEBI through Shri Deep Mani Shah (deepmanis@sebi.gov.in) or Shri Jeevan Sonparote (jeevans@sebi.gov.in).
* Issuers must respond to the observations by SEBI.
**SEBI**
* **Impact:**
* SEBI must continue to review and process the draft offer documents filed by companies.
* **Action Required:**
* SEBI must continue to provide feedback to the LM.
* SEBI must continue to update the weekly processing status of draft offer documents.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations governing the issuance of capital and disclosure requirements for companies making an initial public offer or a rights issue.
SEBI: The primary regulatory body responsible for overseeing the draft offer documents filed by companies intending to make an IPO.
Initial Public Offer (IPO): The process by which an unlisted company offers shares to the public for the first time.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on January 30, 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:
Last Date of
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt
Communication
Aarvee Engineering Consultants
1 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025 12 January 2026
Limited
2 Armee Infotech Limited Khandwala Securities Limited IPO (Fresh Only) 29 September 2025 08 January 2026
3 Elevate Campuses Limited JM Financial Limited IPO (Fresh Only) 30 September 2025 23 January 2026
4 Laser Power and Infra Limited IIFL Capital Services Limited IPO (Fresh + OFS) 30 September 2025 16 December 2025
Beeline Capital Advisors Private
5 Shah Investor's Home Limited IPO (Fresh Only) 30 September 2025 01 December 2025
Limited
RK Steel Manufacturing Company
6 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 22 January 2026
Limited
7 Vishvaraj Environment Limited JM Financial Limited IPO (Fresh + OFS) 08 October 2025 20 January 2026
8 Hotel Polo Towers Limited Equirus Capital Private Limited IPO (Fresh + OFS) 08 October 2025 22 January 2026
9 Hexagon Nutrition Limited Cumulative Capital Private Limited IPO (OFS Only) 08 October 2025 12 December 2025
Pantomath Capital Advisors Private
10 Bonbloc Technolgies Limited IPO (Fresh + OFS) 08 October 2025 29 January 2026
Limited
11 Advit Jewels Limited Holani Consultants Private Ltd. IPO (Fresh Only) 08 October 2025 28 November 2025
Smart Horizon Capital Advisors
12 Grand Housing Limited IPO (OFS Only) 08 October 2025 29 January 2026
Private Ltd
13 Shankesh Jewellers Limited Aryaman Financial Services Limited IPO (Fresh + OFS) 08 October 2025 14 January 2026
Beeline Capital Advisors Private
14 Om Power Transmission Limited IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited
15 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 29 January 2026
16 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 29 December 2025
JM Financial Institutional Securities
17 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 28 January 2026
Ltd.
18 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 08 January 2026
19 Jindal Supreme (India) Ltd. Sarthi Capital Advisors Pvt. Ltd. IPO (Fresh + OFS) 11 November 2025 27 January 2026
20 SEDEMAC Mechatronics Limited ICICI Securities Limited IPO (OFS Only) 18 November 2025 19 January 2026
21 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 21 January 2026
22 MV Electrosystems Ltd. Sundae Capital Advisors Pvt. Ltd. IPO (Fresh Only) 10 December 2025 19 January 2026
Motilal Oswal Investment Advisors
23 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 27 January 2026
Ltd.
Pantomath Capital Advisors Private
24 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 16 January 2026
Limited
25 Crystal Crop Protection Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 16 January 2026
Motilal Oswal Investment Advisors
26 Surgiwear Limited IPO (Fresh + OFS) 30 December 2025 29 November 2026
Limited
27 Tonbo Imaging India Limited JM Financial Limited IPO (OFS Only) 30 December 2025 30 December 2025
28 Horizon Industrial Parks Limited JM Financial Limited IPO (Fresh Only) 01 January 2026 01 January 2026MEHTA HITECH INDUSTRIES Beeline Capital Advisors Private
29 IPO (Fresh Only) 02 January 2026 02 January 2026
LIMITED Limited
NEOLITE ZKW LIGHTINGS
30 Anand Rathi Advisors Limited IPO (Fresh + OFS) 02 January 2026 21 January 2026
LIMITED
Emkay Global Financial Services
31 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2026 02 January 2026
Ltd.
32 SS Retail Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 05 January 2026 05 January 2026
Choice Capital Advisors Private
33 Hindustan Laboratories Limited IPO (Fresh + OFS) 06 January 2026 12 January 2026
Limited
Saffron Capital Advisors Private
34 Vishal Nirmiti Limited IPO (Fresh + OFS) 08 January 2026 22 January 2026
Limited
35 Veegaland Developers Limited Cumulative Capital Private Limited IPO (Fresh Only) 09 January 2026 09 January 2026
36 Rodec Pharma Ltd. Khambatta Securities Ltd. IPO (OFS Only) 20 January 2026 20 January 2026
37 EAAA India Alternatives Limited Axis Capital Limited IPO (OFS Only) 21 January 2026 21 January 2026
38 Advanta Enterprises Limited JM Financial Limited IPO (OFS Only) 22 January 2026 22 January 2026
39 Kanohar Electricals Limited Nuvama Wealth Management Ltd. IPO (Fresh + OFS) 27 January 2026 27 January 2026
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 Advisors Private
1 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 14 January 2026
Limited
2 Mann Fleet Partners Limited Khambatta Securities Limited IPO (Fresh + OFS) 29 September 2025 25 November 2025
3 Alpine Texworld Limited D & A Financial Services Pvt. Ltd. IPO (Fresh Only) 30 September 2025 30 January 2026
4 Premier Industrial Corporation Unistone Capital Private Limited IPO (Fresh + OFS) 30 September 2025 25 November 2025
5 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 21 January 2026
6 Anjali Labtech Limited IIFL Capital Services Limited Pre-filing 06 October 2025 29 January 2026
Saffron Capital Advisors Private
7 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Limited
8 Jainam Broking Limited Intensive Financial Services Limited Pre-filing 07 October 2025 30 January 2026
9 Virupaksha Organics Limited Axis Capital Limited IPO (Fresh Only) 07 October 2025 30 January 2026
10 APPL Containers Limited Cumulative Capital Private Limited IPO (Fresh + OFS) 08 October 2025 12 January 2026
Pantomath Capital Advisors Private
11 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025 29 January 2026
Limited
12 Rays Power Infra Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 13 October 2025 23 January 2026
13 Prasol Chemicals Limited DAM Capital Advisors Limited IPO (Fresh + OFS) 27 October 2025 23 January 2026
14 NoPaperForms Solutions Limited IIFL Capital Services Limited IPO (Fresh + OFS) 11 November 2025 16 January 2026
15 Eastman Auto & Power Limited Axis Capital Limited Pre-Filing 09 December 2025 28 January 2026
Choice Capital Advisors Private
16 Sonaselection India Limited IPO (Fresh Only) 17 December 2025 14 January 2026
Limited
Motilal Oswal Investment Advisors
17 Travelstack Tech Limited IPO (Fresh + OFS) 19 December 2025 21 January 2026
Limited18 SHIVGANGA DRILLERS LIMITED Aryaman Financial Services Limited IPO (Fresh Only) 19 December 2025 30 January 2026
19 Symbiotec Pharmalab Limited JM Financial Limited IPO (Fresh + OFS) 23 December 2025 23 January 2026
Nuvama Wealth Management
20 Jakson Green Limited Pre-filing 26 December 2025 27 January 2026
Limited
21 WOG Technologies Limited Unistone Capital Pvt. Ltd. IPO (Fresh + OFS) 29 December 2025 30 January 2026
22 Yatayat Corporation India Limited Unistone Capital Private Limited IPO (Fresh + OFS) 29 December 2025 30 January 2026
Motilal Oswal Investment Advisors
23 Casagrand Premier Builder Limited IPO (Fresh + OFS) 30 December 2025 30 January 2026
Limited
24 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 28 January 2026
25 Zepto Limited Axis Capital Ltd. Pre-filing 02 January 2026 29 January 2026
26 Krishna Buildspace Limited Mefcom Capital Markets Ltd IPO (Fresh + OFS) 02 January 2026 30 January 2026
III) In-principle approval from Exchanges are awaited:
Last Date of
S.No Name of the Issue Coordinating LM Type of Issue Date of Receipt
Communication
1 Tea Post Ltd. Srujan Alpha Capital Advisors LLP IPO (Fresh + OFS) 12 June 2025 23 January 2026
2 Earthood Services Limited Unistone Capital Private Limited IPO (OFS Only) 23 June 2025 30 September 2025
Saffron Capital Advisors Private
3 Learnfluence Education Limited IPO (Fresh + OFS) 10 October 2025 22 January 2026
Limited
4 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025 30 January 2026
IV) Comments sought from other regulators / Government agencies and response
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
Observations issued during
1 HD Fire Protect Limited Ambit Private Limited IPO (OFS Only) 26 September 2025
the Week on 29-01-2026
Share India Capital Services Private Observations issued during
2 Xtranet Technologies Limited IPO (Fresh Only) 29 September 2025
Limited the Week on 30-01-2026
Observations issued during
3 Parijat Industries India Limited SBI Capital Markets Limited IPO (Fresh + OFS) 29 September 2025
the Week on 29-01-2026
Observations issued during
4 Rotomag Enertec Limited Equirus Capital Private Limited IPO (Fresh + OFS) 29 September 2025
the Week on 30-01-2026Associated Power Structures Issue Withdrawn/Returned on
5 IIFL Capital Services Ltd. IPO (Fresh + OFS) 29 September 2025
Limited 30-01-2026
Observations issued during
6 CSM Technologies Ltd. Keynote Corporate Services Ltd. IPO (Fresh Only) 06 October 2025
the Week on 28-01-2026
Eldeco Infrastructure and Properties Observations issued during
7 IIFL Capital Services Limited IPO (Fresh + OFS) 06 October 2025
Limited the Week on 30-01-2026
Observations issued during
8 AITMC Ventures Limited Khandwala Securities Limited Pre-filing 30 October 2025
the Week on 30-01-2026
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