**Executive Summary**
This report, as of January 2, 2026, details the processing status of draft offer documents filed with SEBI, focusing on those awaiting observation issuance. It includes a list of documents under review, clarifications sought, in-principle exchange approvals, comments from regulators, abeyant observations, and observations issued or withdrawn during the week. The report is updated weekly.
**Key Points / Main Content**
* **Draft Offer Documents Under Process:**
* Lists 62 draft offer documents, including their name, 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:**
* Lists 26 issues where SEBI has sought clarifications from the lead managers, with relevant dates.
* **In-Principle Approval from Exchanges Awaited:**
* Four issues are awaiting in-principle approval from the exchanges.
* **Comments Sought from Other Regulators:**
* One issue awaiting comments from other regulators or government agencies.
* **Observations in Abeyance:**
* Lists issues where the issuance of observations is kept in abeyance.
* **Observations Issued/Withdrawn During the Week:**
* Details eight companies for which observations were issued, withdrawn, or returned during the reporting week, along with the observation issue week.
**Impact Analysis**
**Lead Managers (LMs) and Issuers**
* **Impact:** Need to address any pending queries from SEBI related to the draft offer documents, provide clarifications, and take action on issued observations.
* **Action Required:** Review the listed documents, ensure timely responses to SEBI, and coordinate actions based on SEBI's observations or requests.
Key Entities Referenced
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018: Regulations requiring companies making IPOs, rights issues exceeding Rs. 50 Crore, or public offers to file a draft offer document with SEBI.
IPO: Initial Public Offering; the process by which a private company can go public by sale of its stock to the general public.
OFS: Offer for Sale; a mechanism for promoters of publicly listed companies to reduce their holdings.
SEBI: The Securities and Exchange Board of India, the regulator of the securities market.
PROCESSING STATUS OF DRAFT OFFER DOCUMENTS
As on January 2, 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
1 Horizon Industrial Parks Limited JM Financial Limited IPO (Fresh Only) 01 January 2025 01 January 2025
Emkay Global Financial Services
2 Deepa Jewellers Ltd. IPO (Fresh + OFS) 02 January 2025 02 January 2025
Ltd.
Pantomath Capital Advisors Private
3 Sillverton Industries Limited IPO (Fresh + OFS) 02 July 2025 31 December 2025
Limited
Onemi Technology Solutions
4 JM Financial Limited IPO (Fresh + OFS) 22 August 2025 23 December 2025
Limited
Motilal Oswal Investment Advisors
5 UKB Electronics Limited IPO (Fresh + OFS) 04 September 2025 11 December 2025
Limited
6 Purple Style Labs Limited Axis Capital Ltd IPO (Fresh Only) 25 September 2025 24 December 2025
7 HD Fire Protect Limited Ambit Private Limited IPO (OFS Only) 26 September 2025 07 November 2025
Share India Capital Services Private
8 Xtranet Technologies Limited IPO (Fresh Only) 29 September 2025 01 January 2026
Limited
9 Rotomag Enertec Limited Equirus Capital Private Limited IPO (Fresh + OFS) 29 September 2025 03 December 2025
Gaudium IVF and Women Health Sarthi Capital Advisors Private
10 IPO (Fresh + OFS) 30 September 2025 23 December 2025
Limited Limited
11 Elevate Campuses Limited JM Financial Limited IPO (Fresh Only) 30 September 2025 19 December 2025
12 Laser Power and Infra Limited IIFL Capital Services Limited IPO (Fresh + OFS) 30 September 2025 16 December 2025
Beeline Capital Advisors Private
13 Shah Investor's Home Limited IPO (Fresh Only) 30 September 2025 01 December 2025
Limited
14 CJ Darcl Logistics Limited ICICI Securities Limited IPO (Fresh + OFS) 30 September 2025 23 December 2025
Motilal Oswal Investment Advisors
15 Alcobrew Distilleries India Limited IPO (Fresh + OFS) 30 September 2025 30 December 2025
Limited
16 BVG India Limited ICICI Securities Limited IPO (Fresh + OFS) 01 October 2025 05 December 2025
17 Astha Spintex Limited BOI Merchant Bankers IPO (Fresh Only) 01 October 2025 30 December 2025
18 Anjali Labtech Limited IIFL Capital Services Limited Pre-filing 06 October 2025 18 December 2025
19 CSM Technologies Ltd. Keynote Corporate Services Ltd. IPO (Fresh Only) 06 October 2025 31 December 2025
20 INDO-MIM Ltd. HDFC Bank Limited IPO (Fresh + OFS) 06 October 2025 29 December 2025
21 Virupaksha Organics Limited Axis Capital Limited IPO (Fresh Only) 07 October 2025 22 December 2025
Smart Horizon Capital Advisors
22 Deon Energy Limited IPO (Fresh Only) 07 October 2025 01 January 2026
Private Ltd
23 Lalbaba Engineering Limited IIFL Capital Services Limited IPO (Fresh + OFS) 08 October 2025 13 November 2025
Pantomath Capital Advisors Private
24 Bonbloc Technolgies Limited IPO (Fresh + OFS) 08 October 2025 22 December 2025
Limited
25 Hotel Polo Towers Limited Equirus Capital Private Limited IPO (Fresh + OFS) 08 October 2025 02 January 2026
26 Vishvaraj Environment Limited JM Financial Limited IPO (Fresh + OFS) 08 October 2025 12 December 2025
27 Commtel Networks Limited Equirus Capital Private Limited IPO (Fresh + OFS) 08 October 2025 26 December 2025
28 Hexagon Nutrition Limited Cumulative Capital Private Limited IPO (OFS Only) 08 October 2025 12 December 2025
29 Advit Jewels Limited Holani Consultants Private Ltd. IPO (Fresh Only) 08 October 2025 28 November 2025
Nuvama Wealth Management
30 Augmont Enterprises Limited IPO (Fresh + OFS) 08 October 2025 24 December 2025
Limited
Motilal Oswal Investment Advisors
31 Pride Hotels Limited IPO (Fresh + OFS) 08 October 2025 26 December 2025
Limited
32 Runwal Developers Limited ICICI Securities Limited IPO (Fresh + OFS) 08 October 2025 23 December 2025
33 Kusumgar Ltd. Axis Capital Ltd. IPO (OFS Only) 09 October 2025 19 December 2025
Beeline Capital Advisors Private
34 Om Power Transmission Limited IPO (Fresh + OFS) 09 October 2025 29 December 2025
Limited
35 Integris Medtech Limited ICICI Securities Limited IPO (Fresh + OFS) 10 October 2025 29 December 2025
Pantomath Capital Advisors Private
36 Ardee Industries Limited IPO (Fresh + OFS) 10 October 2025 29 December 2025
Limited
37 Rays Power Infra Limited Anand Rathi Advisors Limited IPO (Fresh + OFS) 13 October 2025 18 December 202538 Sify Infinit Spaces Limited JM Financial Ltd. IPO (Fresh + OFS) 20 October 2025 31 December 2025
39 Avaada Electro Limited ICICI Securities Limited Pre-filing 20 October 2025 29 December 2025
JM Financial Institutional Securities
40 Duroflex Ltd. IPO (Fresh + OFS) 23 October 2025 30 December 2025
Ltd.
41 Prasol Chemicals Limited DAM Capital Advisors Limited IPO (Fresh + OFS) 27 October 2025 12 December 2025
42 NoPaperForms Solutions Limited IIFL Capital Services Limited IPO (Fresh + OFS) 11 November 2025 19 December 2025
43 Jindal Supreme (India) Ltd. Sarthi Capital Advisors Pvt. Ltd. IPO (Fresh + OFS) 11 November 2025 02 January 2026
44 Incred Holdings Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 13 November 2025 06 December 2025
45 SEDEMAC Mechatronics Limited ICICI Securities Limited IPO (OFS Only) 18 November 2025 26 December 2025
46 Eastman Auto & Power Limited Axis Capital Limited Pre-Filing 09 December 2025 09 December 2025
47 MV Electrosystems Ltd. Sundae Capital Advisors Pvt. Ltd. IPO (Fresh Only) 10 December 2025 10 December 2025
Choice Capital Advisors Private
48 Sonaselection India Limited IPO (Fresh Only) 17 December 2025 17 December 2025
Limited
Pantomath Capital Advisors Private
49 RENNY STRIPS LIMITED IPO (Fresh + OFS) 17 December 2025 01 January 2026
Limited
50 Crystal Crop Protection Limited IIFL Capital Services Ltd IPO (Fresh + OFS) 18 December 2025 18 December 2025
51 SHIVGANGA DRILLERS LIMITED Aryaman Financial Services Limited IPO (Fresh Only) 19 December 2025 19 December 2025
Motilal Oswal Investment Advisors
52 Travelstack Tech Limited IPO (Fresh + OFS) 19 December 2025 26 December 2025
Limited
53 Symbiotec Pharmalab Limited JM Financial Limited IPO (Fresh + OFS) 23 December 2025 23 December 2025
Nuvama Wealth Management
54 Jakson Green Limited Pre-filing 26 December 2025 26 December 2025
Limited
55 WOG Technologies Ltd. Unistone Capital Pvt. Ltd. IPO (Fresh + OFS) 29 December 2025 29 December 2025
56 Yatayat Corporation India Limited Unistone Capital Private Limited IPO (Fresh + OFS) 29 December 2025 29 December 2025
JM Financial Institutional Securities
57 Tonbo Imaging India Limited IPO (OFS Only) 30 December 2025 30 December 2025
Limited
Motilal Oswal Investment Advisors
58 Casagrand Premier Builder Limited IPO (Fresh + OFS) 30 December 2025 30 December 2025
Limited
59 Oravel Stays Limited Axis Capital Limited Pre-filing 01 January 2026 01 January 2026
MEHTA HITECH INDUSTRIES Beeline Capital Advisors Private
60 IPO (Fresh Only) 02 January 2026 02 January 2026
LIMITED Limited
NEOLITE ZKW LIGHTINGS
61 Anand Rathi Advisors Limited IPO (Fresh + OFS) 02 January 2026 02 January 2026
LIMITED
62 Zepto Limited Axis Capital Ltd. IPO (Fresh + OFS) 02 January 2026 02 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
1 Jay Jagdamba Limited Elara Capital (India) Private Limited Pre-Filing 30 June 2025 11 December 2025
2 CMR Green technologies Limited Equirus Capital Private Limited IPO (OFS Only) 09 September 2025 18 December 2025
3 Supreet Chemicals Limited IIFL Capital Services Limited IPO (Fresh Only) 09 September 2025 31 December 2025
Pantomath Capital Advisors Private
4 Cotec Healthcare Limited IPO (Fresh + OFS) 19 September 2025 24 December 2025
Limited
5 Medicap Healthcare Limited Aryamann Financial Services Ltd. IPO (Fresh Only) 23 September 2025 02 January 2026
Kotak Mahindra Capital Company
6 PHONEPE LIMITED Pre-filing 24 September 2025 19 December 2025
Limited
Aarvee Engineering Consultants
7 Centrum Capital Limited IPO (Fresh + OFS) 26 September 2025 30 December 2025
Limited
8 Parijat Industries India Limited SBI Capital Markets Limited IPO (Fresh + OFS) 29 September 2025 31 December 2025
9 Armee Infotech Limited Khandwala Securities Limited IPO (Fresh Only) 29 September 2025 19 December 2025
10 Mann Fleet Partners Limited Khambatta Securities Limited IPO (Fresh + OFS) 29 September 2025 25 November 2025
Associated Power Structures
11 IIFL Capital Services Ltd. IPO (Fresh + OFS) 29 September 2025 31 December 2025
Limited
12 Premier Industrial Corporation Unistone Capital Private Limited IPO (Fresh + OFS) 30 September 2025 25 November 2025
Pantomath Capital Advisors Private
13 Oswal Cables Limited IPO (Fresh + OFS) 30 September 2025 24 December 2025
Limited
14 Alpine Texworld Limited D & A Financial Services Pvt. Ltd. IPO (Fresh Only) 30 September 2025 31 December 2025
RK Steel Manufacturing Company
15 GYR Capital Advisors IPO (Fresh Only) 01 October 2025 26 December 2025
Limited
16 Sterlite Electric Limited Axis Capital Limited IPO (Fresh + OFS) 03 October 2025 26 December 2025
Saffron Capital Advisors Private
17 Arjun Jewellers Limited IPO (Fresh Only) 06 October 2025 10 December 2025
Limited
18 Jainam Broking Limited Intensive Financial Services Limited Pre-filing 07 October 2025 19 December 2025
19 APPL Containers Limited Cumulative Capital Private Limited IPO (Fresh + OFS) 08 October 2025 27 November 2025
Smart Horizon Capital Advisors
20 Grand Housing Limited IPO (OFS Only) 08 October 2025 02 January 2026
Private Ltd
21 Shankesh Jewellers Limited Aryaman Financial Services Limited IPO (Fresh + OFS) 08 October 2025 24 December 2025
22 Sai Parenteral's Limited Arihant Capital Markets Limited IPO (Fresh + OFS) 08 October 2025 24 December 2025
Kotak Mahindra Capital Company
23 Hella Infra Market Ltd. Pre-filing 14 October 2025 02 January 2026
Limited
24 AITMC Ventures Limited Khandwala Securities Limited Pre-filing 30 October 2025 01 January 2026
25 SAEL Industries Limited ICICI Securities Limited IPO (Fresh + OFS) 06 November 2025 18 December 2025
26 Milestone Gears Limited JM Financial Limited IPO (Fresh + OFS) 27 November 2025 29 December 2025Motilal Oswal Investment Advisors
27 Aspri Spirits Limited IPO (Fresh + OFS) 12 December 2025 01 January 2026
Ltd.
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 18 December 2025
2 Earthood Services Limited Unistone Capital Private Limited IPO (OFS Only) 23 June 2025 30 September 2025
Eldeco Infrastructure and Properties
3 IIFL Capital Services Limited IPO (Fresh + OFS) 06 October 2025 18 December 2025
Limited
Saffron Capital Advisors Private
4 Learnfluence Education Limited IPO (Fresh + OFS) 10 October 2025 18 December 2025
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 Communication
Motilal Oswal Investment Advisors
1 Transline Technologies Limited IPO (OFS only) 13 August 2025 01 January 2026
Limited
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
Kotak Mahindra Capital Company Observations issued during
1 Indira Ivf Pre-filing 19 July 2025
Limited the Week on 30-12-2025
Observations issued during
2 Rays Of Belief Limited Mefcom Capital Markets Ltd Pre-filing 25 August 2025
the Week on 31-12-2025
Motilal Oswal Investment Advisors Observations issued during
3 Chartered Speed Limited IPO (Fresh + OFS) 05 September 2025
Limited the Week on 02-01-2026
Observations issued during
4 Glass Wall Systems (India) Limited IIFL Capital Services Limited IPO (Fresh + OFS) 09 September 2025
the Week on 29-12-2025
Observations issued during
5 Shriram Food Industry Ltd. Choice Capital Advisors Pvt. Ltd. IPO (Fresh + OFS) 23 September 2025
the Week on 30-12-2025
Observations issued during
6 RKCPL Limited Equirus Capital (P) Limited IPO (Fresh + OFS) 25 September 2025
the Week on 31-12-2025
Tempsens Instruments India Observations issued during
7 ICICI Securities Limited IPO (Fresh + OFS) 08 October 2025
Limited the Week on 26-12-2025
Emkay Global Financial Services Observations issued during
8 Jerai Fitness Limited IPO (OFS Only) 09 October 2025
Ltd. the Week on 31-12-2025
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