In a significant move signalling buoyant investor sentiment and a deepening IPO pipeline, the Securities and Exchange Board of India (SEBI) has given its go-ahead to five companies for their respective Initial Public Offerings (IPOs). The five companies — Laxmi India Finance, Jaajoo Rashmi Refractories, Ajay Poly, Regaal Resources, and Veritas Finance — collectively plan to raise an estimated INR 3,378 crore through a combination of fresh issues and offers for sale (OFS). The approvals were granted via observation letters issued between 29 and 30 April 2025.
Here’s an in-depth look at each of the approved IPOs:
Veritas Finance
Filed DRHP: 21 January 2025
SEBI Approval: 29 April 2025
Veritas Finance, a Chennai-based NBFC catering to small businesses and micro enterprises, plans to raise a massive INR 2,800 crore through its IPO — one of the largest in the current cycle. The issue will include a fresh issue of shares worth INR 600 crore and an OFS of INR 2,200 crore by current investors and promoters.
The company has demonstrated a strong track record in the secured lending space and maintains a robust asset quality compared to its peers. The capital from the IPO will be utilized to augment its lending book and expand its footprint in under-banked regions across India.
Managed by ICICI Securities, Veritas Finance’s IPO will be closely watched as a bellwether for the financial services sector amid rising credit demand and economic recovery.
Laxmi India Finance
Filed DRHP: 23 December 2024
SEBI Approval: 30 April 2025
Laxmi India Finance, a Jaipur-based non-banking financial company (NBFC), has secured approval from SEBI for its IPO, marking an important milestone in its capital market journey. The proposed issue consists of a mix of fresh equity and OFS, with the fresh issue pegged at 1.04 crore equity shares and an OFS of 56.38 lakh shares from existing shareholders.
The funds raised through the fresh issue will be directed towards strengthening the company’s capital base, enabling it to scale its lending business, particularly in the MSME and vehicle loan segments.
Laxmi India Finance has been a regional player known for its conservative but consistent lending practices. With plans to list on the BSE and NSE, the IPO is likely to attract significant interest from retail and institutional investors looking to capitalize on India’s evolving NBFC sector.
Jaajoo Rashmi Refractories
Filed DRHP: 27 December 2024
SEBI Approval: 30 April 2025
Jaajoo Rashmi Refractories, a lesser-known but rapidly growing player in the industrial materials space, received the green light from SEBI for a fully fresh issue IPO. The company aims to raise approximately INR 150 crore, primarily to fund capacity expansion and augment its working capital.
With a manufacturing footprint focused on ferro-alloys and other critical refractory inputs used in steel and cement manufacturing, the IPO proceeds will help Jaajoo Rashmi scale production and cater to rising domestic demand.
The company’s proposed listing on the NSE and BSE will offer investors exposure to a niche yet essential sector in India’s industrial growth story. Backed by Unistone Capital as the lead manager, the IPO is expected to attract niche investors familiar with specialty manufacturing and refractory businesses.
Ajay Poly
Filed DRHP: 01 January 2025
SEBI Approval: 30 April 2025
Ajay Poly, a manufacturer specializing in refrigeration sealing solutions and extruded polymer products, plans to raise funds through a combination of fresh issue and OFS. The fresh issue is expected to fetch INR 238 crore, while the offer for sale will comprise up to 93 lakh shares.
The proceeds from the fresh issue will be used for repayment of existing borrowings, modernization of production facilities, and general corporate purposes.
Backed by Motilal Oswal Investment Advisors, Ajay Poly is seeking to capture a larger share of the growing global demand for energy-efficient insulation and polymer-based solutions. Its focus on R&D and expanding export markets makes this IPO one to watch for investors betting on manufacturing and sustainability trends.
Regaal Resources
Filed DRHP: 02 January 2025
SEBI Approval: 30 April 2025
Regaal Resources, an agro-based enterprise with a specialization in maize processing, secured SEBI’s nod for its IPO featuring both a fresh issue and an OFS. The fresh component is expected to raise INR 190 crore, while the OFS involves 90 lakh equity shares by existing promoters.
The company intends to use the funds for debt reduction, capacity enhancement, and operational expansion. Its positioning in the fast-moving agri-processing sector — particularly in maize derivatives — places it in an attractive space given India’s focus on food processing and agri-value chains.
Regaal has appointed Pantomath Capital as the lead manager and is expected to debut on both the NSE and BSE later this year.
Final Words
SEBI’s approval of these five IPOs comes at a time when the Indian equity market is exhibiting strong investor interest, especially in sectors like financial services, agro-processing, and industrial manufacturing. Collectively targeting a raise of around INR 3,878 crore, these offerings not only reflect the companies’ growth aspirations but also highlight the regulator’s timely facilitation of capital formation in the economy.
With the IPO pipeline showing no signs of slowing, and with multiple sectors represented in this cohort, market participants can expect increased activity on Dalal Street in the coming months. As always, investor discretion, supported by sound due diligence, remains key in navigating this expanding universe of public market opportunities.
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