India’s primary market pipeline thickened this week as SEBI issued approval for five draft offer documents—Innovatiview India, Advance Agrolife, Runwal Enterprises, Park Medi World and Jinkushal Industries. Below is a detailed overview of each company’s filing and the proposed issue structure.
Innovatiview India IPO Approval
Issue details:
- Type: 100% Offer for Sale (OFS)
- Proposed size: INR 2,000 crore
- DRHP filed: 17 February 2025 (SEBI filings page).
- SEBI approval: Observation letter issued on 14 August 2025
Business snapshot: Innovatiview India is a technology-driven security solutions player focused on India’s large-scale examinations, elections and events. Its offerings span AI-enabled CCTV, touchless biometrics, GPS tracking, VoIP systems, frisking and specialised “exam-integrated” security infrastructure. The company positions itself as the largest player in examination-integrated security by FY24 revenue.
Use of proceeds: Because the proposed IPO is pure OFS, the company will not receive any primary proceeds; selling shareholders will monetise part of their holdings. The DRHP lists multiple book-running lead managers (BRLMs), including DAM Capital, ICICI Securities, JM Financial, Motilal Oswal Investment Advisors and Shannon Advisors.
Advance Agrolife IPO Approval
Issue details:
- Type: Fresh issue only.
- Indicative size: More than INR 135 crore (up to 1,92,85,720 shares).
- DRHP filed: 02 April 2025 (SEBI filings page).
- SEBI approval: Observation letter issued on 14 August 2025
Business snapshot: Jaipur-based Advance Agrolife manufactures a broad slate of agrochemicals—formulations and selected technicals across insecticides, herbicides, fungicides and plant-growth regulators—serving the full crop lifecycle. The company sells domestically and exports to select markets. Recent media summaries of DRHP disclosures highlight double-digit revenue growth and improving profitability through FY24.
Use of proceeds: The entire primary raise is earmarked for working capital and general corporate purposes, reflecting the cash-intensive nature of seasonal procurement and receivables cycles in agrochemicals. Choice Capital Advisors Private is the BRLM, with KFin Technologies as registrar.
Runwal Enterprises IPO Approval
Issue details:
- Type: Fresh issue only.
- Proposed size: INR 1,000 crore.
- DRHP filed: 03 April 2025.
- SEBI approval: Observation letter issued on 14 August 2025
Business snapshot: Mumbai-based Runwal Enterprises is a diversified real-estate developer with projects across residential (affordable to luxury), commercial and retail formats in the Mumbai Metropolitan Region and select micro-markets. As summarised in market coverage of the DRHP, the company reported strong YoY growth in FY24 operating revenue and maintains a pipeline of completed, ongoing and upcoming projects.
Use of proceeds: DRHP-based briefings indicate the fresh issue is slated for debt reduction, acquisition of future projects, and investments into key subsidiaries (for debt repayment), along with general corporate purposes. ICICI Securities and Jefferies are the BRLMs.
Park Medi World IPO Approval
Issue details:
- Type: Fresh + OFS.
- Proposed size: INR 1,260 crore — INR 960 crore fresh issue + INR 300 crore OFS by the promoter.
- DRHP filed: 03 April 2025.
- SEBI approval: Observation letter issued on 14 August 2025
Business snapshot: Park Medi World operates a chain of NABH-accredited multi-super-speciality hospitals concentrated in North India. The company lays out a network strategy focused on brownfield expansions and selected greenfield additions across Delhi-NCR and adjoining markets.
Use of proceeds: As per the DRHP, the fresh issue is primarily earmarked for debt repayment (about INR 410 crore), new facility development and expansions (about INR 110 crore), medical equipment purchases and inorganic opportunities, with the balance for general corporate purposes. The issuer may consider a pre-IPO placement up to INR 192 crore, which would reduce the fresh component if executed. BRLMs include Nuvama, CLSA India, DAM Capital and Intensive Fiscal.
Jinkushal Industries IPO Approval
Issue details:
- Type: Fresh + OFS.
- Structure: Fresh issue of 86.5 lakh shares + OFS of 10 lakh shares by promoters (total 96.5 lakh shares).
- DRHP filed: 08 May 2025.
- SEBI approval: Observation letter issued on 14 August 2025
Business snapshot: Chhattisgarh-based Jinkushal is an export-led trader of new/customised and used/refurbished construction machinery—including excavators, graders, backhoe loaders, compactors, wheel loaders, bulldozers, cranes and pavers—with shipments to 30+ countries. The company is the largest non-OEM exporter by market share and highlights a plan to scale its own “HexL” branded equipment range (including future electric equipment).
Use of proceeds: The company proposes to deploy primary proceeds toward working capital and general corporate purposes, which aligns with inventory-heavy export trading and the cash conversion cycles in capital equipment. GYR Capital Advisors is the sole BRLM.
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