In a strong continuation of primary market momentum, the Securities and Exchange Board of India (SEBI) has granted IPO approval to five companies spanning diverse sectors—from dairy and foodtech to cement and investment management. The approved companies include Milky Mist Dairy Foods, Curefoods India, Gaja Alternative Asset Management, Steamhouse India, and Kanodia Cement.
Milky Mist IPO Approval
Milky Mist Dairy Foods, one of South India’s leading dairy brands, received SEBI’s observation for its IPO on 24 October 2025. The company had filed its DRHP on 24 July 2025, marking an important milestone in its journey from a regional dairy to a national brand. The IPO is proposed as a Fresh Issue (INR 1,785 crore) with an OFS (INR 250 crore). The IPO is being managed by JM Financial, Axis Capital & IIFL Capital.
Milky Mist, known for its wide range of dairy products including paneer, curd, and cheese, operates a fully automated facility in Tamil Nadu. The company’s focus on innovation and value-added products has helped it establish a strong foothold in both B2C and institutional segments. The upcoming IPO is expected to fund its next phase of growth and widen its distribution footprint across India.
Curefoods IPO Approval
Curefoods India, a rapidly growing cloud kitchen operator and parent company of popular food brands such as EatFit and CakeZone, received SEBI’s approval on 24 October 2025. The company had filed its DRHP on 1 July 2025, seeking to raise funds through a Fresh Issue (~INR 800 crore) and Offer for Sale (~4,85,37,599 equity shares). JM Financial, IIFL Capital, and Nuvama Wealth are the lead book-running managers for the issue.
Proceeds from the fresh issue are likely to be utilised for kitchen expansion, technology upgrades, and working capital requirements.
Curefoods, founded by Ankit Nagori, has positioned itself as one of India’s most promising food-tech players, operating a network of multi-brand cloud kitchens across several cities. The IPO marks an important step toward unlocking shareholder value while providing investors exposure to India’s growing food delivery ecosystem.
Gaja Capital IPO Approval
Gaja Alternative Asset Management, a private equity and investment management firm, secured SEBI’s observation on 20 October 2025 following its DRHP filing on 28 June 2025. The issue, categorised as a Pre-Filing IPO, is being managed by JM Financial Ltd.
Although details regarding the size and structure remain under wraps, industry insiders anticipate an IPO worth around INR 600–800 crore, primarily aimed at strengthening its fund management business and expanding investment offerings.
Gaja Capital has a strong track record in mid-market investments across education, consumer, and financial services sectors. With the growing investor appetite for asset management platforms, the IPO could signal a new era for alternative investment vehicles entering the public market space in India.
Steamhouse India IPO Approval
Steamhouse India, a centralized steam supplier for industrial clients, received SEBI’s observation on 14 October 2025, after filing its DRHP on 02 July 2025 under the Pre-Filing route. The issue is being managed by Equirus Capital.
The IPO size hasn’t been publicly disclosed; analysts expect a modest issue of around INR 300–400 crore, combining fresh capital infusion with partial promoter dilution. The funds are likely to be used to expand manufacturing capacity, invest in R&D, and enhance working capital.
Steamhouse India’s specialisation in energy-efficient steam and heat recovery systems positions it strongly within India’s growing industrial efficiency and sustainability drive. The IPO will likely draw interest from institutional investors focused on the clean-tech and industrial efficiency space.
Kanodia Cement IPO Approval
Kanodia Cement, a prominent regional cement player, also received SEBI’s go-ahead in October 2025. The observation was issued on 20 October 2025. The IPO is completely an Offer for Sale (OFS) of 1,49,13,930 shares.
Kanodia Cement, part of the Kanodia Group, has an established presence in North India, especially in Uttar Pradesh and Bihar.
With infrastructure spending on the rise, Kanodia’s public issue is timed strategically to benefit from India’s strong demand for construction materials. The move to the public markets will also provide the company with enhanced visibility and growth capital for its next phase of expansion.
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