As the calendar year 2025 draws to a close, the Indian primary market continues to witness a flurry of regulatory activity. In a significant move to cap off a blockbuster year for listings, the Securities and Exchange Board of India (SEBI) has issued final “observations” to three distinct companies, effectively granting them the green light to launch their Initial Public Offerings (IPOs). The latest SEBI IPO approval includes candidates like—ESDS Software Solution, BLS Polymers, and Dhariwal Buildtech—are all set to tap the markets exclusively through fresh issues of equity shares.
ESDS Software IPO Approval
ESDS Software Solution, a prominent player in the cloud computing and cybersecurity domain, has received its final observation letter from SEBI on 19 December 2025. The company had initially filed its Draft Red Herring Prospectus (DRHP) on 30 March 2025. Guided by the expertise of its lead manager, DAM Capital Advisors, the company is eyeing a significant market entry.
ESDS Software IPO is structured as a fresh issue, with an aggregate size of approximately INR 600 crore. Headquartered in Nashik with a nationwide footprint, ESDS Software Solution specialises in Infrastructure as a Service (IaaS), Software as a Service (SaaS), and managed data center services. A significant portion of the IPO proceeds, estimated at roughly INR 480 crore, is earmarked for the purchase and installation of advanced cloud computing equipment and the expansion of its data center infrastructure.
The company’s patented “eNlight Cloud” technology and its robust presence in the BFSI and government sectors make it a compelling story for tech-focused investors. As digital transformation remains a national priority, ESDS Software’s expansion into Tier 3 certified data centers across Navi Mumbai, Bengaluru, and Mohali positions it to capture the burgeoning demand for localized, secure cloud storage.
BLS Polymers IPO Approval
In the industrial manufacturing sector, BLS Polymers successfully secured SEBI’s approval on 16 December 2025. The company’s journey to the public markets began on 6 August 2025, when it submitted its draft papers to the regulator. With Unistone Capital acting as the sole book-running lead manager, the company is preparing for a Fresh Only issue comprising up to 1.70 crore equity shares.
BLS Polymers has established itself as a critical supplier of custom polymer compounds used in vital sectors such as power, telecommunications, railways, and oil and gas. Its product portfolio, which includes HDPE, PVC, and specialised cable filling compounds, serves as the literal “insulation” for India’s expanding infrastructure.
The company plans to utilize a substantial part of the funds for capital expenditure to expand its existing manufacturing facilities and to meet its growing working capital requirements.
Dhariwal Buildtech IPO Approval
Rounding out the trio is Dhariwal Buildtech, a Haryana-based infrastructure and EPC firm. The company received its regulatory nod on 15 December 2025, following a DRHP filing on 27 September 2025. Managed by the powerhouse SBI Capital Markets, this is one of the larger issues in the current pipeline, with an estimated size of INR 950 crore.
True to the theme of the week, this IPO is also a Fresh Only issue. Dhariwal Buildtech has carved a niche for itself by executing complex projects under the Hybrid Annuity Model (HAM) and traditional EPC contracts. Its portfolio includes the construction of highways, flyovers, bridges, and tunnels, having completed 29 major projects since 2017.
The company intends to use the capital to fuel its massive project pipeline, which currently boasts an order book exceeding INR 4,700 crore. Specifically, the funds will be directed toward the repayment of certain high-cost borrowings (INR 174.2 crore), investment in subsidiaries, and the procurement of specialized construction equipment (INR 203 crore).
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