The Indian primary market is witnessing a significant surge in activity as the Securities and Exchange Board of India (SEBI) cleared the decks for seven companies to launch their Initial Public Offerings (IPOs). While seven companies received the green signal, one IPO proposal was returned or withdrawn. Here is a detailed look at the seven companies that received SEBI IPO approvals this week:
1. HD Fire Protect IPO Approval
Mumbai-based HD Fire Protect has received the regulator’s nod for its public listing. The company is a veteran in the fire protection industry with over four decades of experience. Its product portfolio is extensive, covering water, foam, and gas-based fire suppression systems used across infrastructure, manufacturing, and commercial sectors. The company operates two manufacturing facilities in Maharashtra and is currently expanding its production capacity with a new unit in Thane and an R&D center in Jalgaon.
The Draft Red Herring Prospectus (DRHP) for this issue was filed on 26 September 2025, and SEBI issued its observations on 29 January 2026. This IPO is structured as an Offer for Sale (OFS Only) involving 2.63 crore equity shares by the promoters, Harish Narshi Dharamshi and Kusum Dharamshi.
2. Xtranet Technologies Approval
Xtranet Technologies, an IT services and digital solutions provider, is set to enter the capital markets following SEBI’s approval. Incorporated in 2002, the Bhopal-based company specializes in ITeS, software development, data management, and BPO/KPO services. Xtranet has built a niche in providing digital signatures and specialized IT infrastructure management.
The company filed its DRHP with the regulator on 29 September 2025, and the approval was granted on 30 January 2026. The issue is a Fresh Only IPO. The IPO size at around INR 190 crore. Xtranet had a pre-issue equity amount of approximately INR 39.15 crore.
3. Parijat Industries IPO Approval
Parijat Industries India, a prominent player in the agrochemical sector, has cleared the regulatory hurdle for its IPO. With a presence in over 20 Indian states and exports to 65 countries, Parijat is a research-driven manufacturer of insecticides, herbicides, and fungicides. The company operates three manufacturing units and seven in-house R&D laboratories, holding over 500 international product registrations. This vast geographical footprint and diversified product portfolio make it a significant addition to the listed agrochemical space.
The DRHP was filed on 29 September 2025, and SEBI issued the observation letter on 29 January 2026. The IPO is a Fresh Issue + OFS type. The fresh issue component is valued at INR 160 crore, while the OFS consists of up to 2.04 crore equity shares from existing shareholders. The company intends to utilize INR 121.60 crore from the fresh proceeds to repay its borrowings.
4. Rotomag Enertec IPO Approval
Rotomag Enertec, a Gujarat-based manufacturer of renewable energy solutions and industrial drives, has received the go-ahead from SEBI. Backed by BanyanTree Growth Capital, the company specializes in DC motors, solar pumps, and inverters. Its products are critical for sectors such as electric vehicles, agriculture, and textiles. Rotomag operates six assembly and testing facilities and has benefited significantly from the global shift toward green energy and domestic solar initiatives like the PM-KUSUM scheme.
The company submitted its draft papers on 29 September 2025 and received approval on 30 January 2026. The IPO is a Fresh Issue + OFS with a total fresh issue size of INR 500 crore, alongside an OFS of 2.40 crore equity shares. The company may also consider a pre-IPO placement of INR 100 crore.
5. CSM Technologies IPO Approval
CSM Technologies, a GovTech pioneer, is ready for its debut on the bourses. The company provides specialized IT solutions for government digital transformation, including e-governance platforms and citizen service portals. With a presence in 12 countries, CSM has developed proprietary technologies such as AI model orchestration and patented ore sampling systems. Its focus on high-entry-barrier government contracts and its established reputation in the international GovTech market provide it with a competitive edge.
The DRHP for CSM Technologies was filed on 6 October 2025, and approval was granted on 28 January 2026. The issue is a Fresh Only IPO comprising 1.29 crore equity shares. The proceeds will be utilized to fund working capital requirements (INR 53 crore) and for the repayment of borrowings (INR 25.88 crore).
6. Eldeco Infrastructure IPO Approval
Leading North Indian real estate developer Eldeco Infrastructure and Properties has secured SEBI approval for a massive public issue. The company has a 25-year legacy and has delivered 86 projects across residential townships and group housing. As of March 2025, Eldeco has 19 ongoing and 18 forthcoming projects, representing over 14 million square feet of saleable area. The developer is particularly strong in the Delhi-NCR region and tier-II/III cities across North India.
Eldeco filed its draft papers on 6 October 2025, and received the observation letter on 30 January 2026. The IPO is a Fresh Issue + OFS with a total size of INR 1,000 crore. This includes a fresh issue of INR 800 crore and an OFS of INR 200 crore.
7. AVPL International IPO Approval
AITMC Ventures, operating under the brand AVPL International, has received approval via the confidential pre-filing route. The company is a unique player in the drone technology and agricultural training space. It specializes in designing drones for defense, logistics, and agriculture, while also offering “drone-as-a-service” and skill development training. AVPL is accredited by various government bodies like Skill India and NSDC, making it a critical contributor to the modernizing agricultural landscape in India.
The company filed its confidential DRHP on 30 October 2025, and SEBI issued its observations on 30 January 2026.
Withdrawn/Returned IPO: While the week was successful for many, Associated Power Structures faced a setback. The company, which filed its DRHP on 29 September 2025 for a Fresh + OFS issue, saw its proposal Withdrawn or Returned by SEBI on 30 January 2026. Such moves typically occur when the regulator requires more comprehensive disclosures or if the company decides to revise its issue structure.
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