India’s capital markets regulator, the Securities and Exchange Board of India (SEBI), has issued observations for five companies to file their final prospectuses and proceed with public offerings. SEBI released draft observation letters for Epack Prefab Technologies, SSF Plastics India, Gujarat Kidney and Super Speciality, Anand Rathi Share and Stock Brokers, and Prestige Hospitality Ventures. This move positions these companies to raise capital via IPO.
1. Epack Prefab IPO Approval
Epack Prefab Technologies submitted its draft red herring prospectus to SEBI on 28 January 2025), and received observation on 1 August 2025. Monarch Networth Capital is the lead manager to the issue. The proposed IPO is a book‑built issue, featuring a fresh issue of INR 300 crore alongside an offer‑for‑sale of up to 1 crore promoter shares, with a pre‑IPO placement tranche of up to INR 60 crore that may reduce the fresh‑issue size.
The proceeds will fund strategic expansion: INR 101.62 crore toward a new manufacturing facility in Ghiloth, Rajasthan; INR 58.10 crore to expand capacity at Mambattu, Andhra Pradesh; INR 70 crore to retire debt; and remaining funds for general corporate purposes. The firm is known for its pre‑engineered steel buildings and EPS packaging solutions.
2. SSF Plastics IPO Approval
SSF Plastics filed its DRHP on 21 March 2025 through IIFL Capital Services, and SEBI granted draft-clearance on 1 August 2025. The IPO proposes a fresh equity issue of INR 300 crore coupled with an offer‑for‑sale of INR 250 crore by promoters and promoter‑group entities, for a total size of INR 550 crore, via book‑building issue.
SSF Plastics operates as a one‑stop provider of packaging solutions—manufacturing bottles, closures, tubs, and custom plastic components across personal care, food & beverage, pharma, and industrial clients. The fresh proceeds will fund capital expenditure (new plant and machinery), debt repayment, and meet working capital needs.
3. Gujarat Kidney and Super Speciality
Gujarat Kidney and Super Speciality filed its DRHP filing on 01 April 2025 & SEBI issued observation letters during the same week encompassing all five IPOs. This is a totally fresh issue of 2.20 crore equity shares.
Gujarat Kidney and Super Speciality operates multi‑specialty hospitals focusing on nephrology and related care across Gujarat. The fresh capital will be deployed for facility expansion, technology procurement, and margin improvement.
4. Anand Rathi IPO Approval
Anand Rathi filed its DRHP on 16 December 2024, aiming to raise up to INR 745 crore via a fresh‑equity issue. With lead managers including Nuvama Wealth, DAM Capital, and Anand Rathi Advisors, the offer may include a pre‑IPO placement of INR 149 crore, reducing the final public fresh issue size accordingly.
According to filings, the IPO will support long‑term working capital, technology investment, and regulatory capital needs. The firm reported FY 2024 revenue of INR 682 crore (up from INR 468 crore in FY 2023) and net profit growth from INR 37.7 crore to INR 77.3 crore. Initially, SEBI had returned the DRHP around 17 January 2025 due to deficiencies, but the subsequent re‑filing led to observations issued during the approval week, confirming clearance to proceed.
5. Prestige Hospitality IPO Approval
Prestige Hospitality filed its DRHP on 28 April 2025, with lead managers including JM Financial, CLSA, J.P. Morgan, and Kotak Mahindra. SEBI issued clearance during the same week covering these five IPOs. The proposed IPO is sized up to INR 2,700 crore, with a fresh issue of INR 1,700 crore and an OFS of INR 1,000 crore by promoters; a pre‑IPO placement of INR 340 crore may trim the fresh‑issue portion accordingly.
This arm of Prestige Estates Holdings houses marquee hotel assets like The Leela, Oberoi, and Radisson Blu in Bangalore and other locations. Funds raised—particularly from the fresh issue—are earmarked for debt repayment (over INR 1,120 crore) and growth investments in the hospitality portfolio.
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