In its latest weekly bulletin, the Securities and Exchange Board of India (SEBI) has issued observation letters to three companies, clearing the path for their upcoming initial public offerings (IPOs). At the same time, two draft offer documents were returned, and one was withdrawn by the issuer. Here’s a detailed look at the developments from SEBI’s end.
Approved IPOs by SEBI
1. IndiQube Spaces
Bangalore-based IndiQube Spaces has received SEBI’s approval for its IPO on 24 March 2025. The IPO comprises a fresh issue of equity shares amounting to INR 750 crore and an offer for sale of shares valued at INR 100 crore by its promoters, Rishi Das and Meghna Agarwal. The issue is being managed by ICICI Securities.
Launched in 2015, IndiQube is a workspace solutions provider offering fully managed office spaces to startups, SMEs, and large enterprises. With the growing demand for flexible workspaces in the post-COVID era, IndiQube has expanded its presence in major metro cities. IndiQube Spaces has been on a growth spree, now boasting 103 centers spread over 13 cities, managing a mind-blowing 7.76 million square feet with room for 1,72,451 seats as of mid-2024.
The company filed its Draft Red Herring Prospectus (DRHP) on 30 December 2024. With this approval, IndiQube becomes one of the few players from the co-working sector to test the IPO waters in recent times.
2. GSP Crop Science
Ahmedabad-based GSP Crop Science received its SEBI approval on 28 March 2025. The issue comprises both a fresh issue and an OFS, with Equirus Capital acting as the lead manager.
GSP is a well-known player in the agrochemical space, engaged in manufacturing, formulating, and marketing a wide range of crop protection products. With over five decades of industry presence, the company exports to more than 25 countries and enjoys a robust domestic distribution network. As of September 2024, GSP Crop Science has registered 507 agrochemical products, holds 89 patents with another 98 applications pending, and has generated significant revenue from its patented products.
The company filed its DRHP on 26 December 2024. The IPO proceeds are expected to be utilized for expanding production capabilities, working capital requirements, and general corporate purposes.
3. Ganesh Consumer Products
Ganesh Consumer Products, backed by DAM Capital Advisors, received SEBI’s nod on 28 March 2025. The IPO will include a fresh issue and OFS component.
Known for its FMCG offerings, the company has a strong foothold in the edible oils and personal care segments. Ganesh Consumer has been steadily expanding its product range and geographic reach, leveraging its manufacturing infrastructure and distribution network.
The company submitted its draft prospectus on 28 December 2024. Market watchers expect this IPO to garner interest due to the company’s strong financials and growing consumer base.
Returned IPOs by SEBI
4. Neelkanth Realtors
Mumbai-based Neelkanth Realtors faced a setback as SEBI returned its draft offer document on 28 March 2025. The company filed its DRHP on 02 January 2025, proposing a pure fresh issue. The IPO was coordinated by Swastikpa Investmart.
Neelkanth operates in the residential real estate space with a concentration in the Mumbai Metropolitan Region (MMR). While the company has developed several premium projects, regulatory and financial scrutiny in the sector might have played a role in SEBI’s decision to return the proposal.
5. EAAA India Alternatives
SEBI returned the draft offer document of EAAA India Alternatives on 27 March 2025. The company submitted the draft on 12 December 2024, and the issue was a pure offer for sale (OFS). Backed by Axis Capital, EAAA India Alternatives is a private equity firm offering investment opportunities in alternative assets. The firm had intended to provide an exit route for its existing investors through the public issue.
The return of the document could be attributed to disclosures or compliance issues, although the specific reason hasn’t been made public.
Withdrawn IPO
6. Anlon Healthcare
Anlon Healthcare has withdrawn its IPO proposal, as per SEBI’s bulletin dated 28 March 2025. The draft offer document was filed on 24 February 2025. The company proposed a fresh issue, and the lead manager was Interactive Financial Services.
Anlon Healthcare is involved in the development and distribution of medical devices and diagnostic equipment. With a focus on innovation, the company caters to both government and private healthcare institutions. The withdrawal could be due to market conditions, internal financial preparedness, or strategic reassessments.
Conclusion
SEBI’s weekly updates are critical indicators of the upcoming IPO pipeline. With three fresh approvals, the market could witness renewed investor interest in diverse sectors like co-working, agrochemicals, and FMCG. At the same time, the return and withdrawal of proposals highlight the importance of regulatory compliance and readiness in the listing journey.
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