India’s primary market pipeline is staring at the IPO approvals lapsing in January 2026. Four companies—spanning construction, solar energy, industrial manufacturing, and real estate technology—received SEBI approval for their IPOs in January 2025, giving them a one-year validity window to tap the capital markets. With none of these issuers launching their public offerings so far, their approvals are now set to lapse in January 2026, potentially forcing them to re-file Draft Red Herring Prospectuses (DRHPs) if market access is deferred further.
Collectively, these IPOs represent several thousand crore rupees of proposed fundraising, underlining how market volatility, valuation mismatches, and execution challenges continue to disrupt even regulator-approved issuances. Below is a list of IPO approvals lapsing in January 2026.
List of IPO Approvals lapsing in January 2026
Varindera Constructions IPO
Varindera Constructions operates in the infrastructure and civil construction segment, with a portfolio focused on roads, bridges, and government-backed EPC projects. The company filed its DRHP on 3 October 2024 and received SEBI approval on 23 January 2025. ICICI Securities was appointed as the lead manager.
As per its draft papers, the proposed IPO comprised a combination of a fresh issue (~INR 900 crore) and an OFS (INR 300 crore), with the aggregate issue size of INR 1,200 crore. Proceeds from the fresh issue were earmarked primarily for working capital requirements, purchase of construction equipment, and deleveraging the balance sheet—a key concern in capital-intensive EPC businesses.
However, persistent margin pressure in the construction sector, coupled with uneven order inflows and muted secondary market sentiment for infra stocks, has delayed the IPO launch. If the window closes without execution, Varindera will need to re-approach SEBI with an updated DRHP.
SMPP IPO
SMPP, a manufacturer catering to industrial and engineering applications, received SEBI approval for its IPO on 29 January 2025, after filing its DRHP on 21 October 2024. The issue structure also included a fresh issue of INR 580 crore & an OFS of INR 3,420 crore, with the total issue size of INR 4,000 crore, making it one of the larger IPOs in this cohort.
Axis Capital was appointed as the book-running lead manager, and the company intended to use proceeds to fund capacity expansion, repayment of borrowings, and investment in new product lines. SMPP’s revenue profile showed steady growth, but profitability remained sensitive to raw material costs and cyclical industrial demand.
Market participants point out that the industrial manufacturing space has seen selective investor appetite, with premium valuations reserved for companies demonstrating strong export visibility or technological differentiation. In the absence of a favourable valuation environment, SMPP appears to have deferred its listing plans. With the SEBI approval clock ticking, a failure to launch before 29 January 2026 would require regulatory revalidation, potentially altering issue economics.
Kumar Arch Tech IPO
Kumar Arch Tech represents a niche play in architecture-led construction technology and project execution services. The company received SEBI approval on 31 January 2025, following its DRHP filing in early October 2024.
The IPO, structured as a fresh issue of INR 240 crore & an OFS of INR 500 crore, with Motilal Oswal Investment Advisors acting as the lead manager. Funds from the fresh issue were proposed to be used for technology upgrades, strategic acquisitions, and working capital support.
Despite a differentiated business model, the company operates in a segment where scalability and margin sustainability remain key investor concerns. Weak post-listing performance of comparable mid-sized construction and design firms may have contributed to a cautious stance. As approval expiry approaches, Kumar Arch Tech faces a strategic choice—either accelerate market entry or return to SEBI with updated draft papers.
PMEA Solar Tech IPO
PMEA Solar Tech, operating in India’s rapidly expanding renewable energy and solar solutions market, secured SEBI approval on 14 January 2025, after filing its DRHP on 23 September 2024. The IPO was structured primarily as a fresh issue (~INR 600 crore) and an OFS of 1,12,35,600 shares, with proceeds aimed at capacity expansion, project development, and balance sheet strengthening.
IIFL Securities was the lead manager of the issue. PMEA’s decision to lapse its IPO appears to be linked with volatile market conditions and cautious institutional sentiment toward capital-intensive green energy plays.
Conclusion
The IPO approvals lapsing in January 2026 highlights a broader trend in India’s primary markets—regulatory clearance no longer guarantees execution. With an estimated INR 6,540 crore of proposed fundraising at stake, issuers are increasingly choosing patience over suboptimal pricing.
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