The Indian primary market continues its IPO momentum as the Securities and Exchange Board of India (SEBI) issued observation letters to five companies. The latest SEBI IPO approval signals a robust pipeline for the first quarter of 2026, spanning sectors from fintech and precision manufacturing to spirits and technical textiles. Below is the list of the latest SEBI IPO approvals.
Kissht IPO Approval
Onemi Technology Solutions, the parent company of the prominent digital lending platform Kissht, has secured SEBI’s nod for IPO. Founded with the vision of providing instant credit to the underserved segments of the Indian population, the company has grown into a fintech powerhouse. Kissht specialises in providing “Buy Now, Pay Later” (BNPL) options and personal loans through a seamless, tech-driven interface. The company’s ability to leverage data analytics for credit underwriting has made it a significant player in the retail lending space.
Kissht IPO structure consists of a mix of a fresh issue (INR 1,000 crore) and an offer for sale (88.79 lakh shares). IPO funds will primarily be utilised to augment the capital base of its NBFC subsidiary, Si Creva Capital Services, to meet future lending requirements.
- DRHP Filing Date: 22 August 2025
- IPO Approval Date: 08 January 2026
- IPO Size: INR 1,000 crore (fresh) + 88.79 lakh shares (OFS)
INDO-MIM IPO Approval
INDO-MIM is one of the most unique manufacturing plays to hit the Indian markets in recent years. As a global leader in Metal Injection Molding (MIM) technology, the company produces high-precision components for critical sectors including aerospace, medical devices, automotive, and consumer electronics. Headquartered in Bengaluru, INDO-MIM serves a global clientele, exporting a significant portion of its production to the US and Europe. Their technological moat lies in the ability to create complex, high-volume metal parts that are difficult to achieve through traditional machining.
The company plans to raise capital through a combination of a fresh issue (INR 1,000 crore) and an OFS (12.97 crore shares). The fresh issue proceeds are earmarked for the repayment of certain borrowings and funding capital expenditure for expanding their manufacturing facilities in India and abroad.
- DRHP Filing Date: 06 October 2025
- IPO Approval Date: 29 December 2025
- IPO Size: INR 1,000 crore (fresh) + 12.97 crore shares (OFS)
- Type of Issue: Fresh Issue + Offer for Sale (OFS)
Alcobrew Distilleries IPO Approval
Alcobrew Distilleries is a rising star in the Indian Made Foreign Liquor (IMFL) segment. The company has carved a niche for itself with popular brands like White & Blue whisky and Golfer’s Shot whisky. Operating in a sector that is currently benefiting from the “premiumization” trend—where Indian consumers are shifting from mass-market brands to prestige and premium segments—Alcobrew has demonstrated consistent volume growth. The company operates state-of-the-art bottling plants and has a strong distribution network across Northern and Eastern India.
The IPO, managed by Motilal Oswal Investment Advisors, includes both a fresh issue and an OFS. The fresh capital of approximately INR 2,500 million will be deployed to retire high-cost debt and to fund working capital requirements, which are intensive in the spirits industry due to the long aging processes of certain products. As the hospitality and retail consumption sectors continue to thrive post-pandemic, Alcobrew’s listing will provide a fresh valuation benchmark for the mid-tier liquor industry in India.
- DRHP Filing Date: 30 September 2025
- IPO Approval Date: 08 January 2026
- IPO Size: INR 258.26 crore (fresh) + 1.80 crore shares (OFS)
- Type of Issue: Fresh Issue + Offer for Sale (OFS)
Kusumgar Limited IPO Approval
Kusumgar Limited is a pioneer in the “Technical Textiles” space, a specialized segment that focuses on functional fabrics rather than aesthetic ones. The company’s products are used in highly demanding environments, including parachutes for the military, protective gear for industrial workers, and specialized fabrics for the aerospace and automotive sectors. With over five decades of experience, Kusumgar has established itself as a critical supplier to the Indian Ministry of Defence and several global OEMs.
- DRHP Filing Date: 09 October 2025
- IPO Approval Date: 07 January 2026
- IPO Size: INR 650 crore shares (OFS)
- Type of Issue: Offer for Sale Only
Astha Spintex IPO Approval
Astha Spintex represents the core of India’s textile export strength. Based in the textile hub of Gujarat, the company is a leading manufacturer and exporter of high-quality cotton yarn. Astha Spintex has built a reputation for operational efficiency and sustainability, utilizing modern spinning technology to cater to both domestic garment manufacturers and international markets. The textile sector has seen a resurgence as global supply chains look for “China Plus One” alternatives, placing companies like Astha Spintex in a favorable growth position.
The company has opted for a Fresh Issue (INR 1,600 crore) structure, managed by BOI Merchant Bankers. The proceeds from the issue will be utilized for setting up additional spinning units and upgrading existing machinery to produce value-added yarns.
- DRHP Filing Date: 01 October 2025
- IPO Approval Date: 09 January 2026
- IPO Size: INR 1,600 crore
- Type of Issue: Fresh Issue Only