In a significant year-end clearing spree, the Securities and Exchange Board of India (SEBI) has granted observation letters to eight diverse companies looking to tap the primary markets. This flurry of approvals indicates a robust pipeline for the Indian IPO market as we head into the new calendar year. The list of the latest SEBI IPO approvals is given below:
Indira IVF IPO Approval
Indira IVF, India’s largest chain of fertility clinics, has received approval following a confidential pre-filing route. This healthcare giant has revolutionized the IVF space in India, making fertility treatments accessible across a wide network of centers. Given the high margins and social impact of the healthcare sector, this IPO is expected to be one of the most anticipated listings in the healthcare services category.
The confidential pre-filing was received by SEBI on 19 July 2025, and observations were issued on 30 December 2025. Unlike a traditional DRHP, the pre-filing route allows the company to keep its sensitive financial data private until closer to the launch. The issue is managed by Kotak Mahindra Capital Company. The IPO type is listed as an Offer for Sale (OFS), allowing existing investors to liquidate their holdings.
Tempsens Instruments IPO Approval
Tempsens Instruments (India), a prominent player in the thermal engineering sector, has received the nod to proceed with IPO. Based in Udaipur, the company specializes in manufacturing temperature sensors, heating cables, and furnaces, catering to a global clientele across industries like glass, steel, and cement. The approval comes at a time when industrial precision instruments are seeing high demand due to increased automation and manufacturing Capex in India.
The company filed its Draft Red Herring Prospectus (DRHP) on 08 October 2025, and SEBI issued its observations on 26 December 2025. The IPO is structured as a combination of a Fresh Issue (~INR 118 crore ) and an OFS (1,79,25,071 shares), aimed at funding capital expenditures for expansion and providing an exit to existing shareholders. ICICI Securities is acting as the lead manager for this issue.
Glass Wall Systems IPO Approval
Glass Wall Systems, a leader in the architectural glass and facade industry, is set to enter the public markets following SEBI’s clearance. The company has been instrumental in shaping the skylines of major Indian cities, providing end-to-end solutions for glass facades in commercial and residential skyscrapers. With the real estate sector witnessing a massive premiumization trend, Glass Wall Systems is well-positioned to leverage its market leadership.
The company submitted its DRHP to the regulator on 9 September 2025, and the approval was officially granted on 29 December 2025. The IPO type is a mix of Fresh Issue (INR 60 crore) and Offer for Sale (4,02,34,552 shares). IIFL Capital Services is managing the book-running process. The proceeds from the fresh issue component, are slated for working capital requirements and debt repayment.
Shriram Food Industry IPO Approval
Adding flavor to the IPO pipeline, Shriram Food Industry has secured approval for its public listing. The company operates in the food processing segment, focusing on value-added agricultural products. In an economy where the FMCG and processed food sectors are growing at double digits, Shriram Food’s entry into the stock exchange marks a strategic move to scale its distribution network and production facilities.
The DRHP for Shriram Food Industry was filed on 23 September 2025, and SEBI issued its final observation letter on 30 December 2025. Managed by Choice Capital Advisors, the IPO comprises both a Fresh Issue (2,12,00,000 shares) and an Offer for Sale (52,00,000 shares). The company intends to utilize the INR proceeds to upgrade its machinery and expand its footprint in the domestic retail market. As consumer preferences shift toward branded and packaged food, Shriram Food Industry aims to use this capital to strengthen its brand equity and supply chain logistics.
RKCPL IPO Approval
Infrastructure player RKCPL, formerly known as R Karunanidhe Construction, has joined the list of approved IPOs. The company is a key contractor in the civil construction space, specializing in roads, bridges, and urban infrastructure projects. With the government’s continued focus on “Gati Shakti” and massive budgetary allocations for infrastructure, RKCPL is seeking to capitalize on the conducive macro environment.
The company filed its DRHP on 25 September 2025, and SEBI granted the approval on 31 December 2025. The IPO is a Fresh Issue (INR 700 crore) combined with an OFS (INR 550 crore), with Equirus Capital serving as the coordinating Lead Manager. The funds raised will primarily be utilized to purchase new construction equipment and meet the margin requirements for upcoming large-scale tenders. RKCPL’s track record of timely project execution in South India provides a solid foundation for its debut on the bourses.
Jerai Fitness IPO Approval
Jerai Fitness, a household name in the Indian fitness and gym equipment industry, is set to go public. As one of the few domestic manufacturers of high-end strength training equipment, Jerai Fitness has benefited from the “Fit India” movement and the post-pandemic surge in gym memberships. The company’s products are exported to several countries, marking a successful “Make in India” story.
The company filed its offer documents on 9 October 2025, and received SEBI’s nod on 31 December 2025. This particular IPO is structured as an “OFS Only” issue, meaning the proceeds will go to the selling shareholders rather than the company’s coffers. Emkay Global Financial Services is the lead manager for the issue.
Rays of Belief
Rays of Belief has successfully navigated the list of latest SEBI IPO approvals through the confidential pre-filing route. While the specific business details are kept under wraps due to the nature of the filing, the company is positioned within a high-growth service sector. The pre-filing was submitted on 25 August 2025, and SEBI issued its observations on 31 December 2025. Mefcom Capital Markets is the lead manager overseeing this public transition.
Chartered Speed IPO Approval
Rounding out the list is Chartered Speed, a leading player in the passenger transport and logistics sector. The company operates a vast fleet of buses and provides mobility solutions across several Indian states, including inter-city travels and corporate employee transportation. In an era of increasing urbanization and the need for organized public transport, Chartered Speed’s business model stands out for its scalability and technology integration.
Chartered Speed filed its DRHP on 5 September 2025, and became the first company to receive approval in the new year on 2 January 2026. The IPO is a mix of a fresh issue (INR 655 crore) and an Offer for Sale (INR 200 crore). Managed by Motilal Oswal Investment Advisors, the company plans to use the IPO proceeds to expand its fleet, particularly focusing on electric vehicles (EVs) to align with green energy goals.
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