Leap India & Four Others Get SEBI’s Green Signal for IPO

The Securities and Exchange Board of India (SEBI) has issued observations for five companies. This batch of approvals signals the market’s readiness to onboard new growth stories from sectors spanning high-end F&B, diagnostics, logistics, and agro-sciences.

However, the regulatory action also included a strategic pause for two other firms. The DRHP filings for Inox Clean Energy and Sky Alloys and Power were formally withdrawn on 5 December 2025. While a withdrawal often precedes a revised, stronger refiling, the news highlights the dynamic nature of the IPO process.

This development paves the way for five companies—Foodlinks F&B Holdings, Technocraft Ventures, Molbio Diagnostics, Leap India, and Eldorado Agritech—to initiate their book-building processes and tap the public market for growth capital.

Foodlinks F&B Holdings IPO Approval

Foodlinks F&B Holdings (India) is a key player in the integrated food and beverage sector, specializing in ultra-luxury catering, premium casual dining, cloud kitchens, and integrated banquet services. The Mumbai-based firm has successfully carved out a niche in providing high-end event catering for marquee clients and has diversified its revenue streams through popular brands like India Bistro and China Bistro, operating across both India and the Middle East, particularly the UAE.

Proceeds from the fresh issue are largely earmarked for strategic capital expenditure, including establishing new centralized kitchens and expanding its casual dining restaurant footprint under its subsidiaries, alongside the repayment of existing debt, solidifying its balance sheet for future expansion.

Technocraft Ventures IPO Approval

Technocraft Ventures operates as a specialist Engineering, Procurement, and Construction (EPC) solutions provider, with a distinct focus on executing critical water infrastructure projects. The company’s core competence lies in the successful design, building, and maintenance of Sewage Treatment Plants (STPs) and extensive sewerage pipeline networks, largely catering to government and quasi-government schemes.

Technocraft Ventures has built a strong execution track record, particularly across key states like Uttar Pradesh and Rajasthan, leveraging its significant experience in navigating complex public tendering and execution environments. Technocraft Ventures IPO, structured as a combination of a Fresh Issue and an Offer for Sale (OFS), is intended to bolster the company’s financial footing.

Molbio Diagnostics IPO Approval

Molbio Diagnostics is a pioneering molecular diagnostics company renowned for its proprietary, world-class Truenat platform. This platform enables real-time, point-of-care molecular testing for a wide array of infectious diseases, including key public health concerns like Tuberculosis, which has received endorsement from the World Health Organisation (WHO), alongside the testing of COVID-19 and other pathogens.

The company’s business model is highly attractive to investors due to its generation of predictable, recurring revenue from the sale of proprietary test kits and consumables, which far outstrips revenue from the one-time sale of diagnostic devices. With a growing international footprint spanning over 80 countries, Molbio has successfully positioned itself as a global leader in decentralised diagnostics.

Leap India IPO Approval

Leap India has established itself as a frontrunner in India’s on-demand supply chain asset pooling industry, operating on an economically efficient “share and reuse” model. The company provides critical material handling solutions, including the pooling of pallets and containers, to blue-chip clients across fast-moving consumer goods (FMCG), pharmaceuticals, and e-commerce sectors. By managing a vast pool of assets across a wide network of fulfilment centres and customer touchpoints nationwide, Leap India allows businesses to convert capital expenditure on material handling assets into operating expenses.

This innovative model improves supply chain efficiency, reduces costs, and promotes sustainability.

Eldorado Agritech IPO Approval

Eldorado Agritech, known for its brand ‘Srikar Seeds,’ is a key player in the agro-sciences sector, boasting a diverse portfolio that spans seeds, agrochemicals, bio-stimulants, and speciality fertilisers. The Telangana-based company has cultivated a strong market presence with over 226 commercialized hybrids and open-pollinated varieties (OPVs) across 47 crops, including crucial staples like cotton, paddy, and maize. Its integrated approach, backed by 269 registered agrochemical formulations, allows it to offer comprehensive crop solutions to farmers across 18 Indian states.

This diversification reduces revenue dependency on a single segment. Financial performance has been robust, with a compounded annual growth rate (CAGR) demonstrating strong top-line and bottom-line expansion.