The Securities and Exchange Board of India (SEBI) has issued final observations for Meesho, Shiprocket, & Five others, marking another eventful week in India’s IPO market. These approvals span multiple industries, including logistics, e-commerce, engineering, and green energy. Meanwhile, Vishal Nimriti IPO has been returned, and Bombay Coating IPO has been withdrawn. Below is the full list of the newly approved IPOs:
Shiprocket IPO Approval
DRHP Filed: Filed Confidentially, 26 May 2025
SEBI Observations Issued: 31 October 2025
Issue Type & Size: Fresh + OFS, INR 2,000 – 2,500 crore (Expected)
Lead Manager: Axis Capital
Shiprocket, headquartered in New Delhi, is one of India’s largest e-commerce logistics and fulfilment platforms. It offers technology-based shipping, warehousing, and last-mile delivery solutions to over 2,50,000 merchants and online sellers. The company’s network integrates with more than 25 courier partners and covers nearly every Indian pin code.
Shiprocket’s IPO, cleared under SEBI’s pre-filing route, is expected to fund its technology upgrades, warehousing automation, and cross-border logistics expansion. Backed by marquee investors including Zomato, Temasek, and Lightrock, the company’s public listing will mark a significant milestone in India’s growing digital commerce ecosystem.
Rajputana Stainless IPO Approval
DRHP Filed: 24 June 2025
SEBI Observations Issued: 30 October 2025
Issue Type: Fresh Issue + OFS
Lead Manager: Nirbhay Capital Services
Rajputana Stainless is a Rajasthan-based stainless steel manufacturer engaged in producing long and flat steel products used across infrastructure, automotive, and construction sectors. The company operates modern manufacturing units with an annual production capacity exceeding 2,50,000 tonnes.
The upcoming IPO aims to raise funds for debt reduction and capacity expansion, including upgrades to its melting and rolling facilities. With an established presence in domestic and export markets, Rajputana Stainless is positioning itself as a key mid-sized player in India’s stainless steel industry.
Skyways Air Services IPO Approval
DRHP Filed: 02 July 2025
SEBI Observations Issued: 31 October 2025
Issue Type: Fresh Issue + OFS
Lead Manager: Holani Consultants
Founded in 1992, Skyways Air Services is one of India’s leading freight forwarding and logistics companies. The firm specializes in air and ocean freight, customs brokerage, warehousing, and e-commerce logistics. It operates across 30 Indian cities and maintains global partnerships in over 90 countries.
Following Skyways Air Services IPO approval, the company plans to use IPO proceeds for infrastructure enhancement, digital freight-tracking technology, and international expansion. The company’s long-standing relationships with leading exporters and global carriers have established it as a trusted logistics partner for India’s trade network.
Manika Plastech IPO Approval
DRHP Filed: 02 July 2025
SEBI Observations Issued: 29 October 2025
Issue Type & Size: Fresh: INR 115 crore; OFS: 1,50,00,000 Shares
Lead Manager: Pantomath Capital Advisors
Manika Plastech manufactures specialised plastic compounds and masterbatches used in packaging, automotive, and industrial applications. Based in Mumbai, the company supplies major FMCG and manufacturing clients and operates advanced compounding facilities equipped with modern extrusion technology.
The IPO proceeds are expected to be used for expanding production capacity at its Gujarat plant, introducing sustainable and biodegradable product lines, and repaying existing debt. The company’s strong product development and R&D capabilities have positioned it well to capture growing demand in eco-friendly materials.
Meesho IPO Approval
DRHP Filed: 04 July 2025
SEBI Observations Issued: 14 October 2025
Issue Type & Size: Fresh: INR 4,250 crore, OFS: 17,56,96,602 Shares
Lead Manager: Kotak Mahindra Capital
Bengaluru-based Meesho is a leading social commerce platform that enables millions of small entrepreneurs and individuals to sell products directly through social media channels. The platform boasts over 140 million active users and offers categories including fashion, beauty, home, and lifestyle.
Following the Meesho IPO approval, the company is set to become one of India’s most high-profile startup IPOs in 2025. Meesho IPO comprises a fresh issue and an OFS, providing an exit opportunity for investors such as SoftBank and Prosus. The funds raised are likely to be channelled into scaling its marketplace, enhancing AI-driven recommendations, and expanding logistics operations.
German Green Steel and Power IPO Approval
DRHP Filed: 8 July 2025
SEBI Observations Issued: 20 October 2025
Issue Type & Size: Fresh: INR 450 crore, OFS: 20,00,000 shares
Lead Manager: System Corporate Services
German Green Steel and Power operates in the green industrial sector, producing low-carbon steel through electric-arc furnace technology supported by renewable power integration. The company aims to pioneer sustainable steelmaking practices in India by reducing emissions intensity and improving energy efficiency.
The IPO proceeds are planned for expanding manufacturing capacity, funding renewable energy projects, and meeting working capital requirements. SEBI’s approval for this offering reflects investor appetite for ESG-aligned industrial ventures in India’s rapidly decarbonising economy.
Allied Engineering IPO Approval
DRHP Filed: 09 July 2025
SEBI Observations Issued: 30 October 2025
Issue Type & Size: Fresh Issue: INR 450 crore, OFS: 75,00,000 shares
Lead Manager: Axis Capital
Allied Engineering Works is a precision engineering and component manufacturing company catering to automotive, defence, and infrastructure sectors. Established more than five decades ago, the firm has built a strong presence as a reliable supplier to domestic and international OEMs.
Allied Engineering IPO is expected to fund capacity expansion through advanced machinery acquisition and technology upgrades. Allied’s legacy of quality manufacturing and diversified clientele positions it favourably to benefit from India’s manufacturing and infrastructure push.
Bombay Coated and Special Steels withdrew its IPO filed on 30 September 2025 due to strategic realignment and market conditions, with plans to revisit after restructuring. Vishal Nirmiti IPO, filed on 9 October 2025, was returned by SEBI on 30 October 2025 for documentation clarifications and will be refiled post-compliance.
With seven companies cleared for launch, one returned, and another withdrawn, India’s IPO calendar is poised for an active and diverse close to 2025.
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