In a significant move for India’s capital markets, the Securities and Exchange Board of India (SEBI) has granted IPO approvals to seven companies across diverse sectors, ranging from engineering and power systems to edtech and healthcare. These approvals, formalised through observation letters issued in mid-July 2025, clear the path for public listings in the coming quarters.
The latest batch of approvals reflects the continued momentum in IPO activity, driven by strong retail participation and renewed institutional interest. Here’s a detailed look at the seven approved companies and what investors can expect.
1. Vinir Engineering IPO Approval
- DRHP Filed: 22 January 2025
- SEBI Approval Date: 17 July 2025
- IPO Type: Offer-for-Sale (OFS)
- IPO Lead Manager: Pantomath Capital Advisors
Vinir Engineering, a precision-forging powerhouse, is set to make its public debut via a pure Offer-for-Sale. With manufacturing capabilities in Karnataka and Tamil Nadu, the company serves critical sectors like aerospace, railways, energy, and defence. It operates a robust production base with a capacity of 38,000 MTPA.
The OFS component involves the sale of promoter-held shares, signaling a liquidity event without direct capital infusion into the company. The move follows healthy FY2024 financials, including a net profit of INR 28.9 crore. Given its export strength and diverse clientele, Vinir’s IPO is expected to attract investor interest despite the absence of a fresh issue.
2. Pranav Constructions
- DRHP Filed: 04 March 2025
- SEBI Approval Date: 17 July 2025
- IPO Type: Fresh Issue + OFS
- Fresh Issue Size: INR 392 crore
- Lead Manager: Centrum Capital
Mumbai-based Pranav Constructions focuses on urban redevelopment, having delivered over 4.2 million square feet of projects. The IPO will be a combination of fresh capital and an OFS by promoters and institutional investors.
Proceeds will primarily be used for acquiring FSI (Floor Space Index), repayment of existing borrowings, and working capital. A proposed pre-IPO placement of up to INR 78.4 crore may reduce the fresh issue size. This capital-intensive business model, coupled with a strong Mumbai focus, makes the IPO especially relevant in the current real estate upcycle.
3. Fujiyama Power Systems IPO Approval
- DRHP Filed: 10 March 2025
- SEBI Approval Date: 14 July 2025
- IPO Type: Fresh Issue + OFS
- Lead Manager: Motilal Oswal Investment Advisors
Fujiyama Power Systems is expected to attract ESG-conscious investors, given its focus on EV charging infrastructure and solar-powered solutions. The IPO aims to scale production capabilities, enhance R&D, and support working capital needs.
With India’s push toward clean mobility and renewables, Fujiyama’s offerings are strategically aligned with government policy. While financial details remain under wraps, its presence in an expanding market space adds weight to the investment case.
4. Saatvik Green Energy IPO Approval
- DRHP Filed: 17 March 2025
- SEBI Approval Date: 15 July 2025
- IPO Type: Fresh Issue + OFS
- Lead Manager: DAM Capital Advisors
Saatvik Green Energy manufactures solar PV modules and is vertically integrating to reduce dependence on imports. The IPO funds are likely to be used for expansion into new geographies and capacity building.
As one of the few Indian manufacturers in this space with ambitions to scale aggressively, Saatvik’s IPO aligns with the PLI (Production Linked Incentive) scheme for renewable energy. Its robust order book, strong B2B clientele, and market-ready positioning will likely make this issue a hit among green energy-focused investors.
5. Physicswallah IPO Approval
- DRHP Filed: 19 March 2025
- SEBI Approval Date: 18 July 2025
- IPO Type: Pre-Filing Route
- Lead Manager: Kotak Mahindra Capital Company
India’s first edtech unicorn to turn profitable, Physicswallah has taken the pre-filing route to keep offer details confidential while navigating market conditions. Founded by Alakh Pandey, the company has grown from YouTube tutorials to an omnichannel education powerhouse.
Though the IPO size remains undisclosed, insiders expect a significant capital raise to fund physical expansion, acquisitions, and technology investment. Given the edtech sector’s volatility post-COVID, the listing of a profitable, founder-led business could help restore market faith in digital learning platforms.
6. SIS Cash Services IPO Approval
- DRHP Filed: 31 March 2025
- SEBI Approval Date: 17 July 2025
- IPO Type: Fresh Issue + OFS
- Lead Manager: DAM Capital Advisors
SIS Cash Services operates in cash logistics, ATM replenishment, and vault management. A spin-off from the larger SIS Group, the IPO marks a strategic attempt to unlock shareholder value in a segment that, while less glamorous, is essential to India’s cash economy.
Proceeds from the IPO will fund fleet modernisation, regional expansion, and technological upgrades. With steady cash flows and limited direct competition, this offering could appeal to risk-averse institutional investors.
7. Anlon Healthcare IPO Approval
- DRHP Filed: 25 April 2025
- SEBI Approval Date: 18 July 2025
- IPO Type: Fresh Issue
- Lead Manager: Interactive Financial Services Ltd.
Anlon Healthcare focuses on medical equipment distribution and diagnostic support. Its product portfolio includes MRI-compatible equipment and surgical technologies, serving hospitals and diagnostic chains across India.
The company plans to utilize IPO funds for working capital, product diversification, and service enhancement. With healthcare infrastructure gaining policy thrust, Anlon’s public debut could be well-received—especially among long-term investors seeking defensive sector exposure.
Conclusion
SEBI’s greenlighting of seven IPOs signals regulatory confidence and market readiness. The diversity of the pipeline—from precision manufacturing and real estate to edtech and clean energy—highlights the evolving structure of India’s capital markets.
Each of these companies brings unique sector dynamics, and investor interest is expected to be strong, particularly in renewable energy and technology-led plays. With listing timelines likely to span Q3 and Q4 of FY2025, the Indian IPO landscape is shaping up for a high-octane finish to the fiscal year.
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