In a significant move for the Indian primary market, the Securities and Exchange Board of India (SEBI) has cleared the path for seven companies to launch their IPOs. This flurry of approvals, issued between 8 December 2025 and 12 December 2025, signals a robust start to the year-end capital raising season. From fintech innovators and healthcare providers to industrial manufacturers, the upcoming IPO pipeline reflects a broad spectrum of the Indian economy seeking public capital.
Below is the details of the seven companies that have secured SEBI’s IPO approval.
Fusion Cx IPO Approval
Fusion Cx is set to enter the public markets following its DRHP filing on 30 May 2025. The company received its SEBI observation letter on 11 December 2025, with Nuvama Wealth Management acting as the coordinating Lead Manager. The issue is structured as a mix of a Fresh Issue (INR 600 crore) and an Offer for Sale (INR 400 crore), designed to fuel both corporate expansion and provide liquidity to early investors.
As a player in the customer experience and business process management sector, Fusion Cx has been scaling its digital-first solutions. The capital raised to be deployed toward technological upgrades and repayment of borrowings.
Orient Cables IPO Approval
Orient Cables India, a prominent manufacturer in the specialized wires and cables segment, received its SEBI approval on 12 December 2025. The company originally filed its offer documents on 10 July 2025. The IPO is a combination of a Fresh Issue (INR 320 crore) and an Offer for Sale (INR 380 crore), with IIFL Capital Services managing the book-building process.
Orient Cables has built a reputation for high-quality industrial and telecommunication cables. The “Fresh Issue” component of the IPO is primarily earmarked for the augmentation of its manufacturing facilities and the repayment of certain high-interest debts. As India continues its push toward infrastructure development and 5G rollout, Orient Cables stands in a strategic position to capitalize on increased demand.
RSB Retail India IPO Approval
RSB Retail India is another notable entrant, having received its observation letter on 12 December 2025. The company filed its DRHP on 19 August 2025. Motilal Oswal Investment Advisors is steering this IPO, which consists of both a Fresh Issue (INR 500 crore) and an OFS (2.99 crore equity shares). The company operates in the organized retail space, a sector that has seen a significant post-pandemic resurgence.
The funds from the Fresh Issue are slated for the expansion of its retail footprint across Tier-2 and Tier-3 cities and for enhancing its supply chain logistics and repayment of debt. RSB Retail’s business model focuses on a diverse product mix that caters to the middle-income demographic.
Lohia Corp IPO Approval
Lohia Corp, a global leader in machinery for the plastic woven fabric industry, has received approval for its IPO on 8 December 2025. Unlike others in this batch, this IPO is an “Offer for Sale (OFS) Only of 42,259,970 equity shares,” meaning the proceeds will go to the selling shareholders rather than the company coffers. The DRHP was filed on 22 August 2025, with Equirus Capital serving as the Lead Manager.
Headquartered in Kanpur, Lohia Corp boasts a massive export footprint, serving clients in over 85 countries. The decision to go for an OFS-only model suggests that the company is well-capitalized and is primarily seeking a listing to provide an exit to long-term investors and establish a market valuation.
SFC Environmental Technologies IPO Approval
SFC Environmental Technologies is a specialised player in the municipal sewage and waste treatment sector. It received SEBI’s nod on 12 December 2025, after filing its DRHP on 9 September 2025. The IPO is a Fresh Issue (~INR 150 crore) combined with an OFS (1.23 crore equity shares), managed by IIFL Capital Services. The company is well-known for its Advanced Cyclic Effluent Treatment (C-Tech) technology.
With the Indian government’s heavy emphasis on the “Swachh Bharat Mission” and “Namami Gange,” SFC Environmental Technologies is operating in a high-growth “Green” sector. The Fresh Issue proceeds will likely be used to fund working capital requirements for large-scale government contracts and debt reduction.
Turtlemint Fintech Solutions IPO Approval
Turtlemint Fintech Solutions received its observations on 10 December 2025, following a “Pre-filing” route initiated on 10 September 2025. Managed by ICICI Securities, the company is a leader in the insurtech space. The pre-filing mechanism allows the company to keep its offer document confidential until it is closer to the actual launch, providing flexibility in timing the market.
Turtlemint operates a digital platform that empowers insurance advisors, bridging the gap between traditional sales and modern technology. The company has seen rapid scaling in its premium collection and user base. The capital infusion from the IPO will be pivotal in expanding its network of “PoSP” (Point of Sale Person) partners and enhancing its AI-driven recommendation engine. As insurance penetration in India remains low, Turtlemint represents a high-growth fintech play.
Yashoda Healthcare IPO Approval
Yashoda Healthcare Services, one of the leading multi-specialty hospital chains in Southern India, also utilized the “Pre-filing” route. It filed its documents on 29 September 2025 and received SEBI approval on 10 December 2025. JM Financial is the Lead Manager for this highly anticipated healthcare debut.
Yashoda Hospitals is renowned for its advanced medical technology and high-volume surgical expertise. The healthcare sector has become a favorite for investors due to its defensive nature and long-term growth prospects. The funds raised are expected to be utilized for the expansion of their hospital network into new geographies and the upgrading of existing facilities with robotic surgical systems.
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