As the Indian primary market continues its stellar run, the capital markets regulator, SEBI, has greenlit a fresh batch of IPOs. In a significant week for corporate fundraising, the Securities and Exchange Board of India (SEBI) issued observation letters to four major companies—Varmora Granito, Knack Packaging, Shivalaya Construction, and Behari Lal Engineering—effectively clearing their path to launch their public issues. Meanwhile, Infifresh Foods (Captain Fresh) saw its pre-filed documents returned or withdrawn, marking a mixed week for market aspirants.
Here is a detailed breakdown of the companies that received the regulatory nod and what investors should know about their upcoming market debuts.
Table of Contents
Varmora Granito IPO Approval
Varmora Granito, a prominent name in India’s ceramic and bathware industry, is set to tap the primary market following SEBI’s approval. The Gujarat-based company filed its Draft Red Herring Prospectus (DRHP) on 08 August 2025 and received its observation letter on 15 December 2025.
Varmora Granito IPO is structured as a combination of a fresh issue and an OFS. According to the draft papers, the company aims to raise INR 400 crore through the fresh issuance of equity shares. Additionally, the OFS component involves the sale of up to 5.24 crore equity shares by the promoters and investor Katsura Investments. The proceeds from the fresh issue are earmarked for the repayment or prepayment of certain borrowings availed by the company and its subsidiaries—Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles—totaling approximately INR 320 crore, with the balance dedicated to general corporate purposes. With nine manufacturing facilities in Morbi, Varmora is positioning itself to leverage its massive distribution network of over 2,000 outlets.
Knack Packaging IPO Approval
Ahmedabad-based Knack Packaging has secured SEBI’s go-ahead for its public offer. The company specializes in high-strength Printed and Laminated Woven Polypropylene (PLWPP) bags. Knack Packaging filed its DRHP on 9 September 2025. SEBI issued the observation letter on 26 December 2025, marking a swift regulatory turnaround.
Knack Packaging IPO comprises a fresh issue of INR 475 crore and an offer for sale of 70 lakh equity shares by its promoters. Knack Packaging intends to utilize a substantial portion of the fresh capital—approximately INR 435 crore—to establish a new manufacturing facility at Borisana in Mehsana, Gujarat. This move is aimed at significantly boosting its production capacity to meet the rising demand in the food, pet food, and agro-commodity sectors. Currently holding a 10% market share in the niche PLWPP segment, the company reported a robust profit after tax of INR 73.8 crore in Financial Year 2025, making it a noteworthy contender for growth-focused investors.
Shivalaya Construction IPO Approval
Infrastructure player Shivalaya Construction is moving ahead with its listing plans after receiving SEBI’s approval. The New Delhi-based EPC firm filed its preliminary papers on 9 September 2025, and the regulator issued the observation letter on 24 December 2025.
The issue consists of a fresh issue of INR 450 crore and an OFS of up to 2.49 crore equity shares by the promoter group. Shivalaya, which focuses on roads, highways, and bridges across 19 states, plans to use INR 340 crore from the fresh proceeds to pare down its debt. As of July 2025, the company boasted an impressive order book of INR 3,627 crore. While the company saw a dip in its Financial Year 2025 profits to INR 343.8 crore, its integrated execution model and strong relationship with government entities like NHAI provide a solid foundation for its public market debut.
Behari Lal Engineering IPO Approval
Behari Lal Engineering, an integrated iron and steel manufacturer, has crossed the final regulatory hurdle for its IPO. The company submitted its DRHP on 1 October 2025, and SEBI granted its approval on 24 December 2025.
The public issue includes a fresh issue of INR 110 crore and an OFS of 78.54 lakh equity shares. Behari Lal Engineering specializes in customized engineering solutions, including metal rolls and alloy steel products for sectors like defense, aerospace, and power. The company has demonstrated strong financial health, with revenue growing to INR 516.30 crore in Financial Year 2025 and a significant 48% jump in profit after tax to INR 52.95 crore. The funds raised will be primarily directed toward capital expenditure for new equipment, machinery, and the installation of rooftop solar panels at its manufacturing facilities, signaling a focus on both modernization and sustainability.
Captain Fresh IPO Withdrawn
While four companies went ahead with regulatory approvals, Infifresh Foods surprised the market by voluntarily withdrawing its Pre Draft Red Herring Prospectus (PDRHP). The company stated that the step was taken to facilitate the expedited closure of a contemplated material acquisition.
“We have secured all necessary regulatory approvals for the acquisition and are executing final transaction activities that will significantly enhance our global market position. In view of this, we are maintaining the requisite capital structure flexibility to facilitate these strategic equity investments. This withdrawal is a strategic measure in the direction,” the company said in a statement sent to IPO Central.
Nevertheless, its original IPO roadmap following the PDRHP filing remains unimpacted. Captain Fresh is likely to proceed with a fresh filing upon transaction closure.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.