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India’s market activity gathered pace as the Securities and Exchange Board of India (SEBI) cleared IPOs for five companies, while deferring approval for Vedanta Group’s Sterlite Electric. The five approved firms include Milky Mist Dairy Food, Curefoods India, Kanodia Cement, Steamhouse India, and Gaja Alternative Asset Management.
According to SEBI’s latest update, the companies filed their draft red herring prospectuses (DRHPs) between May and July and received regulatory observations between October 14 and 24, effectively allowing them to proceed with public listings.
The regulator has placed Sterlite Electric Ltd’s proposed IPO “in abeyance” without disclosing a specific reason.
The company, part of the Vedanta Group, had filed its preliminary documents earlier this month, planning a public issue that comprised both a fresh issue of 77.9 lakh shares and an offer for sale (OFS) of an equal number of shares by promoter Twin Star Overseas Ltd and individual shareholders.
The company manufactures capital goods and provides system integration solutions for the power transmission and distribution industry.
For FY25, the reported revenue was Rs. 4,956 crore, slightly higher than FY24 at Rs. 4,918 crore. Vedanta Ltd held a 1.51% stake in the company as of March 2025.
Tamil Nadu-based Milky Mist Dairy Food plans to raise Rs. 2,035 crore, with a fresh issue of Rs. 1,785 crore and an OFS of Rs. 250 crore.
The raised amount will be used for debt repayment and expansion of the Perundurai manufacturing plant, including new units for whey protein concentrate, yogurt, and cream cheese, as well as investments in visi coolers and ice cream freezers.
Bengaluru-based Curefoods India, which operates CakeZone and Nomad Pizza, is targeting Rs. 800 crore through a fresh issue and an OFS of 4.85 crore shares.
The funds will go toward opening new cloud kitchens and restaurants, expanding existing brands, purchasing equipment, and repaying debt.
Kanodia Cement’s IPO will be entirely an offer for sale of 1.49 crore shares, with no new shares being issued. The company will not directly receive proceeds from the issue.
At the same time, Steamhouse India, a provider of industrial steam and gas solutions, and Gaja Alternative Asset Management, a private equity and alternative asset management firm, are proceeding through confidential pre-filing schemes.
Steamhouse India hopes to raise around Rs. 500 crore to Rs. 700 crore, while Gaja Capital recently appointed former SEBI Chairman UK Sinha as its Non-Executive Chairman, signaling its strategic growth ahead of the IPO listing.
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Analysts note that SEBI’s approval of the various IPOs shows confidence in the equity markets of India. However, the regulator's move to delay Sterlite Electric's issue reflects the close watch kept on large industrial listings due to changing market and compliance conditions.
