The Securities and Exchange Board of India (SEBI) has issued observations on the IPO draft papers of Absolute Projects India Ltd. and Jindal Supreme India Ltd., according to its latest weekly update reported by Bloomberg. As per The Hindu BusinessLine, the two firms have secured SEBI's approval to raise funds through initial public offerings (IPOs). The companies filed their preliminary IPO papers between April and May 2026, and obtained the regulator's observation on July 17. In SEBI parlance, issuing observations implies approval to float the IPO. With the approval, both companies can now proceed with filing the red herring prospectus (RHP) with the Registrar of Companies ahead of the public issue.
As reported by The Hindu BusinessLine, Absolute Projects (India) comprises a fresh issue of 2 crore equity shares, with no offer-for-sale (OFS) component. The company plans to utilize ₹40.65 crore from the net proceeds towards capital expenditure for modernising Manufacturing Facility I, procuring machinery for Manufacturing Facility II, and securing equipment for Power EPC projects. Additionally, ₹49.1 crore will be used to repay borrowings, ₹40 crore will be allocated towards working capital requirements, and the remaining funds will be used for general corporate purposes. Jindal Supreme's IPO consists of both a fresh issue of 1.07 crore equity shares and an offer-for-sale (OFS) component of 26.87 lakh equity shares by promoter VVJ Enterprise Private Limited (previously known as J J Jindal Infin Private Limited). Funds raised through the fresh issue will be used to repay debt.
According to The Hindu BusinessLine, Absolute Projects is an engineering, procurement and construction (EPC) player engaged in the execution of power transmission and distribution infrastructure projects. Jindal Supreme manufactures and supplies a wide range of steel pipes and tubes for diverse infrastructure and industrial applications. According to Bloomberg's latest weekly status report, 34 IPO draft offer documents are currently under review by SEBI. The market regulator has also sought clarifications on Jio Platforms Ltd.'s IPO filing and is awaiting a response from the company's lead manager. Jio Platforms had filed its much-awaited draft papers for an IPO on June 19, highlighting the active IPO pipeline under SEBI's review process. Both Absolute Projects and Jindal Supreme will be listed on the BSE and NSE exchanges upon completion of their respective IPO processes.
