The Securities and Exchange Board of India has approved four Initial Public Offerings during the week, clearing the way for public fundraising by these companies. According to reports from CNBC TV18, Moneycontrol, The Economic Times, Business Standard, The Financial Express, The Hindu BusinessLine, ET Now, and The Times of India, the approved companies include Tonbo Imaging India, Zetwerk Manufacturing Business, Marri Retail, and Gujarat Victory Forgings. These approvals represent significant progress in India's IPO pipeline, with each company now authorized to proceed with their public offering plans. The approvals strengthen the primary market pipeline with companies representing defence, retail, technology, manufacturing and metals sectors. Five companies received IPO clearances during the week, with Rentomojo having separately secured SEBI's observations on July 6. Within SEBI's regulatory framework, issuing observations implies approval to float the IPO, as confirmed by ET Now.
The filing timeline for these IPO applications shows a concentrated period of regulatory activity. As reported by CNBC TV18, Moneycontrol, The Economic Times, Business Standard, The Financial Express, The Hindu BusinessLine, ET Now, and The Times of India, Tonbo Imaging India filed its draft documents with SEBI on December 30, 2025, with observations issued on July 6, 2026. Marri Retail submitted its application on February 3, 2026, with observations issued on July 10, 2026. Rentomojo filed on April 1, 2026 with observations on July 6, 2026. Gujarat Victory Forgings filed on April 7, 2026 with observations on July 8, 2026. Zetwerk Manufacturing Business filed confidentially on April 1, 2026 with observations on July 9, 2026. By leveraging the confidential pre-filing route, the company is now able to engage with SEBI for initial feedback on its draft prospectus without exposing the details to public view, as noted by ET Now.
Tonbo Imaging India is a global defence electronics original equipment manufacturer founded in 2003 by technologists who had earlier worked with the US Department of Defense and Sarnoff Corporation. The company moved into defence-focused product manufacturing in 2012 after a promoter buyout. According to CNBC TV18, The Economic Times, and Business Standard, Tonbo's IPO comprises an Offer for Sale (OFS) of up to 18.09 million equity shares of face value ₹2 each, with no fresh shares being issued. The OFS includes 1.96 million equity shares by promoter selling shareholders, 339,700 equity shares by the promoter group selling shareholder, and 15.64 million equity shares by investor selling shareholders. As of June 30, 2025, the company had over 20,000 systems deployed across 24 countries. The company is led by Arvind Lakshmikumar, Ankit Kumar, and Cecilia D'Souza, with investors including Qualcomm Ventures, Artiman, Edelweiss Value, Celesta Capital, HBL Engineering, Tenacity Ventures, India Exim Bank, and Florintree. According to an F&S report cited in its draft prospectus, Tonbo Imaging was India's fastest-growing defence technology company by revenue, Ebitda and net profit growth between FY23 and FY25. It was also the country's largest supplier of thermal imaging systems to government and defence agencies by sales value over the period, accounting for 93 per cent of India's thermal imaging exports in FY25. The Bengaluru-based company filed its draft papers in December 2025, with JM Financial and IIFL Capital Services serving as book-running lead managers.
Zetwerk Manufacturing Business has received SEBI approval for its IPO, with the offering expected to include a mix of fresh shares and an offer for sale by existing investors. According to Business Standard, The Financial Express, The Hindu BusinessLine, and ET Now, the company is looking to raise up to ₹4,000-5,000 crore, with the final issue size and valuation to be determined through the book-building process. The Bengaluru-headquartered company filed its preliminary papers through Sebi's confidential pre-filing route in March, with the offer expected to comprise a fresh issue of shares and an offer for sale by existing shareholders, although the final size, valuation and share-sale structure will be determined closer to the launch. The contract manufacturing platform, founded in 2018 by Amrit Acharya, Srinath Ramakkrushnan, Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma, operates as a technology-enabled manufacturing platform connecting industrial demand with a distributed network of suppliers. The company runs on a proprietary software system, Zetwerk OS, which manages sourcing, production planning, supplier coordination and project execution across its network of owned facilities and third-party manufacturers. The company operates manufacturing facilities in India and overseas and counts Khosla Ventures, Accel, Peak XV Partners, Lightspeed, and Baillie Gifford among its investors. Zetwerk's business spans sectors such as consumer electronics, energy, defence, aerospace, and capital goods, as well as a platform focused on industrial supply and raw material procurement. The company operates in segments that are seeing increased activity due to shifts in global supply chains, including diversification beyond China, higher investments in data centre and infrastructure build-outs, and demand linked to energy transition and industrial capacity. It also participates in areas such as defence manufacturing and domestic production initiatives in India. Zetwerk is also in talks to raise a $50-60 million pre-IPO funding round with a $3 billion valuation to improve its balance sheet and provide a partial exit to early investors. The issue is currently being managed by Kotak Mahindra Capital, JM Financial, Avendus Capital, Pantomath Capital, and the Indian units of HSBC, Morgan Stanley and Goldman Sachs.
Marri Retail has received SEBI observations for its IPO with a face value of ₹2 per share. The Hyderabad-based company filed its draft papers on February 3, 2026, with the public issue comprising a fresh issue of shares worth up to ₹522 crore and an offer for sale of 2.7 crore equity shares by promoter Marri Venkat Reddy. As reported by CNBC TV18 and The Financial Express, the retailer operates apparel and jewellery brands including The Chennai Shopping Mall, JC Brothers, JC Mall, Jeans Corner and Marri Gold and Diamonds across southern and western India. The company plans to use ₹115.6 crore from the fresh issue to repay or prepay borrowings, another ₹250.5 crore for opening 10 new apparel stores, one apparel store with a jewellery shop-in-shop format and two standalone jewellery stores, and ₹35.8 crore for lease and sub-lease rent payments for existing stores and warehouse facilities. A portion of the proceeds will also be used to meet lease and sub-lease rental expenses for certain existing stores and warehouse facilities, while the balance will be deployed for general corporate purposes. The issue is being managed by Nuvama Wealth Management Ltd.
Gujarat Victory Forgings has received SEBI approval for its IPO, with the public offer comprising a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore shares by promoter Vijendrakumar Bishamber Gupta. According to The Financial Express and ET Now, together, the offer could comprise up to 1.97 crore shares. The Vadodara-based company manufactures copper cathodes and other non-ferrous metal products, including copper tubes, coils, ingots and alloys. The company plans to use the fresh issue proceeds to expand its existing Unit III in Vadodara, including increasing its copper-cathode manufacturing capacity. Part of the proceeds will be used to repay borrowings and meet general corporate expenses. The shares offered by Marri Retail, Tonbo Imaging and Gujarat Victory Forgings are proposed to be listed on the BSE and the National Stock Exchange. Zetwerk will disclose the detailed structure of its offer when it files its updated public offer documents.
J Pan Tubular Components, an HVAC and refrigerator components manufacturer, has filed a draft red herring prospectus (DRHP) with SEBI for its IPO. According to The Financial Express, the proposed issue consists of a fresh issuance of 49.20 lakh shares and an offer for sale of 2.60 lakh shares by promoter Jignesh Panchal. The net proceeds from the issue will be used for funding capital expenditure towards expansion of the Sanand facility, setting up a new manufacturing unit, debt repayment and general corporate purposes. All five companies will be listed on the BSE and the National Stock Exchange, as confirmed by The Financial Express. This latest development adds to the active IPO pipeline, with the regulatory approvals providing momentum for public fundraising in the Indian market.
