Three companies have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their proposed initial public offerings. According to the latest market updates, Pioneer Fil-Med, Tonbo Imaging India, and Functional & Innovative Foods have secured regulatory clearance for their IPO plans. The draft offer documents of these three companies were received by SEBI between April and August, with the regulator issuing its observations during the specified period between September 21 and September 25, 2026. As per SEBI's latest update, the issuance of observations means these companies can now launch their public issues within the next one year, subject to applicable laws and other requirements.
Pioneer Fil-Med has proposed a ₹500 crore IPO comprising a fresh issue of ₹250 crore and an offer for sale (OFS) of ₹250 crore by promoter Pioneer Facor IT Infradevelopers and promoter group entity Aztech India, each proposing to sell shares worth up to ₹125 crore. The railway components maker will utilize the proceeds from the fresh issue towards partly financing the establishment of a gearbox manufacturing facility and a wind generator components manufacturing facility at Salarpur in Bhiwadi, Rajasthan. Tonbo Imaging India's proposed IPO comprises an OFS of up to 18,085,246 equity shares, with no fresh issue component, meaning the company will not receive any proceeds from the share sale, and the proceeds will accrue to the selling shareholders. Functional & Innovative Foods has proposed to raise funds through a public issue of 85 lakh shares, comprising a fresh issue of 60 lakh shares and an offer for sale (OFS) of 25 lakh shares by promoter Senthil Kumar Chinnusamy.
According to the latest reports, Functional & Innovative Foods operates on a business-to-business model and primarily caters to customers through private-label manufacturing arrangements. The company offers ready-to-eat (RTE) and ready-to-cook (RTC) products, staples, sugar alternatives, spices and other allied FMCG products across four manufacturing units comprising nine facilities in Tamil Nadu. Its customer base includes Wholsum Foods (Slurrp Farm), Fitshit Health Solutions (The Whole Truth), Istore Direct Trading (Urban Platter), Innovative Retail Concepts (BigBasket), Minkan Agro Industries (Millet Bank), and multinational FMCG companies such as Kellogg India and Marico. For the nine-month period ended December 2025, the private-label manufacturing business contributed 66.87 percent of the company's revenue from operations. As of December 31, 2025, the company had more than 25 product offerings and over 700 SKUs, serving 106 major customers across 22 states and three Union Territories, including 33 repeat customers. Its products were also exported to markets including the UAE, Bahrain, Oman, Qatar, Tanzania and Canada.
The company's financial performance has shown strong growth trajectory with revenue from operations rising to ₹260.12 crore in FY25 from ₹161.43 crore in FY24 and ₹115.28 crore in FY23. EBITDA increased significantly to ₹33.83 crore in FY25 from ₹20.87 crore in FY24 and ₹6.88 crore in FY23. Profit after tax stood at ₹23.22 crore in FY25, compared with ₹13.76 crore in FY24 and ₹3.22 crore in FY23. For the nine months ended December 31, 2025, revenue from operations stood at ₹232.44 crore with EBITDA of ₹36.97 crore and profit after tax of ₹25.61 crore. The EBITDA margin for the nine-month period stood at 15.90%, compared with 13.01% in FY25, while the PAT margin was 11% during the nine months ended December 31, 2025, against 8.91% in FY25. The company's effective installed capacity increased from 24,406.20 tonnes in FY23 to 42,620.76 tonnes in FY25, with capacity utilization at 90.95% for the nine months ended December 31, 2025.
Beeline Capital Advisors has been appointed as the merchant banker for managing the Functional & Innovative Foods IPO. According to the latest reports, the company had filed its draft red herring prospectus (DRHP) with SEBI in June 2026 to raise funds through an IPO. The approval represents a significant milestone for the Tamil Nadu-based food contract manufacturing company as it prepares to enter the public markets. KFin Technologies has been appointed as the registrar for the issue. The company operates as an integrated food contract manufacturer and supplies products to emerging brands, institutional buyers and multinational FMCG companies through its wholly owned subsidiary, which also sells products under the NALAAS brand. As of December 31, 2025, the company had 641 permanent employees across its manufacturing facilities that handle processes including cleaning, grading, blending, extrusion, roasting, drying and packaging.
