Seven companies have received SEBI approval for their public offerings, collectively forming a ₹10,000 crore IPO pipeline. According to Upstox News, these firms filed their preliminary papers with SEBI between September and December, with the regulator's observations received during March 25-27. The approved companies include SAEL Industries, Vishvaraj Environment, Symbiotec Pharmalab, Prasol Chemicals, NoPaperForms Solutions Ltd, Shah Investor's Home Ltd, and now Rentomojo Ltd. All six firms are proposed to be listed on both BSE and NSE platforms.
Rentomojo Ltd, the leading online rental platform for furniture and appliances, has filed preliminary papers with SEBI for an IPO comprising a fresh issue of ₹150 crore and an offer for sale (OFS) of up to 2,83,99,567 equity shares by existing shareholders. As per The Economic Times, the company plans to utilize proceeds for debt repayment, warehouse expenses, and general corporate purposes. Founded by Geetansh Bamania, the technology-driven platform operates across 22 cities with over 2.27 lakh live subscribers supported by a network of 21 warehouses. The company reported revenue from operations of ₹265.96 crore and profit after tax of ₹43.11 crore for FY2025.
SAEL Industries plans to raise ₹4,575 crore through a combination of a fresh issue of ₹3,750 crore and an offer for sale (OFS) of ₹825 crore by investor Norfund. Vishvaraj Environment's ₹2,250 crore offering consists of a fresh issue of ₹1,250 crore and an OFS of ₹1,000 crore by promoter Premier Financial Services Ltd. Symbiotec Pharmalab is looking to garner ₹2,180 crore via its public issue, which includes a fresh issue of ₹150 crore and an OFS of ₹2,030 crore by promoters and existing investors. Prasol Chemicals plans to raise ₹500 crore through a fresh issue of ₹80 crore and an OFS of ₹420 crore. NoPaperForms, a SaaS-based enrolment automation platform backed by Infoedge, also received SEBI clearance after filing through the confidential route, though the issue size has not been disclosed.
SAEL Industries plans to utilize IPO proceeds to invest in its subsidiaries, SAEL Solar P5 Private Ltd and SAEL Solar P4 Private Ltd, repayment or prepayment of certain borrowings, and general corporate purposes. Vishvaraj Environment's fresh issue proceeds will be mainly used to repay or prepay borrowings of its subsidiaries and fund capital expenditure for three key projects, including an advanced water treatment plant, a sewage treatment plant, and a solar power project under the PM Kusum scheme. The remaining funds will be used for general corporate purposes. Symbiotec Pharmalab's fresh issue proceeds will be used for debt payment and general corporate purposes. Prasol Chemicals' funds from the fresh issue would be utilized towards payment of debt and general corporate purposes.
The primary market will see a quiet week ahead, with no new IPOs lined up in either the mainboard or SME segments. According to The Economic Times, in the holiday-shortened week, focus will be on the listing of Coal India's subsidiary, Central Mine Planning and Design Institute Ltd (CMPDI). Additionally, seven companies are set to debut on the bourses following their public issues — three from the mainboard segment and the remaining from the SME space. This week's activity includes the listing of CMPDI on Monday, March 30 with a grey market premium of ₹6-7 over the upper price band of ₹172, and multiple mainboard and SME listings throughout the week.
According to The Economic Times, the SME issue Speciality Medicines which closed on March 24 will list on Monday. The stock is expected to list flat on the BSE SME. Tipco Engineering India IPO, ended on March 25, will list on Wednesday April 1 on the BSE SME platform. The SME IPO of Emiac Technologies, which opened on Friday, will resume its public bidding in the coming week and is expected to close on Wednesday, April 8. The issue was subscribed 33% on the opening day and the company plans to raise ₹31.75 crore through the issue which is entirely a fresh issuance of equity shares.
