Upcoming IPOs: Four companies have received approval from the Indian capital markets regulator, the Securities and Exchange Board of India (SEBI), to raise money from the Indian stock market through an initial public offering (IPO).

As per Sebi’s official circular released on May 2, 2025, the markets regulator has given the green light to Ajay Poly, Reggal Resources, Laxmi India Finance, and Jajoo Rashmi Refractories to raise funds from the public markets. 

Four firms which received Sebi’s nod for IPO:

Ajay Poly IPO

Delhi-based refrigeration sealing solutions firm, Ajay Poly, received its final observation from the Sebi. The company is looking to raise funds through a fresh issue and an offer for sale (OFS) component.

The company is offering a mix of fresh issue of equity shares of face value of Re 1 up to ₹238 crore, and an offer-for-sale (OFS) component of 93,00,000 or 93 lakh equity shares. The company filed its preliminary draft papers on December 28, 2024.

According to Chittorgarh data, the company aims to use the net proceeds from the issue to repay or prepay its borrowings in part or in full. It also plans to fund its capital expenditures towards the purchase of equipment, plant, and machinery for its Noida, Karegaon, Shirwal, and Chennai units. The remaining funds will be used for general corporate purposes.

Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book-running lead managers for the public issue, while KFin Technologies Limited is the registrar for the offer. 

Regaal Resources IPO

Kolkata-based fast-moving consumer goods (FMCG) firm, Regaal Resources Limited, received Sebi’s final observation confirmation on May 2, 2025. The company is offering a fresh issue of up to ₹190 crore, and an offer-for-sale (OFS) component of up to 90 lakh shares with a face value of ₹5 apiece.

The company filed its draft papers on December 31, 2024.

Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services Limited are the book-running lead managers for the public issue, and Link Intime India Private Limited is the registrar for the offer.

The FMCG company aims to use the funds raised from the IPO to fund its repayment or prepayment plans in part or in full of certain outstanding borrowings. The remaining funds will be used for general corporate purposes. 

Laxmi India Finance IPO

The Jaipur-based non-banking financial company (NBFC) Laxmi India Finance Limited, which received Sebi’s final observation, is offering a mix of fresh issue of shares up to 1,04,53,575 or 1.04 crore shares with the face value of ₹5 apiece, and an offer-for-sale (OFS) component of 56,38,620 or 56.38 lakh equity shares.

The company filed its preliminary draft papers on December 31, 2024.

Laxmi India aims to use the money raised from the IPO to fund the company’s capital requirements to meet future business requirements and lending operations. The remaining funds will be used for general corporate purposes.

PL Capital Markets Private Limited is the book runner for the public issue, while Link Intime India Private Limited is the registrar for the offer. 

Jajoo Rashmi Refractories IPO 

The Jaipur-based exporter Jajoo Rashmi Refractories Limited received its final observations from Sebi on May 2, 2025. The company manufactures and exports various grades of ferro alloys, such as ferro silicon, ferro manganese and silico manganese, an essential raw material in the manufacturing of steel. 

The company is offering an entire fresh issue of equity shares up to ₹150 crore with the face value of ₹10 apiece. There is no offer-for-sale (OFS) component for the public issue. 

Jajoo Rashmi Refractories plans to use the money raised from the Indian stock market to fund its financing costs to establish a new manufacturing facility and expand its production capabilities. The company also disclosed that some funds will be used as working capital requirements, and the rest will be allocated for general corporate purposes. 

The company filed its draft papers on December 21, 2024. Unistone Capital Private Limited is the book-running lead managers for the public issue, while Bigshare Services Private Limited is the registrar for the offer. 

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