India’s primary markets are heading toward a record-breaking year in 2025, with IPOs already close to the century mark and over ₹1.6 lakh crore raised so far. In the latest development, market regulator SEBI has approved initial public offerings (IPOs) of five companies, giving further momentum to the listing pipeline.
The companies that received SEBI’s nod are Leap India, Eldorado Agritech, Molbio Diagnostics, Technocraft Ventures, and Foodlink F&B Holdings (India). These firms had filed their draft red herring prospectuses (DRHPs) between June and September to raise funds through public issues.
Meanwhile, Inox Clean Energy and Sky Alloys & Power have withdrawn their IPO documents earlier this month. Sources said Inox Clean Energy’s withdrawal is temporary, as the company recently raised about ₹5,000 crore in a pre-IPO round and is expected to refile updated draft papers after revising its financials.
Leap India Targets ₹2,400 Crore
Supply chain asset pooling company Leap India plans to raise around ₹2,400 crore through its IPO. The issue will include a fresh equity issue of ₹400 crore and an offer for sale (OFS) of shares worth ₹2,000 crore by existing shareholders. Proceeds from the fresh issue will be used mainly for debt repayment (₹300 crore) and working capital requirements.
Eldorado Agritech Eyes ₹1,000 Crore
Seed and crop protection solutions provider Eldorado Agritech, which operates under the Srikar Seeds brand, aims to raise ₹1,000 crore. The IPO will consist of a fresh issue of ₹340 crore and an OFS of ₹660 crore by promoters. Funds from the fresh issue will be used for debt repayment and general corporate purposes.
Molbio Diagnostics: PE-Backed Issue
PE-backed Molbio Diagnostics, with investments from Temasek and Motilal Oswal, plans a fresh issue of ₹200 crore along with an OFS of 1.25 crore shares by existing investors. The company will use a portion of the proceeds to set up a new R&D centre of excellence and office facilities.
Foodlink F&B Focuses on Central Kitchens
Catering and food retail chain Foodlink F&B Holdings (India) will raise ₹160 crore through a fresh equity issue, along with an OFS of 1.19 crore shares by promoters and shareholders. The company plans to use the funds to set up new centralised kitchens and expand casual dining restaurants under brands such as India Bistro, Art of Dum, and China Bistro. Foodlink currently operates around 30 casual dining restaurants and cloud kitchens.
Technocraft Ventures’ Fresh Issue and OFS
Wastewater treatment solutions provider Technocraft Ventures will issue 95.05 lakh fresh equity shares and an OFS of 23.76 lakh shares by promoter entity Karthikeya Constructions. Funds raised will be used mainly for working capital needs and general corporate purposes.
Two More Applications with SEBI
Citius Transnet InvIT
Infrastructure-focused Citius Transnet Infrastructure Investment Trust (InvIT) has filed draft papers with SEBI to raise ₹1,340 crore through a public issue. The proceeds will largely be used to acquire securities and invest in SPV projects such as SRPL, TEL, JSEL, Dhola, and Dibang. The InvIT has a road portfolio of about 3,407 km and reported revenue of ₹1,987 crore with a net loss of ₹418 crore in FY25.
Steamhouse India Plans ₹425 Crore IPO
Industrial steam and gas supplier Steamhouse India has submitted updated draft papers to SEBI. The company plans to raise ₹425 crore, including a fresh issue of ₹345 crore and an OFS of ₹80 crore by promoters. The funds will be used for debt repayment, expansion of Ankleshwar and Panoli units, and setting up a new steam generation unit at Dahej. In FY25, Steamhouse India reported revenue of ₹395 crore and a net profit of ₹31 crore.
