In a fresh development in the primary market, as many as six companies, including Ardee Engineering, Jain Resource Recycling, Pace Digitek, and PROZEAL Green Energy, have filed their draft red herring prospectus (DRHP) with capital markets regulator SEBI to raise capital through initial public offering (IPO) route. Adding to it, workplace solutions company IndiQube Spaces has received final approval from the regulator to launch its public issue.

The Bengaluru-based managed workplace solutions company looks to raise ₹850 crore through an IPO, which would be a combination of a fresh issue of equity shares and an offer for sale (OFS) by selling shareholders. The company had filed its DRHP in December 2024, while it obtained its observation letter from the SEBU on March 24, 2025.

According to the DRHP, the proposed IPO includes fresh issue of equity shares worth up to ₹750 crore and an OFS aggregating up to ₹100 crore. IndiQube proposes to utilise ₹426.6 crore from the net proceeds of the fresh issue towards funding capital expenditure; ₹100 crore for repayment or prepayment, of borrowings; and balance towards general corporate purposes.

Led by Co-founders Rishi Das and Meghna Agarwal, the company is backed by venture capital firm, WestBridge Capital and individual investor, Ashish Gupta. Incorporated in 2015, it manages a portfolio of 103 centers across 13 cities including 6 Tier II cities. It has a portfolio covering 7.76 million square feet of AUM with a total capacity of 172,451 seats as of June 30, 2024. Its clients include GCCs, Indian corporates, unicorns as well as start-ups across sectors with Myntra, upGrad, Zerodha, No Broker, Redbus, Juspay, Perfios, Moglix, Ninjacart, Siemens, Narayana Health to name a few.

Here’s all you need to know about upcoming IPOs:

Jain Resource Recycling

A part of Jain Metal Group, the company has filed its IPO papers to raise up to ₹2,000 crore by public listing of its shares on the domestic bourses. The public offer of the company, engaged in the non-ferrous metal recycling business, comprises of a fresh issue of equity shares worth up to ₹500 crore and an offer for sale (OFS) of up to ₹1,500 crore. The company proposes to utilise the net proceeds towards pre-payment or scheduled re-payment of a portion of certain outstanding borrowings availed by the company and general corporate purposes.

Ardee Engineering

The Hyderabad-based engineering and manufacturing company has filed its DRHP with the SEBI to raise ₹580 crore through an IPO route. The IPO consists of a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale (OFS) of equity shares aggregating up to ₹80 crore by the promoter selling shareholder, Chandra Sekhar Moturu. Chandra Sekhar Moturu, Ragdeep Moturu, Arundeep Moturu and Krishna Kumari Moturu are the promoters of the company.

Gujarat Kidney and Super Speciality

The IPO of Gujarat-based regional healthcare company is a complete fresh issue of up to 2.2 crore equity shares, having a face value of ₹2 each. The company, which operates a chain of mid-sized multispeciality hospitals, intends to use IPO proceeds to meet capital expenditure requirements, acquisition, and repayment of certain debts. As per the DRHP filed with the SEBI, the company will use ₹77 crore for proposed acquisition of Parekhs Hospital at Ahmedabad; ₹12.4 crore for part-payment of purchase consideration for the already acquired Ashwini Medical Centre; ₹30.2 crore for funding of capital expenditure requirements of the company towards setting up of a new hospital in Vadodara. Currently, it operates six multispeciality hospitals and three pharmacies with a total bed capacity of 400 beds.

SIS Cash Service

The country’s second largest cash logistics player in terms of revenue has filed its DRHP with the SEBI to mop up funds through IPO route, which will be mix of fresh issue and OFS by existing shareholders. The IPO, having a face value of ₹10 per equity share, comprises fresh issue of up to ₹100 crore and an offer for sale of up to 3,715,150 by promoter selling shareholders.

Pace Digitek

The Bengaluru-based company, which provides solutions in the telecom passive infrastructure sector, looks to raise around ₹900 crore through public listing of its shares on the domestic bourses. The proceeds from the fresh issue to the extent of ₹630 crore will be primarily used for funding capital expenditure requirement and meet general corporate purposes. The company, in consultation with the BRLMS, may consider a further issue of specified securities, including through private placement, preferential allotment, rights issue, or any other method aggregating up to ₹180 crore as pre-IPO placement.

PROZEAL Green Energy

The country’s fourth largest solar EPC company in terms of revenue has submitted its IPO papers with the SEBI to garner around ₹700 crore. The offer comprises of a fresh issue of face value of ₹2 each aggregating up to ₹350 crore and an offer for sale of up to ₹350 crore. The company proposes to utilise the proceeds from the offer towards funding long-term working capital, investment in subsidiaries for repayment/pre-payment of borrowings, and general corporate purposes.

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