The Securities and Exchange Board of India (Sebi) has placed the proposed initial public offering (IPO) of Sterlite Electric, a part of the Vedanta Group, on hold. According to an update on the Sebi website on Monday, the market regulator has kept the company’s IPO observations “in abeyance,” without specifying any reason for the decision.

Meanwhile, Sebi has granted approval to five companies—Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Management (Gaja Capital), and Kanodia Cement—to proceed with their public issues. According to the regulator’s latest update, these firms had filed their draft papers between May and July and received observations from Sebi between October 14 and 24.

Sterlite Electric, formerly known as Sterlite Power Transmission, operates in the power transmission and distribution segment, manufacturing specialised capital goods. The company is majority-owned by Twin Star Overseas, while Vedanta Ltd held a 1.51% stake as of March 2025.

The company filed its draft red herring prospectus (DRHP) with Sebi earlier this month. The IPO comprises a fresh issue of up to 77.93 lakh equity shares and an offer for sale of up to 77.96 lakh shares, aggregating to a total of 1.56 crore equity shares.

Promoters Anil Agarwal, Chairman of Vedanta Group, and Twin Star Overseas Ltd will participate in the offer for sale along with other shareholders. The net proceeds from the fresh issue are proposed to be utilised for repayment or prepayment of borrowings, funding capital expenditure requirements, and general corporate purposes.

The Indian IPO market continues its record-breaking run, with October witnessing massive fundraising led by big-ticket offerings. Tata Capital and LG Electronics India spearheaded the rally, raising ₹15,512 crore and ₹11,607 crore, respectively, accounting for nearly 70% of the total ₹39,542 crore raised during the month. So far in the calendar year 2025, 86 companies have raised approximately ₹1.25 lakh crore through IPOs.

The momentum is set to continue in November as the market is gearing up for a flurry of new issues, with an estimated ₹47,468 crore worth of IPOs lined up. Major companies set to hit the market include ICICI Prudential AMC (₹9,000 crore), Billionbrains Garage Ventures (₹6,500 crore), Lenskart Solutions (₹6,000 crore), Clean Max Enviro Energy Solutions (₹5,200 crore), and Pine Labs (₹5,500 crore).

Other notable upcoming issues include PhysicsWallah (₹3,800 crore), Juniper Green Energy (₹3,000 crore), Prestige Hospitality (₹2,500 crore), Tenneco Clean Air (₹2,000 crore), Orkla India (₹1,668 crore), boAt (₹1,200 crore), and Park Medi World (₹1,100 crore).

This week, IPOs of Lenskart Solutions, Studds Accessories, and Orkla India will open for subscription, collectively aiming to raise ₹9,401 crore. Peyush Bansal-led Lenskart Solutions will open its ₹7,278-crore issue on October 31, while the ₹1,667.54-crore Orkla India IPO opens on October 29. The ₹455.49-crore issue of Studds Accessories, India’s largest two-wheeler helmet manufacturer, will open on October 30.

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