Carlsberg India, Matangi Rubber, Ujin Pharma and TMC Transformers get Sebi nod for IPOs
ADVERTISEMENT
In a fresh development in the primary market, four companies - Carlsberg India, Matangi Rubber, Ujin Pharma and TMC Transformers (India) - have received approval from the Securities and Exchange Board of India (Sebi) to proceed with their initial public offerings (IPOs). The latest regulatory approvals add to an already busy primary-market pipeline, even as volatility continues to weigh on the broader equity market.
As many as 96 companies have already raised a cumulative ₹1.13 lakh crore from the primary market as of September 30, 2026. September emerged as the strongest month, accounting for 34 issues and ₹39,319.44 crore in fundraising. July and August also saw elevated activity, with 12 IPOs raising ₹28,648.49 crore in July and 23 issues raising ₹22,452.84 crore in August. In the first half of 2026, 27 IPOs raised ₹22,572.21 crore, while the July-September quarter alone added ₹90,420.77 crore.
Carlsberg India IPO
Carlsberg India, the Indian arm of Danish brewing major Carlsberg Group, had confidentially submitted its IPO papers to Sebi in July 2026. Under the confidential filing route, companies can submit draft offer documents to the regulator without immediately making the filings public.
Carlsberg India began commercial operations in the country in June 2007 with the launch of Carlsberg Green, marking its entry into India's premium-beer segment. Over the years, the company has built a presence in the Indian beer market with brands including Carlsberg and Tuborg, along with other beer offerings.
The proposed IPO could raise as much as $700 million, or around ₹6,000 crore, according to reports. The issue is expected to include a secondary share sale and could take place later this year. Since the offering is structured as an offer for sale, proceeds from the issue would accrue to the selling shareholder rather than Carlsberg India. Carlsberg is reportedly working with Kotak Mahindra Capital, JPMorgan and Citigroup on the proposed transaction.
Matangi Rubber IPO
Delhi-based Matangi Rubber has received Sebi's observations on its IPO papers. The company had filed its draft red herring prospectus (DRHP) with the regulator in May 2026, and Sebi issued its observations on September 28.
Promoted by the Gupta family, Matangi Rubber is planning to issue 72.76 lakh equity shares, comprising a fresh issue of 57.61 lakh shares and an offer for sale of 15.15 lakh shares.
The company manufactures tyre flaps, tubes, tyres and rubber compounds and operates five manufacturing plants. Its tyre portfolio primarily caters to the two-wheeler and three-wheeler segments, while its tyre flaps and tubes are mainly used in commercial vehicles. The company’s rubber compounds are used in the manufacture of other rubber products.
Ujin Pharma IPO
Ujin Pharma had filed its DRHP with Sebi on June 22, 2026, for a 100% book-built IPO comprising up to 1.92 crore equity shares. The issue consists of a fresh issue of up to 1.19 crore shares and an offer for sale of up to 73 lakh shares, with each share having a face value of ₹10.
Promoters Jinesh Rasiklal Sheth and Umang Ketan Mehta will sell up to 36.41 lakh shares each through the OFS component. The company's shares are proposed to be listed on both BSE and NSE.
The net proceeds from the fresh issue are proposed to be used for investments in associate companies Altra Agro-Chem Private Limited and Altra Pharma-Chem Private Limited, with the objective of making both companies subsidiaries. Part of the proceeds will also be used for repayment or pre-payment of certain borrowings from financial institutions.
TMC Transformers IPO
TMC Transformers (India) is planning a fresh issue of equity shares aggregating up to ₹550 crore. The company does not have an offer-for-sale component in the proposed IPO, with the proceeds expected to accrue to the company.
Incorporated in 2009, TMC Transformers manufactures equipment for the power transmission and distribution sector. Its product portfolio includes oil-filled transformers, dry-type transformers, Scott-connected traction transformers and compact substations.
The company plans to use the IPO proceeds to fund capital expenditure for setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility at Halol in Gujarat. The proposed facility will have an aggregate installed capacity of 78,000 MVA. The proceeds will also be used to meet incremental working capital requirements and for general corporate purposes.