Sebi approves IPO proposals of Pride Hotels, Transline Tech, CMR Green, Sai Parenterals, Oswal Cables and 8 other firms

The Securities and Exchange Board of India (SEBI) has issued observation letters to 13 companies planning to tap the capital markets, clearing a key regulatory hurdle for their proposed initial public offerings (IPOs), according to the regulator’s latest weekly update.

The list includes Pride Hotels, Oswal Cables, Sai Parenterals, Transline Technologies, CMR Green Technologies, UKB Electronics, Commtel Networks, Jay Jagdamba, Hella Infra Market, Purple Style Labs, BVG India, and Sify Infinit Spaces.

An observation letter is a mandatory approval from SEBI, after which companies can proceed with launching their public issues within a stipulated timeframe.

The latest batch of observation letters covers companies that filed their draft papers between June and October 2025. Jay Jagdamba Limited submitted its pre-IPO papers on June 30, 2025, followed by Transline Technologies Limited, which filed its Draft Red Herring Prospectus (DRHP) on August 13, 2025. UKB Electronics Limited approached the regulator on September 4, 2025, while CMR Green Technologies Limited filed on September 9, 2025.

Among healthcare and consumer-focused issuers, Medicap Healthcare Limited filed its draft papers on September 23, 2025, and Purple Style Labs Limited followed on September 25, 2025. Oswal Cables Limited filed its IPO documents on September 30, 2025, ahead of BVG India Limited, which submitted its papers on October 1, 2025.

The hospitality and manufacturing sectors also feature prominently, with Pride Hotels Limited, Sai Parenterals Limited and Commtel Networks Limited filing their IPO applications on October 8, 2025. Infrastructure-focused Hella Infra Market Ltd. filed its pre-IPO documents on October 14, 2025, while data centre and digital infrastructure player Sify Infinit Spaces Limited filed on October 20, 2025.

Pipeline remains strong

According to Pranav Haldea, Managing Director of PRIME Database Group, the IPO pipeline remains robust. So far, 96 companies seeking to raise around ₹1.25 lakh crore have secured SEBI approval, while another 106 companies looking to mobilise approximately ₹1.40 lakh crore are awaiting clearance.

In addition, several issuers — including 85 new-age technology firms planning to raise nearly ₹1.50 lakh crore — are preparing to file their offer documents.

“If valuation discipline is maintained by issuers and the secondary market continues to remain stable, even if not overtly bullish, the next few years could mark a golden era for India’s IPO market,” Haldea said.

Mahavir Lunawat, CMD of Pantomath Capital, expects a strong year ahead, projecting close to ₹4 lakh crore of capital formation through equity markets in 2026.

He said the market’s structural maturity is now evident, noting that “the simultaneous rise in issuance volumes, average deal sizes and institutional discipline points to a durable capital-raising framework. With regulatory guardrails continuing to strengthen and pipeline visibility improving, we expect over ₹4 lakh crore worth of IPO activity in 2026, supported by strong domestic participation and selective global capital.”

The year 2025 emerged as a watershed year for India’s IPO market, setting new records across both fundraising and issuance volumes. A total of 103 Indian corporates raised an all-time high of ₹1,75,901 crore through mainboard IPOs, about 10% higher than the previous peak of ₹1,59,784 crore mobilised by 91 IPOs in 2024.

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