Sebi clears IPOs of InCred Holdings, Aarvee Engineering, Elevate Campuses and 5 others
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In a fresh development in the capital markets, the Securities and Exchange Board of India (Sebi) has granted approval to the initial public offering (IPO) proposals of eight companies, including InCred Holdings, Aarvee Engineering Consultants, and Elevate Campuses.
Other firms that received the regulator’s observations include Shankesh Jewellers, Ardee Industries, Armee Infotech, Laser Power and Infra, and Sedemac Mechatronics, according to the regulator’s latest weekly update.
Sebi’s observations represent the regulator’s final clearance for companies to proceed with their public issue. Once issued, the approval remains valid for one year, within which the companies are required to launch their IPOs.
Recently, the regulator issued observation letters to 13 companies planning to tap the capital markets. 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.
Here’s all you need to know about these IPOs:
InCred Holdings IPO
The parent company of InCred Financial Services has received Sebi approval for its proposed IPO as it looks to capitalise on strong growth and a diversified lending portfolio. Founded by Bhupinder Singh in 2016, the company has disbursed over ₹25,000 crore in loans, serving more than 4 lakh customers across 140+ branches.
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As of FY25, InCred Finance reported assets under management of ₹12,585 crore, up 39% year-on-year. The company posted a profit of ₹372 crore and total income of ₹1,255 crore in FY25. InCred Group operates across lending, institutional capital markets, and retail wealth-tech through its three verticals.
Ardee Industries IPO
A key player in India’s circular economy focused on recycling end-of-life energy storage products and non-ferrous scrap, the public issue of Ardee Industries comprises a fresh issue of ₹320 crore and an offer for sale of up to 3.77 crore equity shares by promoters Sandeep Aggarwal and Nikunj Aggarwal.
The company plans to use ₹220 crore from the proceeds to meet working capital requirements, ₹22 crore for debt repayment or prepayment, and the remainder for general corporate purposes. Pantomath Capital Advisors is the book-running lead manager, while KFin Technologies is the registrar to the issue.
Aarvee Engineering Consultants IPO
The IPO of Hyderabad-headquartered multidisciplinary infrastructure consultancy company is a mixture of fresh issue and offer for saleby existing shareholders. According to the DRHP, the proposed IPO comprises a fresh issue of equity shares aggregating up to ₹202.5 crore and an offer for sale (OFS) of up to 67.5 lakh equity shares by promoter selling shareholder Venkatachala Chakrapani Redla.
The company plans to use the fresh issue proceeds to repay borrowings, invest in its Indian subsidiary SRA OSS Pvt Ltd. for geospatial and digital engineering solutions, and fund expansion in its Australian and UK subsidiaries. Aarvee has executed major infrastructure projects and serves clients across government and private sectors.
Elevate Campuses IPO
The institutionalised education infrastructure platform focused on student accommodation and campus assets plans to raise ₹2,550 crore through a completely fresh issue with no offer-for-sale component. As per the DRHP, ₹1,100 crore will be used to acquire K-12 entities and campuses, ₹750 crore for repayment of certain borrowings, and the remaining funds for inorganic growth.
JM Financial, IIFL Capital Services and Morgan Stanley India are the book running lead managers to the issue. Singapore-based Hillhouse Investments is the sponsor of Elevate Campuses Ltd.
Shankesh Jewellers IPO
The Mumbai-based company is a wholesaler of handcrafted gold jewellery and had filed its DRHP on September 29, 2025. The IPO comprises a total issue of 4 crore equity shares, including a fresh issue of 3 crore shares and an offer for sale of 1 crore shares.
The company plans to utilise fresh issue proceeds mainly for repayment of borrowings worth ₹158 crore and funding working capital requirements of ₹38 crore. Shankesh supplies jewellery to leading retail chains including Joyalukkas, Kalyan Jewellers, P.N. Gadgil & Sons, and Novel Jewels.
ArMee Infotech IPO
The Ahmedabad-based company operates across information technology services and renewable energy infrastructure. The proposed IPO comprises an entirely fresh issue of ₹300 crore with no offer-for-sale component.
The company operates through wholly owned subsidiaries, including ArMee Technology Services Pvt Ltd, which provides IT and consultancy services, and renewable energy SPVs focused on solar power generation, EPC services, and long-term power purchase agreement-based energy infrastructure projects.
Laser Power & Infra IPO
The Kolkata-based integrated manufacturer of power cables, conductors, and specialised transmission and distribution components, looks to raise ₹1,200 crore through an IPO. The issue comprises a fresh issue of equity shares worth up to ₹800 crore and an offer for sale (OFS) of up to ₹400 crore by promoter shareholders Deepak Goel, Devesh Goel, Akshat Goel, and Rakhi Goel.
The company plans to utilise ₹600 crore from the fresh issue towards repayment or pre-payment of borrowings, while the remaining proceeds will be used for general corporate purposes.
Sedemac Mechatronics IPO
The Pune-based deep-tech company plans to launch an IPO entirely through an OFS, with no fresh issue component, implying that the company will not receive any proceeds from the public issue. The IPO size is estimated to be in the range of ₹800 crore to ₹1,000 crore.
The company specialises in advanced electronic control units (ECUs) and powertrain control systems catering to two-wheelers, three-wheelers, and generator segments. It is backed by prominent investors, including A91 Partners, Xponentia Capital, Catamaran Ventures, and 360 ONE Asset, reflecting strong institutional confidence in its technology-focused business model.
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