Veritas Finance, Ajay Poly, Regaal Resources, Laxmi India Finance, Jajoo Rashmi Refractories get Sebi nod for IPOs

In a fresh development in the primary market, as many as five companies have received Sebi's approval to raise funds through initial public offering (IPO) route, an update with the capital markets regulator showed. So far in the calendar year 2025, over 40 mainboard companies have received observations from the regulator for their public issues. In Sebi's parlance, obtaining the observations means its green signal to launch an IPO.

The companies that received green signal for their IPOs are Veritas Finance, Ajay Poly, Regaal Resources, Laxmi India Finance, and Jajoo Rashmi Refractories. These five companies filed their preliminary IPO papers with Sebi between December and January, while they got approvals during April 29-30, the data showed.

All you need to know about these IPOs:

Veritas Finance IPO

The IPO of the retail-focused non-deposit taking NBFC comprises a fresh issue of ₹600 crore and an offer for sale worth ₹2,200 crore with a face value of ₹10 per equity share. The Chennai-based company proposes to utilise the net proceeds from issuance of fresh equities towards augmenting the capital base to meet future business requirements of the company towards onward lending.

Ajay Poly IPO

The public issue of the refrigeration sealing solutions company involves a fresh issue of shares worth ₹238 crore and an offer for sale of up to 93 lakh shares. The Noida-based company filed its IPO documents with SEBI on December 28, 2024. The proceeds from the fresh issue will be utilised by the company for debt payment, funding capital expenditure requirements towards the purchase of equipment, plant, and machinery at Noida unit, Karegaon, Shirwal, Chennai unit, and its registered office.

Regaal Resources IPO

The IPO of Kolkata-based agro-based company comprises a fresh issue of shares worth up to ₹190 crore and an OFS of up to 9 million equity shares by the promoter. The proceeds from the fresh issues worth ₹147 crore will be utilised for repayment and pre-payment of borrowings and general corporate purposes. Regaal Resources, one of the manufacturers of maize-based starch, specialty starches, food-grade starches and starch derivative products in India, has an installed crushing capacity of 750 tonnes per day.

Laxmi India Finance IPO

The issue of Jaipur-based non-banking financial company includes a fresh issue of 1,04,53,575 shares and an offer for sale of 56,38,620 shares. Each share carries a face value of ₹5. The company had filed its IPO papers with Sebi on December 15, 2024. It provides a wide range of products, including loans for MSMEs, vehicles, construction, and other financing solutions, to meet the diverse financial needs of its clients. More than 80% of the MSME loans it offers meet the criteria for priority sector lending as outlined by RBI regulations.

Jajoo Rashmi Refractories IPO

The Jaipur-based company, focused on manufacturing ferro alloys essential for the steel industry, filed its documents on December 21, 2024. Its IPO is entirely a fresh issue, aiming to raise ₹150 crore, with a face value of ₹10 per share. Out of the total proposed fresh issue, ₹61.83 crore will be utilised for the establishment of new manufacturing facilities for ferro alloys in Bokaro, Jharkhand; ₹47.67 crore for working capital requirements; and the remaining for general corporate purposes.

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