Capital markets regulator Sebi has cleared seven IPOs, paving the way for fundraising plans across manufacturing, chemicals, logistics, healthcare, real estate, engineering and precious metals sectors. The approved companies represent diverse business models and growth strategies, with collective fundraising exceeding ₹5,000 crores.

Manufacturing and Chemicals Sector Approvals

Sillverton Industries, an eco-friendly paper maker, received approval for its IPO comprising a fresh issue of ₹300.00 crores with an offer for sale of 3.22 crore shares by promoters. The company has outlined specific deployment plans for the fresh issue proceeds:

The sustainability initiatives include installation of a 14 MW waste-to-energy captive power plant and a compressed biogas unit at its existing manufacturing facility.

Specialty chemicals manufacturer Supreet Chemicals secured approval for a ₹499.00 crore IPO, structured entirely as a fresh issue with no offer-for-sale component. The Gujarat-based company operates across more than 15 complex chemistries, supplying intermediates to textiles, pharmaceuticals, agro-chemicals and personal care sectors.

Logistics and Healthcare Sector Developments

CJ Darcl Logistics received regulatory approval for an IPO comprising a fresh issue of up to 2.64 crore shares and an offer for sale of 99.05 lakh shares by promoters. The company operates an asset-light, technology-led logistics model, offering multimodal transportation, warehousing and distribution services across India and select overseas markets. Proceeds from the fresh issue will be utilized for equipment purchase and debt repayment.

Healthcare services provider Gaudium IVF is set to tap capital markets with an approved offer including a fresh issue of up to 1.14 crore shares and an offer for sale of up to 94.9 lakh shares by the promoter. The company currently operates a network of over 30 centres, including 7 hub centres and 28 spokes, across major cities.

Real Estate and Engineering Approvals

Mumbai-based real estate developer Runwal Developers received approval for a ₹2,000.00 crore IPO, consisting of a ₹1,700.00 crore fresh issue and a ₹300.00 crore offer for sale by promoter Sandeep Runwal, who held a 72.76% stake at the time of filing. The company plans to use fresh issue proceeds primarily for repayment or prepayment of borrowings. As of FY25, Runwal Developers reported net debt of ₹3,160.52 crores, with a net debt-to-equity ratio of 0.98x.

Engineering solutions company Lalbaba Engineering secured approval for its IPO including a ₹630.00 crore fresh issue and a ₹370.00 crore offer for sale by promoters. The company focuses on high-performance seamless tubes, precision forgings and integrated rail systems.

Precious Metals Platform Approval

Completing the approved list is Augmont Enterprises, an integrated gold and silver platform, which plans to raise up to ₹800.00 crores through its IPO. The offer comprises a ₹620.00 crore fresh issue and an offer for sale of ₹180.00 crores by promoters. Augmont operates across the precious metals value chain, including bullion trading, refining, digital gold, jewellery manufacturing and gold-backed financial services, with operations spread across 24 states.

The Securities and Exchange Board of India (Sebi) has announced a major overhaul of how closing prices are determined in the equity cash market, moving from the current volume-weighted average price method to a new auction-based system. This change aims to enhance price discovery and bring Indian markets in line with global standards.

Current System vs New Framework

The existing method calculates closing prices based on the volume-weighted average price of trades executed between 3:00 pm and 3:30 pm. However, Sebi has identified limitations with this approach, noting that it can sometimes distort prices, especially when large orders are placed near market close. Most major global markets already employ auction-based systems for determining closing prices.

Closing Auction Session Structure

The new Closing Auction Session (CAS) will operate for 20 minutes from 3:15 pm to 3:35 pm on all trading days. The session will feature distinct phases for calculating a reference price, order entry, and order matching. To prevent manipulation, orders will close randomly during the final two minutes of the session.

The reference price for the auction will be calculated using the VWAP of trades between 3:00 pm and 3:15 pm. In cases where no trades occur during this window, the last traded price of the day will serve as the reference point.

Order Types and Price Discovery

During the CAS, both market and limit orders will be permitted, while stop-loss and iceberg orders will be restricted. The closing price will be determined through an equilibrium price mechanism that selects the price at which maximum volume can be matched. Sebi has established clear rules for selecting the final closing price when multiple prices qualify under this criterion.

Implementation Timeline and Scope

Initially, the CAS will apply exclusively to stocks that have derivatives contracts, while other shares will continue using the existing VWAP-based method. The implementation is scheduled for August 3, 2026.

Sebi has also aligned the pre-open auction session with the new framework. The pre-open session will maintain its 15-minute duration from 9:00 am to 9:15 am, incorporating defined phases for order entry and matching, along with random closing in the last two minutes.

Market Impact and Benefits

Sebi emphasized that this change will make closing prices more transparent and reliable, which is crucial since closing prices are used for derivative settlement, index calculation, and mutual fund net asset values. The regulator noted that CAS will particularly benefit passive funds and large investors by enabling them to execute trades at fair prices with lower impact costs.

Stock exchanges and clearing corporations have been directed to update their systems, strengthen surveillance mechanisms, and issue detailed operating guidelines ahead of the rollout. Sebi stated that these changes are designed to improve price discovery, protect investors, and bring Indian markets closer to global best practices.