The Securities and Exchange Board of India (SEBI) has approved four initial public offerings (IPOs) collectively worth ₹1,400 crore, marking a significant boost to the Indian capital markets. The approved companies span diverse sectors including ceramics, packaging, construction, and engineering, providing investors with varied investment opportunities.

Approved IPO Details

The market regulator has cleared draft papers for four companies, each planning a combination of fresh issues and offer for sale (OFS):

Company Profiles and IPO Structure

Varmora Granito IPO

Varmora Granito, engaged in manufacturing and marketing ceramic and vitrified tiles, plans a ₹400 crore fresh issue alongside an OFS of approximately 5.24 crore equity shares with ₹2 face value. The company has appointed JM Financial Ltd., Goldman Sachs (India) Securities Private Ltd., and SBI Capital Markets Ltd. as book running lead managers, with Kfin Technologies Ltd. serving as registrar.

Knack Packaging IPO

Knack Packaging, an integrated packaging solutions provider focusing on innovation and sustainability, will raise ₹475 crore through fresh issue and offer 0.70 crore equity shares via OFS. Systematix Corporate Services Ltd. acts as the book running lead manager, while MUFG Intime India Pvt. Ltd. serves as registrar.

Shivalaya Construction IPO

Shivalaya Construction, operating as an integrated infrastructure engineering, procurement, and construction (EPC) company, plans a ₹450 crore fresh issue with OFS of 2.49 crore equity shares. IIFL Securities Services Ltd. is the book running lead manager, with MUFG Intime India as registrar.

Behari Lal Engineering IPO

Behari Lal Engineering, specializing in customized engineering solutions and integrated iron and steel manufacturing, will raise ₹110 crore through fresh issue and offer 0.79 crore equity shares. Emkay Global Financial Services Ltd. serves as book running lead manager, with MUFG Intime India as registrar.

Market Implications

All four companies plan to list their shares on both NSE and BSE exchanges. The collective ₹1,400 crore fundraising is expected to inject fresh liquidity into the market and provide diverse investment opportunities across manufacturing, infrastructure, and packaging sectors.

IPO Withdrawal

In a separate development, Infifresh Foods Ltd. has withdrawn its preliminary papers for an IPO from SEBI's review process, though specific reasons for the withdrawal remain undisclosed.

The Securities and Exchange Board of India (SEBI) has issued observations to four companies for their initial public offerings, collectively worth ₹1,435 crore. The approved companies are Varmora Granito, Knack Packaging, Shivalaya Construction, and Behari Lal Engineering. When a company receives final observations from SEBI, it signals regulatory approval to proceed with the IPO process.

Meanwhile, B2B seafood platform Infifresh Foods, formerly known as Captain Fresh, which had filed IPO papers via confidential route for ₹1,700 crore, has withdrawn its offer documents from the regulatory review process.

Varmora Granito IPO Structure

The Rajkot-based Varmora Granito plans to launch an IPO combining a fresh issue worth ₹400 crore and an offer for sale (OFS) of 5.24 crore shares by promoters and existing investors including Kastura Investments. The company will utilize ₹280 crore to clear borrowings of its subsidiaries -- Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles -- with the remaining ₹40 crore allocated for general corporate purposes.

Knack Packaging's Public Offering

Knack Packaging's IPO comprises a fresh issue worth ₹475 crore and an OFS of 70 lakh shares by promoters and existing shareholders. The packaging solutions provider will utilize approximately ₹435 crore for setting up a new manufacturing facility at Borisana, Kadi in Mehsana, Gujarat, while the balance will be earmarked for general corporate purposes.

Construction and Engineering Sector IPOs

Shivalaya Construction's IPO combines a fresh issue of ₹450 crore and an OFS of 2.48 crore shares by promoters. The company will utilize ₹340 crore from the fresh issue for debt repayment, with the remaining amount allocated for general corporate purposes.

Behari Lal Engineering plans an IPO mixing a fresh issue worth ₹110 crore and an OFS of 78.54 lakh shares by promoters and investor shareholder SG Tech Engineering. The Punjab-based company was established as Behari Lal Ispat Pvt Ltd and was converted into a public limited company, renamed to reflect its broader product portfolio and scale of operations.