IPO

Sebi approves IPOs for Razorpay, MakeMyTrip India and six others

The market regulator has cleared draft filings across tech, defence, pharma and financial services.

By KaroStartup News Engine

Capital markets regulator Sebi has cleared eight initial public offering proposals, giving the go-ahead to fintech leaders Razorpay and MakeMyTrip India, state-owned Mahanadi Coalfields, defence player Sagar Defence Engineering, non-banking lender Veritas Finance, pharmaceutical firm Encube Ethicals, gold loan provider IFL Finance and retail player Arjun Jewellers.

The regulatory observations, issued between mid-October and early November, clear the path for a diverse pipeline of public listings spanning financial services, defence technology, travel, healthcare and mining.

Overview of approved public issues

The table below summarizes the cleared offerings, detailing their issue structures, estimated sizes and lead advisors based on draft filings and industry reports.

Why it matters

The market regulator's clearance of these eight filings underscores a sharp widening of India's primary capital market beyond conventional commercial sectors. Tech platforms that previously listed overseas or relied on private capital are now structuring local public entries alongside core industrial subsidiaries and specialized NBFCs.

For venture capital and private equity investors, these approvals provide vital liquidity windows through secondary offers for sale. For founders and executive teams, the successful navigation of confidential pre-filing routes shows how Indian market infrastructure has evolved to let growth-stage tech companies test institutional appetite before revealing proprietary operating metrics.

Tech heavyweights lead the new-age wave

Fintech company Razorpay secured approval following a confidential pre-filing submitted in June. People familiar with the development told reporters that the Bengaluru-based payments firm is targeting an issue size of Rs 5,000–6,000 crore at an estimated valuation of $5 billion.

MakeMyTrip's domestic operating entity, MakeMyTrip (India) Ltd, received its final observation from Sebi on 6 November after filing draft documents through the confidential route in July. Industry sources said the proposed issue is expected to raise over $1 billion through a pure offer for sale by its Nasdaq-listed parent MakeMyTrip Ltd and wholly-owned subsidiary ibibo Group Holdings. MakeMyTrip acquired ibibo Group in October 2016 in an all-stock transaction valued at roughly $720 million.

According to a regulatory filing by the parent firm, MakeMyTrip India will remain a subsidiary following the listing, and its financial performance will continue to be consolidated into global results. Parent entity MakeMyTrip reported a swing to profitability in Q2 FY27, recording a consolidated net profit of $1.8 million compared to a net loss of $5.7 million in the corresponding period of the previous year. Quarterly revenue expanded 2.5 percent to $235.2 million from $229.3 million in Q2 FY26. For the full fiscal year FY26, MakeMyTrip posted revenue of $1.04 billion, up 6.7 percent year-on-year, while net profit dropped 45.8 percent to $51.7 million.

MakeMyTrip India's public listing follows 18 new-age platform debuts in India this year, including Rentomojo, Shiprocket, Fractal and Shadowfax.

Financial lenders expand capital bases

Chennai-based non-banking financial company Veritas Finance received Sebi's clearance on 19 October for a public issue that includes a fresh equity issuance of Rs 900 crore alongside an offer for sale of up to 1.28 crore shares by existing shareholders. Backed by Norwest Venture Partners and Kedaara Capital, the lender caters primarily to micro, small and medium enterprises as well as self-employed individuals.

This approval represents Veritas Finance's second attempt at a public issue. The lender previously secured regulatory clearance in April 2025 for a Rs 2,800 crore offer—comprising a Rs 600 crore fresh issue and a Rs 2,200 crore OFS—but opted not to proceed. Under its revised draft prospectus filed in July, the company may execute a pre-IPO placement of up to Rs 180 crore, which would proportionately reduce the fresh issue size.

Veritas Finance reported assets under management of Rs 9,134 crore as of March 2026 and generated a net profit of approximately Rs 330 crore for FY26. ICICI Securities is serving as coordinating lead manager for the transaction. Fresh issue proceeds will be used to bolster the lender's Tier-I capital base and meet future lending requirements.

New Delhi-headquartered gold loan NBFC IFL Finance secured its observation from Sebi on 21 October after filing preliminary papers on 29 July. Its public issue structure consists of a fresh issue of up to 3.55 crore equity shares and an OFS of up to 30 lakh shares. Proceeds from the fresh issue will strengthen Tier-I capital and help meet statutory capital adequacy targets.

Defence, pharma and PSU offerings

Sagar Defence Engineering obtained regulatory clearance on 4 November after submitting its draft prospectus via the confidential route on 6 August. Market sources estimate the defence technology developer's IPO size at around Rs 3,000 crore, with JM Financial appointed as coordinating lead manager. The company manufactures unmanned platforms and autonomous systems for defence and aerospace applications.

Pharmaceutical formulation manufacturer Encube Ethicals gained clearance for a Rs 3,000 crore public issue structured entirely as an offer for sale. Promoter Mehul Madhusudan Shah plans to sell shares worth up to Rs 2,000 crore, while Frontier Investment Holdings Pte Ltd—a vehicle backed by private equity firm Quadria Capital—intends to offload Rs 1,000 crore.

Mumbai-based Encube Ethicals reported strong earnings growth in FY26, with net profit rising 75 percent to Rs 436.7 crore and revenue increasing 34.7 percent to Rs 1,848.7 crore. The contract manufacturing and generics specialist operates production units in Goa and Indore.

State-owned Mahanadi Coalfields Ltd, an Odisha-based subsidiary of Coal India Ltd, received Sebi's observation on 4 November for an offer for sale of up to 66,18,36,300 equity shares held by its parent company. SBI Capital Markets is lead managing the issue. Incorporated in 1992, Mahanadi Coalfields produced 218.31 million tonnes of coal during FY26, representing about 22.4 percent of India's non-coking coal output. All sale proceeds will accrue directly to Coal India.

Arjun Jewellers also received Sebi approval for an IPO comprising a pure fresh equity issue worth Rs 200 crore, without any OFS component, to fund business operations and working capital needs.

What happens next

Following regulatory clearance, the companies will proceed to finalise their red herring prospectuses, determine pricing bands and launch public subscription windows subject to broader market conditions and institutional demand.