Upcoming IPOs: Kent RO Systems gets SEBI's nod to launch public offer; 3 other firms receive approval; key details to know

The other two firms that received the regulatory nod to float initial share sales are transformer components manufacturer Mangal Electrical Industries and winding and conductivity products maker Vidya Wires.

Together, these firms are expected to raise at least ₹2,500 crore through maiden public offerings.

The four firms, which filed their preliminary IPO papers in January, obtained SEBI's observations during June 3-6, the update showed.

In Sebi's parlance, obtaining its observations means a go-ahead to launch public issues.

Meanwhile, Sai Infinium withdrew its IPO documents on June 4.

Kent RO Systems

As for Kent RO Systems' IPO, its issue is completely an offer of sale (OFS) of 1 crore equity shares by promoters, according to the draft red herring prospectus (DRHP).

Since it is an OFS, the company will not receive any proceeds from the IPO.

Karamtara Engineering

Karamtara Engineering's proposed IPO is a combination of a fresh issue of shares valued at ₹1,350 crore and an offer for sale (OFS) of shares worth ₹400 crore by promoters.

Proceeds of the fresh issue to the tune of ₹1,050 crore will be used towards payment of debt, and a portion will be utilised for general corporate purposes.

Mangal Electrical Industries

The ₹450 crore IPO of Mangal Electrical Industries is completely a fresh issue of shares with no offer for sale (OFS) component, according to the draft papers.

Proceeds from the fresh issue to the tune of ₹122 crore will be used for funding working capital requirements of the company, ₹120 crore for expanding the facility at Sikar, Rajasthan, along with civil works at the head office in Jaipur, Rajasthan, to increase storage capacity, and ₹96 crore for payment of debt and general corporate purposes.

Vidya Wires

Vidya Wires' IPO comprises a fresh issue of equity shares aggregating up to ₹320 crore by the company and an OFS of up to 1 crore equity shares by promoters.

The company proposes to utilise the net proceeds towards funding capital expenditure requirements for setting up new projects in subsidiary ALCU, payment of debt, and general corporate purposes.

Shares of these companies will be listed on the BSE and the NSE.

Revival in primary market

After a sluggish start to 2025, the primary market is showing signs of revival with over a dozen companies having lined up their IPOs in the next three to six months buoyed by a stabilising secondary market and easing geopolitical tensions, merchant bankers said.

Among the companies preparing to tap the capital markets are HDB Financial Services, a subsidiary of HDFC Bank; National Securities Depository Ltd (NSDL); Kalpataru; Rubicon Research; All Time Plastics; Regreen-Excel EPC India; and Paramesu Biotech, they added.

Meanwhile, news reports said that Lenskart, a leading eyewear company, has changed its status to a public company as it prepares for an initial public offering.

The company's board, in an extraordinary general meeting on May 30, passed a special resolution to change its name to Lenskart Solutions Limited from Lenskart Solutions Private Limited.

Similarly, e-commerce player Meesho has officially transitioned from a 'private limited' to a 'public limited' company, marking a major milestone in its journey toward an initial public offering (IPO).