SEBI Greenlights Four IPOs To Unleash ₹1,400 Crore As 2025 Market Shatters Records With ₹1.76 Lakh Crore Haul

New Delhi: As many as four companies, including Knack Packaging and Shivalaya Construction, have secured Sebi's approval to mobilise more than Rs 1,400 crore collectively through initial public offerings (IPOs), data with the markets regulator showed on Monday. Others which received regulatory nod are -- tiles and bathware maker Varmora Granito and Behari Lal Engineering.

The four firms, which filed their preliminary IPO papers between August and September, obtained its observations during December 15-26. In Sebi's parlance, receipt of observations is equivalent to regulatory clearance to proceed with a public issue. On the other hand, Infifresh Foods, which filed its draft papers with Sebi in August using the confidential route, withdrew its prospectus, the update showed.

According to the draft papers, packaging solutions provider Knack Packaging's IPO comprises fresh equity issue of Rs 475 crore, along with an offer for sale (OFS) of 70 lakh equity shares by promoters and an existing shareholder. Of the fresh issue, about Rs 435 crore will be utilised for setting up a new manufacturing facility at Borisana, Kadi in Mehsana, Gujarat, while the balance will be earmarked for general corporate purposes.

Shivalaya Construction's IPO is a combination of a fresh issue of shares worth Rs 450 crore and an OFS of 2.48 crore shares by promoters, according to the draft papers. The company will use funds to the tune of Rs 340 crore to pay debt, and the remaining funds will be utilised for general corporate purposes. Varmora Granito's proposed IPO is a combination of fresh issue of shares worth Rs 400 crore and OFS of 5.24 crore equity shares by promoters and an investor Kastura Investments, the draft papers showed.

The Rajkot-based company plans to use Rs 320 crore to repay its borrowings, Rs 280 crore to clear the borrowings of its subsidiaries -- Covertek Ceramica, Varmora Sanitarywares, and Simola Tiles -- and the remaining Rs 40 crore for general corporate purposes. Behari Lal Engineering's IPO is a mix of a fresh issue of shares worth Rs 110 crore and an OFS of 78.54 lakh shares by promoters and an investor shareholder SG Tech Engineering.

Proceeds from the fresh issue will be deployed for funding capital expenditure requirements, repayment or prepayment of borrowings, and general corporate purposes. Behari Lal Engineering was established in Punjab in 1995 as Behari Lal Ispat Pvt Ltd. In 2024, it was converted into a public limited company and renamed Behari Lal Engineering Ltd to reflect its broader product portfolio and scale of operations.

In 2025, the IPO market scaled a record, with companies raising an unprecedented nearly Rs 1.76 lakh crore, driven by abundant domestic liquidity, resilient investor confidence and a supportive macroeconomic backdrop. The fundraising figure far exceeded Rs 1.6 lakh crore raised by 90 firms in 2024 and Rs 49,436 crore garnered by 57 companies in 2023. 

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