Vedanta’s Sterlite Electric IPO Put On Hold By SEBI, Five Other Companies Including Milky Mist & Curefoods Get Approval To Launch Issues

Mumbai: The Securities and Exchange Board of India (SEBI) has given the go-ahead to five companies — Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Management (Gaja Capital), and Kanodia Cement — to raise funds through initial public offerings (IPOs). The approvals were granted between October 14 and 24, following the companies’ filings made between May and July 2025.

In contrast, SEBI has put the proposed IPO of Sterlite Electric — part of the Vedanta Group — on hold, without citing a reason. Sterlite Electric, formerly Sterlite Power Transmission, had filed its draft red herring prospectus earlier in October. The planned IPO includes both a fresh issue and an offer for sale (OFS) component. The company, engaged in the power transmission and distribution equipment sector, is majority-owned by Twin Star Overseas, with Vedanta Ltd holding a 1.51 percent stake as of March 2025.

IPO Details of Approved Companies

Milky Mist Dairy Food

The Tamil Nadu-based dairy firm plans to raise Rs 2,035 crore, including a fresh issue of Rs 1,785 crore and an OFS of Rs 250 crore. Funds will be used for debt repayment, expansion, and modernisation of its Perundurai manufacturing facility, including new units for whey protein, yogurt, and cream cheese production. The company also plans to invest in visi coolers, ice cream freezers, and chocolate coolers.

Curefoods India

The Bengaluru-based company, which operates CakeZone and Nomad Pizza, aims to raise Rs 800 crore through a fresh issue and an OFS of 4.85 crore shares by existing shareholders. The proceeds will fund the expansion of cloud kitchens, subsidiary investments, equipment acquisition, and debt reduction.

Kanodia Cement

The cement manufacturer’s IPO will be a pure offer for sale of 1.49 crore shares by promoters and a private shareholder, with no fresh capital raised for the company.

Steamhouse India and Gaja Capital have opted for the confidential pre-filing route, which keeps draft details private until later stages. Steamhouse India is expected to raise Rs 500–700 crore.