DRHP | Business Upturn

NSE IPO Bombshell: PSUs Join OFS Race on Last Day — EOI Deadline Closes Today

Markets Desk — Mon, 27 Apr 2026 15:36:02 +0000

In a major development for India’s most-awaited stock market listing, public sector undertakings (PSUs) have formally come forward to participate in the Offer for Sale (OFS) portion of the National Stock Exchange (NSE) IPO, according to an exclusive CNBC-TV18 report citing sources.

Today — April 27, 2026 — was the last date for eligible shareholders to submit their Expressions of Interest (EOI), with a strict 5 PM deadline. Only shareholders who have held fully paid-up NSE shares continuously since June 15, 2025, and whose shares are free from any legal restrictions, were eligible to participate.

Sources telling CNBC-TV18 indicate that the NSE likely received EOIs amounting to 4–5% of equity for the OFS portion — broadly in line with the expected offer size. The offering is expected to cover approximately 4% to 4.5% of NSE’s total equity, with pricing to be finalized through a book-building process.

Why This Matters

The National Stock Exchange’s IPO is expected to raise over ₹20,000 crore, positioning it among the largest IPOs in India’s history. The offering is structured entirely as an offer-for-sale, meaning existing shareholders will sell their holdings and the exchange itself will receive no proceeds.

NSE shares currently trade in the unlisted market at approximately ₹1,925, valuing the exchange at nearly ₹4.7 lakh crore.

What’s Next?

With today’s EOI window now closed, NSE will verify submissions and finalize participating shareholders. NSE has appointed 20 merchant bankers for the issue — the highest number assembled for any IPO in India — alongside multiple law firms and market intermediaries. The Draft Red Herring Prospectus (DRHP) is expected to be filed with SEBI by end of May or early June 2026, after which roadshows and the public issue launch could follow in the latter half of the year.

The NSE IPO, years in the making, is now unmistakably in its final lap.

Infra EPC Player, Vishnu Prakash R Punglia files DRHP for IPO

Markets Desk — Thu, 13 Apr 2023 12:17:07 +0000

Jodhpur-based Vishnu Prakash R Punglia Limited (VPRP) has filed its Draft Red Herring Prospectus (DRHP) with the capital markets regulator, SEBI, to raise funds through an initial public offering (IPO). The Company has experience in design and construction of major infrastructure projects for the Central and State Governments, autonomous bodies, and private bodies with on-going projects at nine states.

The public issue with a face value of Rs 10 per equity share is a complete fresh issue of shares up to 31.20 million with no offer-for sale component. The offer also includes a reservation for a subscription by eligible employees.

The Offer is being made through the Book Building Process, with maximum 50% allocation to Qualified Institutional Buyers, minimum 15% to Non-Institutional Investors and minimum 35% to Retail Individual Investors. The proceeds from its fresh issuance, to the extent of Rs 58.64 crore will be utilised for purchasing capital equipment, Rs 140 crore will be used for funding the working capital requirements of the Company; and the balance for general corporate purposes.

The Company’s revenue from operations increased from Rs 373.15 crore in FY 2019-20 to Rs 785.61 crore in FY 2021-22 at a Compounded Annual Growth Rate (“CAGR”) of 45.10%, while the profit for the year increased from Rs 12.66 crore in FY 2019-20 to Rs 44.85 crore in FY 2021-22 at a CAGR of 88.25%.

Pristine Logistics & Infraprojects established in Delhi file DRHP for IPO

Aryan Jakhar — Wed, 11 May 2022 13:57:10 +0000

Pristine Logistics & Infraprojects Limited, based in Delhi has filed its Draft Red Herring Prospectus (DRHP). With the markets regulator, the Securities and Exchange Board of India (SEBI), in order to acquire funds through an initial public offering (IPO).

According to the Draft Red Herring Prospectus (DRHP) filed on Tuesday. Moreover, the initial share-sale will include a fresh issuance of equity shares worth Rs 250 crore and an offer for sale of 20,066,269 equity shares by promoters and current shareholders.

The company may pursue a pre-IPO offering of up to Rs 50 crore in equity shares. The size of the new issue will be lowered if this placement is done.

Fresh issuance proceeds will be utilised to repay debt and for general company purposes.

Pristine Logistics & Infraprojects Limited move to IPO

The logistical infrastructure and services provided by Pristine are centred on rail transportation networks. It also provides integrated logistical infrastructure and services across the board, including non-container, container, rail, and road transportation.

It also assists in areas such as integrated logistics solutions. By providing services such as warehousing, storage. And cargo handling, rail transportation, road transportation. And third-party logistics (3PL) and identifying these services as the company’s major revenue sources.

The start of the Birgunj and Siliguri terminals, which resulted in a rise in handling and transportation services, raised Pristine Logistics’ revenue from operations by 18.68 percent from Rs 469.27 crore in Fiscal 2020 to Rs 556.93 crore in Fiscal 2021. For the nine months ending in December 2021, revenue was Rs 494.75 crore.

The book running lead managers are ICICI Securities Limited. Also, HSBC Securities and Capital Markets (India) Private Limited. And JM Financial Limited, while the registrar is Link Intime India Private Limited.

The equity shares will be listed on the BSE and NSE.

SEBI approves PharmEasy parent, API Holdings for Rs 6,250 crore IPO

Himanshu Mishra — Mon, 21 Feb 2022 14:05:49 +0000

The strong propulsion of India’s initial public offering (IPO) market is predicted to go on as the market regulator authorized draft papers for three more companies. These firms that got the green flag were API Holdings Ltd, the parent of online pharmacy PharmEasy, Wellness Forever Medicare Ltd and CMR Green Technologies Ltd.

API Holdings documented draft papers with SEBI in November 2021 to lift Rs 6,250 crore via an IPO. The income from the issue will be used to repay debt, fund organic and inorganic expansion opportunities via acquisitions and other strategic endeavours. The founders and the investors are not trading shares in the IPO.

API Holdings is also analyzing the option of a pre-IPO fundraise via private sequence to the tune of Rs 1,250 crore. If the pre-IPO round is done, it will decrease to the amount from the IPO issue size, the DRHP announced.

However, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 require every issuer, being an unregistered firm and was of making an initial public offer and a listed firm voracious of making a rights issue for a value exceeding Rs. 50 crore on a public offer, to file a draft request document with SEBI through a merchant banker(s). The merchant banker(s) correspond with SEBI on behalf of the issuer.

Ixigo files DRHP with SEBI to raise funds via IPO

Vandana Nampoothiri — Fri, 13 Aug 2021 05:27:29 +0000

Travel app Ixigo, a company backed by Sequoia Capital, Micromax, and GIC on Friday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Ixigo is planning to Rs.1600 crores via the IPO.

The IPO will consist of a fresh issue of Rs. 750 crore and an offer for sale (OFS) of Rs. 850 crore. The company stated that the proceeding from the IPO will be used for the organic growth of the company and for general corporate purposes.

“In addition, our Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchanges, including among other things, enhancement of our Company’s brand name among existing and potential users and creation of a public market for the Equity Shares in India,” the company stated in the DRHP.

Ixigo was founded in 2007 by Aloke Bajpai and Rajnish Kumar. The app provides information regarding the availability and prices of aeroplanes, buses, and hotels. It helps users organize and book tickets for the trip. According to the DRHP, Ixigo had 37.8 million users and has the highest app usage among online travel aggregators (OTA). In FY21, the company reported net revenue of Rs.135.5 crore.

Fusion Microfinance files DRHP with SEBI to raise funds via IPO

Vandana Nampoothiri — Tue, 10 Aug 2021 09:55:13 +0000

Microlender Fusion Microfinance, a company backed by private equity major Warburg Pincus on Monday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The IPO will consist of a fresh issue of Rs. 600 crores and an offer for sale (OFS) of up to 2.19 million shares by its promoters and existing shareholders.

According to MoneyControl, those selling shares in the OFS are Devesh Sachdev, Honey Rose Investment, Creation Investments Fusion LLC, Oikocredit Ecumenical Development Co-operative Society U.A, and Global Financial Inclusion Fund.

The company stated that the proceeding from the IPO will be used for augmenting its capital base to meet future capital requirements.

As reported by MoneyControl, the organization may consider a pre IPO placement of Rs. 120 crores. If such placement is completed, the fresh issue size will be reduced.

Fusion Microfinance is a Delhi-based company that aims at providing financial aid to underserved women, to help them gain more economic opportunities. Currently, it has over 2.12 million borrowers. The microfinancing institution has 725 branches across 18 states. In December 2018, Warburg had invested Rs 520 crore in the company and saw a 45% growth in assets, MoneyControl reported.

Keventer Agro files DRHP with SEBI to raise funds via IPO

Vandana Nampoothiri — Tue, 10 Aug 2021 06:17:43 +0000

Keventer Agro, a flagship company of Kolkata-based Keventer Group on Tuesday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

The IPO will consist of a fresh issue of ₹350 crores and an offer for sale (OFS) of up to 10.77 million shares by Mandala Swede SPV that holds a 6.16% stake in the firm, LiveMint reported. ICICI Securities, Axis Capital, and JM Financial will be participating in the bidding.

“OFS includes 15.35 million compulsory convertible preference shares, which will be converted up to a maximum of 9.15 million shares before the filing of the red herring prospectus with the RoC, solely for the offer”. The company stated in the DRHP.

The company stated that the proceeding from the IPO will be used for repayment of certain borrowings availed by our Company, funding capital expenditure requirements of the company, and for general corporate purposes.

According to LiveMint, the Keventer is an FMCG company with an interest in packaged, dairy, and fresh food products. Its franchised brands include Frooti, Appy, Appy Fizz, and Bailey in pact with Parle Agro. It has frozen food, UHT milk, milkshakes, and bananas under the Keventer brand.

Gemini Edibles files a DRHP with SEBI for Rs 2,500 crore

Diya S. — Mon, 09 Aug 2021 13:06:21 +0000

On August 7, Gemini Edibles and Fats India Ltd., also known as GEF India, filed its draft red herring prospectus (DRHP) with the Securities Exchange Board of India (SEBI) to raise an IPO of ₹2,500 crore.

As per the DRHP, the company has the aim to raise ₹2,500 crore through the IPO. The issue will fully be an offer for sale (OFS) by existing shareholders and promoters.

It comprises equity shares worth ₹25 crore by Pradeep Kumar Chowdhry, up to ₹225 crore by Alka Chowdhry, ₹750 crore by Golden Agri International Enterprises Pte. Ltd., a total of ₹1,250 crore by Black Riverfood 2 Pte. as well as ₹250 crore by Investment and Commercial Enterprise Pte.

As of March, Golden Agri International Enterprises held a stake of 56.27 per cent in the firm along with Alka Chowdhry holding an 11.56 per cent stake. While Black Riverfood held a 25 per cent stake in the company, Investment and Commercial Enterprises, as well as Pradeep Chowdhry, held 6.6 and 0.57 per cents of stake respectively.

The book running lead managers (BRLM) to the IPO will be Axis Capital, Credit Suisse Securities (India), Kotak Mahindra Capital Company and Nomura Financial Advisory and Securities (India). In addition, KFin Technologies has been appointed as the registrar of the IPO.

The company sells its products in the edible oil category under Freedom, which is the flagship brand of Gemini Edibles, and First Klass.

Chemplast Sanmar IPO to open on August 10; price band fixed at Rs. 530-541 per share

Vandana Nampoothiri — Thu, 05 Aug 2021 07:12:18 +0000

Speciality chemicals company Chemplast Sanmar Limited will open its IPO on August 10. The price band has been fixed at Rs. 530-541 per share. The Rs. 3,850 crores IPO backed by Canadian billionaire Prem Watsa will close on August 12.

The bidding for anchor investors will be open for a day on August 9. The IPO consists of a fresh issue of ₹1,300 crores and an offer for sale (OFS) of ₹2,550 crores by its current promoters and shareholders.

75% of the net offering is reserved for qualified institutional buyers (QIBs), while a 15% stake will be allotted to non-institutional investors and 10% to retail investors.

“The early redemption of the NCDs in full will help reduce our outstanding indebtedness and debt servicing costs, assist us in maintaining a favourable debt to equity ratio, and enable utilisation of our internal accruals for further investment in business growth and expansion,” Chemplast Sanmar said in the draft red herring prospectus (DRHP).

Chemplast Sanmar Ltd is a part of the Chennai-based industrial conglomerate Sanmar Group. The company focuses on the manufacturing of speciality paste PVC (polyvinyl chloride) resin and custom manufacturing of starting materials and intermediates for pharmaceutical, agro-chemical, and fine chemicals sectors.

Adani Wilmar files DRHP with SEBI, aims to raise 4,500 crore

Vandana Nampoothiri — Tue, 03 Aug 2021 08:24:19 +0000

FMCG giant Adani Wilmer filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Monday, August 2. The company aims to raise Rs 4,500 via the initial public offering (IPO).

According to MoneyControl, there will not be any secondary offering. The listing of Adani Wilmar on the stock exchange will further the growth of the company’s operations by increasing its market visibility and awareness among current and potential customers.

The proceedings from the IPO will be used for the expansion of existing manufacturing facilities and the development of new manufacturing facilities. It will also be used for the repayment of the company’s borrowings.

Adani Wilmar aims to be the largest food company in India by 2027. As of March 2021, the market share of its branded edible oil was 18.30%. Along with Adani Wilmar, companies like Gemini Edibles are also planning to open an IPO to raise Rs 1,500 crore to Rs 1,800 crore.

In the financial year 2021-22 (FY21), Adani Wilmar became one of the fastest-growing packaged food companies in the country. In FY21, it registered a growth of 24% in its revenues.

Talking about the risk factors, the company said in the DRHP, “India has recently witnessed the emergence of supermarket and hypermarket chains and online retailers and the market penetration of large-scale organized retail in India is likely to increase further.

While we believe this provides us with an opportunity to improve our supply chain efficiencies and increase the visibility of our brands, it also increases the negotiating position of such stores. We cannot assure you that we will be able to negotiate new distribution agreements or renegotiate our existing distribution agreements going forward, especially our pricing or credit provisions, on terms favourable to us, or at all.”

Nykaa files DRHP with SEBI to raise funds via IPO

Vandana Nampoothiri — Tue, 03 Aug 2021 04:11:22 +0000

Beauty aggregator platform Nykaa on Monday filed its draft red herring prospectus (DRHP) with the market regulatory body Securities Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).

FSN E-Commerce Ventures Ltd, owner of Nykaa is seeking to raise Rs. 525 crores through the IPO, while investors and promoters are planning to sell shares worth Rs 4.31 crores via offer for sales (OFS).

Promoter Sanjay Nayar Family Trust will sell Rs. 48 lakh worth share. Other promoters who opted to sell their shares through OFS include TPG Growth IV, Lighthouse India Fund III, Lighthouse India III Employee Trust, JM Financial and Investment Consultancy, Sunil Kant Munjal.

One of the promoters told The Economic Times “Primarily, it will be an offer for sale (OFS) by initial investors and about 10-15% of the offered size is a fresh issue,”

The company stated that it intends to use the funds raised via fresh equity sale to make investments its subsidiaries, namely, FSN Brands and/or Nykaa Fashion for funding the set-up of new retail stores, Business Standard reported.

Nykaa was founded by Falguni Nayar in 2012. Falguni Nayar Family Trust and Sanjay Nayar Family Trust hold 22.33% and 25.72% stake, respectively, in the firm.

As of March 2021, Nykaa had cumulative downloads of 43.7 million across all its mobile applications.