The Securities and Exchange Board of India (SEBI) has released fresh data on the IPO pipeline, highlighting steady regulatory progress in the primary market. As per the latest update, SEBI has issued observation letters to seven companies, while one IPO proposal has been withdrawn/returned.
Receipt of SEBI observations is a key milestone, as it allows companies to move ahead with the next step of filing their Red Herring Prospectus (RHP) and planning their IPO launch.
Below are the company-wise details, including DRHP filing dates and SEBI approval dates.
IPOs That Received SEBI Observations
1) HD Fire Protect Limited
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Issue Type: Offer for Sale (OFS) only
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DRHP Filed With SEBI: 26 September 2025
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SEBI Observation Issued: 29 January 2026
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OFS Size: 2.63 crore equity shares
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Total Offer Size: 2.63 crore equity shares
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Promoters:
Harish Narshi Dharamshi, Kusum Harish Dharamshi, Miheer Sadanand Ghotikar,
Parika Miheer Ghotikar and Anik Narendra Dharamshi
2) Xtranet Technologies Limited
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Issue Type: Fresh Issue only
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DRHP Filed With SEBI: 29 September 2025
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SEBI Observation Issued: 30 January 2026
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Fresh Issue Size: ₹190 crore
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Promoters:
Sukhbir Singh Kukreja, Jogendra Pal Singh Alagh and Shiney Sukhbir
ALL SEBI APPROVED IPO LIST
3) Parijat Industries (India) Limited
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Issue Type: Fresh Issue + Offer for Sale
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DRHP Filed With SEBI: 29 September 2025
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SEBI Observation Issued: 29 January 2026
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Fresh Issue Size: ₹160 crore
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Offer for Sale: 2.04 crore equity shares
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Promoters:
Keshav Anand, Sharat Anand, Vikram Anand, Uday Raj Anand and Shivraj Anand
4) Rotomag Enertec Limited
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Issue Type: Fresh Issue + Offer for Sale
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DRHP Filed With SEBI: 29 September 2025
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SEBI Observation Issued: 30 January 2026
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Fresh Issue Size: ₹500 crore
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Offer for Sale: 2.40 crore equity shares
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Promoters:
Umesh Mohan Balani, Neelam Umesh Balani, Priya Mohan Balani,
Umesh Balani Family Private Trust and Neelam Balani Family Private Trust
5) CSM Technologies Limited
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Issue Type: Fresh Issue only
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DRHP Filed With SEBI: 06 October 2025
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SEBI Observation Issued: 28 January 2026
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Fresh Issue Size: 1.29 crore equity shares
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Promoters:
Priyadarshi Pany and Lagna Panda
6) Eldeco Infrastructure and Properties Limited
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Issue Type: Fresh Issue + Offer for Sale
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DRHP Filed With SEBI: 06 October 2025
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SEBI Observation Issued: 30 January 2026
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Fresh Issue Size: ₹800 crore
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Offer for Sale Size: ₹200 crore
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Total Issue Size: ₹1,000 crore
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Promoters:
Pankaj Bajaj and Bandana Kohli
7) AITMC Ventures Limited
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Issue Type: Confidential pre-filing (Pre-DRHP route)
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Pre-filing Date: 30 October 2025
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SEBI Observation Issued: 30 January 2026
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Issue Size: Not disclosed at this stage
AITMC Ventures has opted for SEBI’s confidential filing route, under which offer details are not made public initially. The company is expected to file its UDRHP publicly in the coming months, after which full IPO details will be available.
IPO Withdrawn / Returned
Associated Power Structures Limited
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Issue Type: Fresh Issue + Offer for Sale
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DRHP Filed With SEBI: 29 September 2025
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Status Update Date: 30 January 2026
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Fresh Issue Size: ₹400 crore
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Offer for Sale: 0.71 crore equity shares
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Promoters:
Ajay Mukund Patel, Parag Kothari and Satish Desai
The company’s IPO proposal has been withdrawn/returned, which can happen due to market conditions, valuation considerations, or internal strategic decisions. The issuer may refile its IPO papers in the future.
What Happens Next
After receiving SEBI observations, companies get a one-year window to launch their IPOs. The next critical step is filing the Red Herring Prospectus (RHP), which will disclose final issue size, price band, and IPO dates. Only after the RHP filing will complete offer details be known. Meanwhile, AITMC Ventures is expected to move forward by filing its UDRHP, bringing its IPO into the public domain.
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