Several companies that received SEBI approval for their IPOs in January 2025 are now approaching a crucial regulatory deadline in January 2026. As per SEBI regulations, an IPO must be launched within one year of receiving the observation letter; otherwise, the approval lapses.
Four companies — PMEA Solar Tech Solutions, Varindera Constructions, SMPP Limited, and Echon Kumar Arch Tech — are nearing this deadline. With weak market conditions and muted IPO sentiment, none of these companies have launched their issues so far, raising questions about their next move.
Below is a company-wise breakdown with complete details.
1. PMEA Solar Tech Solutions Limited
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DRHP Filed: September 16, 2024
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SEBI Approval (Observation Letter): 14 January 2025
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SEBI Approval Deadline: 14 January 2026
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Type of Issue: Fresh Issue + Offer for Sale (OFS)
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IPO Size: ₹600 crore Fresh Issue +OFS
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Promoters: Samir Pravin Sanghavi, Kapil Pravin Sanghavi, Vishal Navinchandra Sanghavi, and Sandeep Navinchandra Sanghavi
PMEA Solar Tech Solutions operates in the renewable energy and solar EPC space. The company planned to raise funds primarily through a fresh issue, along with partial promoter stake dilution via OFS. Despite strong long-term prospects for the renewable energy sector, volatile equity markets and valuation concerns appear to have delayed the IPO launch.
With the January 14, 2026 deadline, the company now faces two options: seek an extension from SEBI or allow the approval to lapse and re-file a fresh DRHP later. Given the capital-intensive nature of the solar business, PMEA may prefer an extension if market conditions stabilize.
2. Varindera Constructions Limited
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DRHP Filed: September 30, 2024
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SEBI Approval (Observation Letter): 23 January 2025
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SEBI Approval Deadline: 23 January 2026
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Type of Issue: Fresh Issue + Offer for Sale
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IPO Size: Up to ₹12,000 million (₹1,200 crore)
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Promoters: Varinder Kumar Garg, Sushma Garg, Vivek Garg, and VG Family Trust
Varindera Constructions is a well-known EPC and infrastructure construction company, primarily focused on roads, highways, and urban infrastructure. The IPO was planned to fund working capital requirements and reduce debt, while promoters intended partial monetization through OFS.
However, infrastructure IPOs often depend heavily on market sentiment and government capex visibility. With liquidity tightening and cautious institutional participation, the company has not yet proceeded with its IPO. As the January 23, 2026 deadline approaches, Varindera may either seek a regulatory extension or opt for a fresh DRHP with revised financials and valuation.
3. SMPP Limited
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DRHP Filed: October 18, 2024
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SEBI Approval (Observation Letter): 29 January 2025
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SEBI Approval Deadline: 29 January 2026
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Type of Issue: Fresh Issue + Offer for Sale
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IPO Size: Up to ₹40,000 million (₹4,000 crore)
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Promoters: Dr. Shiv Chander Kansal, Dr. Madhu Kansal, and Ashish Kansal
SMPP Limited is engaged in industrial packaging and protective solutions. Among the four IPOs, SMPP’s proposed issue size is the largest. The company planned to use proceeds for capacity expansion, debt repayment, and general corporate purposes.
Despite scale and established operations, large IPOs require strong institutional demand, which has remained subdued in recent months. With the January 29, 2026 deadline, SMPP’s decision will be closely watched. If market volatility persists, the company may prefer withdrawing the current DRHP and re-entering the market later with refreshed numbers.
4. Kumar Arch Tech Limited (Echon)
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DRHP Filed: September 27, 2024
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SEBI Approval (Observation Letter): 31 January 2025
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SEBI Approval Deadline: 31 January 2026
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Type of Issue: Fresh Issue + Offer for Sale
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IPO Size: Up to ₹7,400 million (₹740 crore)
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Promoters: Jitendra Kumar Taylia, Shubham Taylia, Shakun Taylia, Madhu Agrawal, and M.M. Thermoplast Private Limited
Echon Kumar Arch Tech operates in the architectural and building materials segment. The IPO was structured to support expansion plans and improve the company’s balance sheet. However, the real estate and construction-linked sectors have faced uneven demand, affecting IPO timelines.
As the last IPO in this group to face expiry (31 January 2026), Echon still has limited time to decide. Extension is possible, but a fresh DRHP may be more practical if the company wants updated financial disclosures.
Extension or Fresh DRHP?
With all four IPOs receiving SEBI approval in January 2025 and facing expiry exactly one year later, the next few weeks are critical. Given weak market conditions, companies may either:
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Seek SEBI extension, if they believe market sentiment will improve soon, or
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Allow approval to lapse and re-file DRHP, with revised valuations and financials
For investors, these expiries do not mean cancellation — only postponement. The real test will be timing, valuation discipline, and market recovery.
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