SEBI Greenlights 8 IPOs Including Mahanadi Coalfields and Razorpay

India's primary market is witnessing a significant uptick as the Securities and Exchange Board of India (SEBI) has granted approval for eight companies to proceed with their initial public offerings (IPOs). This diverse group includes state-owned Mahanadi Coalfields, non-banking financial company Veritas Finance, and fintech giant Razorpay, among others. The proposed issues encompass a mix of fresh capital raises and offers for sale, reflecting the varied needs of these companies as they prepare to enter the public market.

The eight companies that have received SEBI's nod span multiple sectors, including coal mining, financial services, defence technology, fintech, jewellery, and pharmaceuticals. This broad representation indicates a robust interest in public offerings across the Indian economy, which is gradually recovering from the impacts of the pandemic.

The companies cleared for IPOs are:

1. Mahanadi Coalfields Ltd

2. Veritas Finance Ltd

3. Sagar Defence Engineering

4. Razorpay

5. MakeMyTrip's Indian subsidiary

6. Encube Ethicals

7. Arjun Jewellers

8. IFL Finance

Mahanadi Coalfields Ltd (MCL), a subsidiary of Coal India, is set to launch an IPO that will be entirely an offer for sale (OFS) of up to 66,18,36,300 equity shares. Since this is an OFS, Mahanadi Coalfields will not receive any proceeds from the IPO; instead, the funds raised will go directly to its promoter, Coal India Ltd. This strategic move allows Coal India to monetize its holdings while MCL prepares for future growth initiatives.

SEBI issued its final observations regarding MCL's draft offer documents on November 4, 2026, marking a crucial step in the IPO process. The approval allows MCL to advance its preparations for the public offering, which is expected to attract significant investor interest given the company's established position in the coal sector.

Veritas Finance Ltd, a non-deposit-taking non-banking financial company (NBFC), has also received SEBI's approval for its IPO. The proposed public issue consists of a fresh issue of equity shares worth ₹900 crore, alongside an OFS of up to 1.28 crore equity shares by existing shareholders. This dual structure aims to bolster Veritas Finance's capital base while providing liquidity to current investors.

Initially, Veritas had filed draft papers with SEBI in January 2025, proposing to raise ₹2,800 crore through its IPO. However, the current structure reflects a more focused approach to meet immediate business requirements, including onward lending and expansion plans.

Razorpay, a prominent player in the fintech sector, is among the companies that have received clearance for its IPO. The specifics of Razorpay's offering are yet to be disclosed, but the fintech sector has seen a surge in interest from investors, driven by the rapid digital transformation in India. Razorpay's entry into the public market is anticipated to further enhance its growth trajectory and market presence.

Pharmaceutical company Encube Ethicals is planning to raise approximately ₹3,000 crore through its IPO, which will be entirely an OFS by its promoter and existing shareholders. As with Mahanadi Coalfields, Encube will not receive any proceeds from this offering, as the funds will go to the selling shareholders.

Similarly, Arjun Jewellers has received approval for a public issue comprising a fresh issue of equity shares worth ₹200 crore, with no OFS component. This move is expected to provide the company with the necessary capital to expand its operations and enhance its market share in the jewellery sector.

The approval of these eight IPOs reflects a growing confidence in the Indian economy and its recovery post-pandemic. Investors are increasingly looking for opportunities in the primary market, and the diverse range of sectors represented in this batch of IPOs is likely to attract a wide array of institutional and retail investors.

As companies prepare for their public offerings, the focus will be on their financial health, growth prospects, and the overall market conditions leading up to their respective launch dates. The upcoming months are expected to be pivotal for these companies as they navigate the complexities of the IPO process and engage with potential investors.

The upcoming IPOs are poised to reshape the investment landscape in India, offering new avenues for capital and growth. As these companies gear up for their public debuts, the market will be watching closely to gauge investor appetite and the overall success of these offerings.