Mumbai, India – India's capital markets are buzzing as five companies across diverse sectors have submitted or pre-filed their draft red herring prospectuses (DRHPs) with the Securities and Exchange Board of India (SEBI) for upcoming initial public offerings (IPOs). These proposed market debuts aim to raise capital ranging from an estimated ₹500 crore to a significant ₹10,000 crore, with proceeds earmarked for strategic expansion, debt reduction, equipment acquisition, and general corporate purposes.
Key Companies and Their Proposed IPOs
The latest wave of filings includes Technopaints and Chemicals, Wadhwa Group Holdings, Shreejikrupa Project, Inox Clean Energy, and Royal Chain. While most have detailed their issue sizes and structures, Wadhwa Group Holdings has yet to disclose these specifics.
Technopaints and Chemicals
Technopaints and Chemicals is seeking to raise ₹500 crore through its IPO. This comprises a fresh issue of up to ₹325 crore and an offer for sale (OFS) of up to ₹175 crore. The company plans to utilize the fresh capital to establish a new greenfield paints manufacturing and innovation facility, fund incremental working capital, and for general corporate needs. As of July 31, 2026, the paints and coatings manufacturer boasted over 1,200 SKUs and two manufacturing facilities with an annual capacity of 126,095 KL/MT. Its revenue surged to ₹350 crore in FY26 from ₹135 crore in FY24.
Wadhwa Group Holdings
The holding entity of Mumbai-based real estate developer The Wadhwa Group has pre-filed its DRHP with SEBI. While specific issue details remain undisclosed, the group has a five-decade legacy, having completed over 250 projects spanning residential, commercial, and township developments. Its portfolio includes approximately 45 million sq. ft. of completed, ongoing, and future projects across the Mumbai Metropolitan Region, serving over 35,000 customers.
Shreejikrupa Project
Infrastructure developer Shreejikrupa Project aims to raise ₹500 crore, consisting of a fresh issue of up to ₹410 crore and an OFS of up to ₹90 crore. The company specializes in academic, healthcare, residential, and office infrastructure projects, primarily for government and government-related entities. By June 30, 2026, it had 228 projects across 11 states and two Union Territories, with an order book valued at ₹3,700.80 crore. Revenue grew at a CAGR of 59.79% between FY24 and FY26 to reach ₹1,385.68 crore, with profit climbing to ₹79.34 crore. Proceeds from the fresh issue will fund equipment, machinery, and working capital.
Inox Clean Energy
Inox Clean Energy has filed for an ambitious ₹10,000 crore IPO, which includes a fresh issue of up to ₹8,000 crore and an OFS of up to ₹2,000 crore. A part of the INOXGFL Group, the company focuses on renewable power generation and solar manufacturing. The fresh proceeds are primarily intended for the repayment or prepayment of outstanding borrowings and general corporate purposes. As of August 31, 2026, its renewable independent power producer portfolio stood at 9.29 GW, complemented by an operational solar module manufacturing capacity of 6 GW.
Royal Chain
Gold jewellery manufacturer Royal Chain is targeting a ₹1,000 crore IPO, comprising a fresh issue of up to ₹850 crore and an OFS of up to ₹150 crore by promoter selling shareholders. The company operates as a vertically integrated original design manufacturer of gold chains and jewellery, supplying prominent organized retailers such as Titan and Kalyan Jewellers. With over 27,000 designs as of June 30, 2026, its Mahape facility boasts an annual installed capacity of 12,000 kg of gold jewellery. Fresh issue proceeds will be used for debt repayment or prepayment and general corporate purposes.
These filings underscore a dynamic period for the Indian IPO market, reflecting diverse industry confidence and growth ambitions among companies seeking public investment.