8 Upcoming IPOs Approved by SEBI: Veritas Finance & More Set to Hit the Market 2026
SEBI Approves IPO Plans of Eight Major Companies
Investors looking to participate in upcoming initial Public Offerings (IPOs) may soon have several new opportunities. The Securities and Exchange Board of India (SEBI) has approved the IPO Proposals of eights companies operating across sectors such as coal mining, financial services, defence engineering, fintech, pharmaceuticals, travel and jewellery.
Mahanadi Coalfields IPO
Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India based in Odisha, has received SEBI's approval for its proposed IPO. The issue will be entirely an Offer for Sale (OFS), under which Coal India will sell a portion of its shareholding. Since the IPO consists only of an OFS, the proceeds from the sale will go directly to Coal India, and MCL will not receive any fresh capital.
Veritas Finance IPO
Veritas Finance Limited, a non-banking financial company (NBFC), has also secured regulatory approval for its public issue. The IPO will include a fresh issue worth ₹900 crore along with an Offer for Sale by existing shareholders. The company plans to use the funds raised through the fresh issue to strengthen its capital base and support future lending operations. Veritas Finance primarily serves MSMEs and self-employed individuals and has expanded into home loans, used commercial vehicle financing, and working capital loans.
IFL Finance IPO
The proposed IPO of IFL Finance will comprise a fresh issue of equity shares along with an Offer for Sale by existing shareholders. The company intends to utilize the proceeds from the fresh issue to enhance its Tier-I capital, support future funding requirements, expand lending activities, and comply with regulatory capital adequacy norms.
Encube Ethical IPO
Pharmaceutical company Encube Ethicals is planning to raise approximately ₹3,000 crore through its IPO. The issue will be entirely an Offer for Sale by the promoters and existing shareholders. As no new shares will be issued, the company itself will not receive any funds from the IPO, and the proceeds will be distributed among the selling shareholders.
Arjun Jeweler's IPO
SEBI has approved the proposed IPO of Arjun Jeweler's. The public issue will consist entirely of a fresh issue of shares worth ₹200 crore, with no Offer for Sale component. The company intends to use the proceeds for business expansion and other corporate requirements.
Sagar Defence Engineering IPO
Sagar Defence Engineering had confidentially filed its draft IPO papers and has now received observations from SEBI. The company is expected to launch an IPO worth around ₹3,000 crore. It operates in the defence engineering sector and is expected to attract strong investor interest.
Razor Pay IPO
Fintech company Razor pay has also obtained SEBI approval for its proposed IPO. Market estimates suggest that the size of the issue could range between ₹5,000 crore and ₹6,000 crore, making it one of the most anticipated public offerings in the fintech segment.
MakeMyTrip India IPO
The Indian business of MakeMyTrip is also preparing for a public issue. The proposed IPO is expected to include an Offer for Sale by the company's parent entity and its wholly owned subsidiary. Additional details regarding the issue structure are likely to be announced closer to the launch.
Key Takeaway
With SEBI clearing multiple IPO proposals across diverse industries, investors can expect a busy primary market in the coming months. Companies from coal mining, finance, pharmaceuticals, defence, fintech, travel, and jeweler's sectors are preparing to enter the stock market, offering fresh investment opportunities to retail and institutional investors alike.