Elevate Campuses, Incred Holdings, Aarvee Engg, 5 other firms get SEBI's nod to float IPO

SEBI clears 8 IPO papers

• SEBI issues observations on draft papers of Laser Power on February 2, Ardee Industries on February 3, Aarvee Engineering Consultants
• Elevate Campuses, Incred Holdings receives SEBI observations on preliminary papers on February 5

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Elevate Campuses, Incred Holdings, Aarvee Engineering Consultants, and Laser Power and Infra are among eight companies that have received approval from the Securities and Exchange Board of India to go ahead with their IPO plans. The capital markets regulator also gave thumbs up to Armee Infotech, Ardee Industries Limited, Shankesh Jewellers, and SEDEMAC Mechatronics IPOs. However, Mann Fleet Partners has decided to withdraw its IPO papers this week.

SEBI has issued observations on the draft papers of Laser Power and Infra on February 2, Ardee Industries on February 3, and Aarvee Engineering Consultants on February 4, while Elevate Campuses, and Incred Holdings have received SEBI observations on their preliminary papers on February 5.

The regulator has issued observations on IPO paper of Armee Infotech, Shankesh Jewellers, and SEDEMAC Mechatronics on February 6. The issuance of observations on the Draft Red Herring Prospectus (DRHP) means the company is allowed to start the process of filing Red Herring Prospectus (RHP) for launching initial public offering (IPO) within the next one year, while the company that uses confidential route for filing IPO papers has 18 months to launch IPO after receipt of observations on draft document.

The regulator issued observations on the IPO papers of Armee Infotech, Shankesh Jewellers, and SEDEMAC Mechatronics on February 6. The issuance of observations on the Draft Red Herring Prospectus (DRHP) means the companies are allowed to begin the process of filing the Red Herring Prospectus (RHP) to launch their initial public offerings (IPOs) within the next one year.

Meanwhile, companies that use the confidential route for filing IPO papers have 18 months to launch their IPOs after receiving observations on the draft documents.

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Mumbai-based, professionally managed on-campus student accommodation facilities provider Elevate Campuses, which is backed by Singapore-headquartered global alternative investment manager Hillhouse Investment, approached the capital markets in September last year to raise up to Rs 2,550 crore via an initial public offering (IPO). The issue is entirely a fresh issue.

InCred Holdings, the parent company of NBFC InCred Financial Services, has filed a draft red herring prospectus (DRHP) via the confidential route with SEBI to raise funds through an IPO. According to media reports, the IPO size could be in the range of Rs 4,000–5,000 crore, comprising both a fresh issue and an offer for sale.

Aarvee Engineering Consultants, a Telangana-based infrastructure consultancy company, filed IPO papers with the markets regulator in September 2025 to raise funds to pare debt, invest in subsidiaries, and meet general corporate purposes.

The company has proposed to raise Rs 202.5 crore through a fresh issue of shares, while promoter Venkatachala Chakrapani Redla will sell up to 67.5 lakh shares via an offer for sale.

West Bengal-based power cable and conductors manufacturer Laser Power & Infra has also filed draft papers in September 2025, proposing to mop up Rs 1,200 crore via an initial public offering to reduce its debt burden.

The issue comprises a fresh share issuance worth Rs 800 crore, while promoters will sell shares worth Rs 400 crore through an offer for sale.

Armee Infotech, an IT infrastructure and IT managed services company, has refiled preliminary papers in February this year to raise up to Rs 300 crore through an initial share sale. The issue is entirely a fresh issue, with no offer-for-sale component.

Ardee Industries, a lead smelter and processor specialising in lead alloys, approached the capital markets in September 2025 by filing draft papers with SEBI to raise funds through an IPO. The IPO is a mix of a fresh issue of equity shares worth Rs 320 crore and an offer for sale of 3.76 crore equity shares by promoters.

Mumbai-based Shankesh Jewellers, which makes handcrafted gold jewellery for several leading jewellery brands—such as Joyalukkas India, P N Gadgil & Sons, Kalyan Jewellers, P N Gadgil Jewellers, Manoj Jewellers Limited, and Novel Jewels—also filed IPO papers in the same month. The IPO of 4 crore equity shares consists of a fresh issue of 3 crore shares and an offer for sale of 1 crore shares by promoters.

Pune-based powertrain controls and automotive components maker Sedemac Mechatronics, which is backed by Xponentia Capital Partners, A91 Partners, and 360 ONE, filed draft documents with SEBI in November last year for its IPO plans. The IPO comprises entirely an offer for sale of 80.43 lakh shares by promoters and investors, with no fresh issue component.

However, car rental services provider Mann Fleet Partners decided to withdraw its IPO papers on February 3. The company had filed preliminary papers in September last year to raise funds through a public issue, which comprised 64.1 lakh fresh shares and an offer for sale of 16 lakh shares by promoters.