SEBI approves Milky Mist, Curefoods, Gaja Capital IPO, puts Vedanta's Sterlite on hold

The Securities and Exchange Board of India (SEBI) cleared five new initial public offerings (IPOs) on Monday, signalling continued strength in India’s primary markets.

The approved issues span dairy, food

technology, private equity, manufacturing, and cement, reflecting a broad base of investor interest ahead of the year-end pipeline.

Among the companies to receive approval is Milky Mist Dairy Food Ltd, which plans to raise around ₹2,035 crore. The issue includes a fresh equity component of ₹1,785 crore and an offer for sale worth ₹250 crore by promoters. The Tamil Nadu-based dairy brand will use part of the proceeds to repay about ₹750 crore of debt and fund capacity expansion at its Perundurai plant, adding new production lines for whey protein concentrate, yogurt, and cream cheese.

Milky Mist has seen strong growth in recent years, with revenue rising from ₹1,394 crore in FY23 to ₹2,349 crore in FY25, representing a CAGR of nearly 30%. The company’s EBITDA margin stands at around 13%. Known for its premium dairy products such as paneer and curd, Milky Mist sources milk directly from more than 67,000 farmers and operates highly automated facilities.

Curefoods India, the Bengaluru-based parent of EatFit and Frozen Bottle, has also received SEBI’s nod for an ₹800 crore IPO, comprising a fresh issue and an offer for sale. The company plans to deploy the proceeds to expand its cloud kitchen network and restaurant operations. Curefoods is currently among India’s top two cloud kitchen operators by footprint, underscoring its growing presence in the digital food services segment.

In a significant milestone for India’s investment landscape, Gaja Capital, now restructured as Gaja Alternative Asset Management Ltd, has become the first private equity firm in India to receive SEBI approval for an IPO. The proposed ₹600 crore issue follows a ₹125 crore pre-IPO placement that brought in investors such as HDFC Life and SBI Life, valuing the firm at around ₹1,625 crore, according to people with knowledge of the matter.

Founded in 2004, Gaja Capital focuses on growth investments in the consumer, education, and financial services sectors.

The remaining two approvals went to Steamhouse India, which manufactures engineering and process equipment, and Kanodia Cement, which plans a complete offer for sale. Both represent continued industrial momentum as India’s manufacturing and infrastructure-linked sectors maintain steady growth.

In contrast, SEBI has placed Vedanta Group’s Sterlite Electric IPO on hold. The proposed offering included a fresh issue and an offer for sale by promoter entity Twin Star Overseas Ltd, which holds nearly 70% stake. Sterlite manufactures overhead conductors, power cables, and optical ground wire. It had planned to use the proceeds for debt repayment and capital expenditure at its Vadodara facility. As of September 2025, the company’s consolidated borrowings stood at ₹3,486 crore.

The regulator’s approach of approving a mix of growth-oriented issues while holding back one of India’s more high-profile corporate listings highlights its effort to balance capital market expansion with investor protection.