InCred Holdings, Elevate Campuses, 6 others get Sebi's nod to float IPOs

New Delhi, Feb 6 (PTI) A total of eight companies, including InCred Holdings and Elevate Campuses, have secured Sebi’s approval to collectively raise nearly Rs 10,000 crore through initial public offerings, an update with the market regulator showed on Friday.

The other companies that received regulatory nod are Laser Power and Infra, SEDEMAC Mechatronics, Ardee Industries, Armee Infotech, Aarvee Engineering Consultants and Shankesh Jewellers.

These firms had filed their draft papers between September and November last year and received Sebi’s observations during February 2-6.

In regulatory parlance, receipt of observations allows companies to proceed with their public issues.

The approval comes after three major IPOs — Bharat Coking Coal Ltd, Shadowfax

Technologies Limited, and Amagi Media Labs — tapped the Indian primary market in early 2026, collectively raising Rs 4,766 crore.

Meanwhile, Mann Fleet Partners withdrew its draft IPO papers.

InCred Holdings, an arm of NBFC InCred Financial Services, filed preliminary papers with Sebi through the confidential pre-filing route, and people familiar with the matter pegged the proposed issue size at Rs 3,000-Rs 4,000 crore.

Student accommodation and K-12 education platform Elevate Campuses is looking to raise Rs 2,550 crore through its IPO, which is entirely a fresh issue of equity shares, with no Offer for Sale (OFS) component, according to the draft red herring prospectus (DRHP).

Funds will be utilised for acquiring K-12 entities and campuses, paying debt, and general corporate purposes.

Laser Power and Infra Ltd, a cable and conductor manufacturer, is looking to raise Rs 1,200 crore through its IPO involving a fresh issue of equity shares worth Rs 800 crore and an OFS of Rs 400 crore by promoters, draft papers showed.

It plans to use the fresh issue proceeds to repay loans and for general corporate purposes.

Sedemac Mechatronics, a powertrain controls and auto parts manufacturer, is aiming to raise between Rs 800-1,000 crore, industry sources familiar with the development said.

The IPO is entirely an OFS of up to 80,43,300 equity shares by promoters and investors selling shareholders, according to the draft red herring prospectus (DRHP).

Ardee Industries’ IPO comprises a fresh issue of equity shares worth Rs 320 crore along with an OFS of 3.76 crore equity shares by promoters. Fresh capital will be used for funding the company’s incremental working capital requirements, debt repayment, and general corporate purposes.

IT infrastructure solutions provider Armee Infotech’s Rs 250 crore IPO is a fresh issue of equity shares with no OFS component, draft papers showed.

Funds raised through the IPO will be used to increase the working capital requirements of the company, payment of debt and general corporate purposes.

Infrastructure consultancy firm Aarvee Engineering Consultants Ltd is aiming to garner Rs 202.5 crore through the fresh issuance of shares. Apart from the issue, there will be an OFS component of 67.5 lakh shares by a promoter.

Shankesh Jewellers plans to raise funds through an issue of 3 crore fresh equity shares and an OFS of 1 crore shares.

Proceeds from the fresh issue will go towards repayment or pre-payment of borrowings worth Rs 158 crore, funding working capital needs of Rs 38 crore, and general corporate purposes. PTI SP SP BAL BAL