Summary
India’s IPO pipeline continues to expand as five companies have submitted their Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI), signalling their plans to launch public issues. The latest applicants include Renfra Energy India, GNI Infrastructure, Pragyawan Technologies, Innoterra and TMC Transformers. These companies represent sectors such as renewable energy, infrastructure, agritech, electrical equipment and technology services, highlighting the continued strength of India’s primary market.
India’s primary market remains active as more companies prepare for stock market listings. Alongside several high-profile IPOs expected in the second half of 2026, five new companies have entered the regulatory approval process by filing their draft papers with SEBI.
Why These IPOs Are in Focus
The latest DRHP filings indicate that companies across different industries are looking to raise capital for expansion, capacity building and business growth.
From renewable energy and road infrastructure to transformer manufacturing and agritech, these IPOs offer investors exposure to multiple sectors instead of a single industry theme.
Upcoming IPOs at a Glance
| Company | Industry | IPO Structure |
|---|---|---|
| Renfra Energy India | Renewable Energy & EPC | Fresh Issue + OFS |
| GNI Infrastructure | Road Infrastructure | Fresh Issue + OFS |
| Pragyawan Technologies | Skill Development & Technology | Fresh Issue + OFS |
| Innoterra | Agritech & Dairy | Fresh Issue + OFS |
| TMC Transformers | Electrical Equipment | Fresh Issue Only |
Renfra Energy Plans Fresh Capital Raise
Renfra Energy India’s proposed IPO includes a ₹430 crore fresh issue along with an Offer for Sale (OFS) by existing shareholders.
The company plans to use the fresh capital for debt repayment, working capital requirements and general corporate purposes. It may also consider a pre-IPO placement before the public issue.
Operating in the renewable energy EPC segment, the company executes projects for utility-scale as well as commercial and industrial customers.
TMC Transformers Focuses on Manufacturing Expansion
TMC Transformers has proposed an IPO consisting entirely of a fresh issue, without any Offer for Sale component.
The company intends to invest the proceeds in setting up a new Extra High Voltage (EHV) transformer manufacturing facility, meeting working capital requirements and supporting future business expansion.
Innoterra Targets Growth in Dairy Supply Chain
Innoterra, the Indian subsidiary of Switzerland-based Innoterra AG, plans to raise funds through a combination of a fresh issue and an Offer for Sale.
The company expects to use the fresh proceeds for expanding milk collection infrastructure, upgrading cooling facilities, supporting working capital and exploring future acquisition opportunities.
Pragyawan Technologies Seeks Funds for Business Growth
Pragyawan Technologies has proposed a ₹400 crore fresh issue along with an Offer for Sale by promoter shareholders.
The company operates in skill development, training solutions, utility services and operations & maintenance. The proposed capital will primarily support working capital needs and general corporate purposes.
GNI Infrastructure Files Draft Papers
Road infrastructure company GNI Infrastructure has also submitted its DRHP for an IPO comprising a fresh issue and an Offer for Sale.
The company executes engineering, procurement and construction (EPC) projects and plans to utilise the funds to strengthen working capital and support future business expansion.
Why Investors Should Watch
The growing number of IPO filings reflects sustained confidence in India’s capital markets. However, investors should evaluate each company individually by considering its financial performance, valuation, industry outlook, business model and growth strategy before making investment decisions.
What Comes Next?
The next key milestones for these companies include:
- SEBI observations on their DRHPs.
- Announcement of price bands and IPO dates.
- Anchor investor participation.
- Subscription trends across investor categories.
- Listing performance after the public issue.
End
With five more companies joining the IPO pipeline, India’s primary market continues to witness healthy activity across diverse sectors. As these businesses move through the regulatory approval process, investors can expect additional details on valuations, issue timelines and fundraising plans in the coming months.
Read Also : OYO Parent Prism Files Updated DRHP for ₹6,650 Crore IPO; Fresh Share Issue Planned, No OFS
Disclaimer: This article is for informational purposes only and should not be considered investment advice. Stock market investments are subject to market risks. Investors should conduct their own research before making any investment decisions.
Nitish Kumar Sharma is the Founder, Chief Executive Officer (CEO), and Editor-in-Chief of Learn Onex. He leads the platform’s vision, editorial strategy, content standards, and long-term growth initiatives with a focus on financial education and investor awareness.