India’s IPO market is closing 2025 on a strong note, with market regulator SEBI approving four new public issues together worth about ₹1,400 crore. The green light for Varmora Granito, Knack Packaging, Shivalaya Construction, and Behari Lal Engineering comes in a year when IPO fundraising has already hit record levels across mainboard and SME platforms.
The Four SEBI‑Approved IPOs
- Varmora Granito (tiles and bathware) plans a fresh issue of about ₹400 crore, alongside an offer for sale by existing shareholders, with proceeds largely aimed at strengthening its balance sheet and supporting growth. Operating in the ceramics and sanitaryware segment, it is positioned to benefit from housing, real estate, and renovation demand.
Knack Packaging, a polypropylene packaging maker, is eyeing a ₹475 crore fresh issue, plus an offer for sale, primarily to fund capacity expansion and capital expenditure. Its business is closely linked to consumption, agro, and industrial activity, making it a proxy for multiple sectors.
Shivalaya Construction’s IPO is expected to include a fresh issue of around ₹450 crore, along with a secondary sale by existing shareholders, to support working capital and reduce debt. As an infrastructure and construction company, its prospects are tied to government and state capex pipelines.
Behari Lal Engineering plans a ₹110 crore fresh issue plus an offer for sale of about 78.5 lakh shares, with the funds aimed at capacity upgrades and strengthening its financial position. Operating in engineering and industrial components, it rides on demand from core sectors like mining and infrastructure.
Market Context And Infifresh Twist
- SEBI’s approvals arrive in a record-setting year, with total IPO fundraising on Indian exchanges in 2025 estimated between ₹1.75 and 1.95 lakh crore across hundreds of mainboard and SME issues. Strong domestic liquidity, mutual fund flows, and a deepening retail investor base have all helped sustain the pipeline.
Even as these four issues move forward, Inifresh Foods—parent of seafood brand Captain Fresh—has withdrawn its confidential IPO filing made earlier in August, citing delays around regulatory clearances for a European acquisition and indicating plans to refile in early 2026. This contrast shows that while the market is favorable, timing and business readiness still play a crucial role in listing decisions.
What Retail Investors Should Watch
- Focus on fundamentals: revenue growth, margins, debt levels, and how IPO proceeds will be used (debt reduction vs expansion) before deciding to apply.
Compare valuation and sector: check price-to-earnings or price-to-sales relative to listed peers in ceramics, packaging, infrastructure, and engineering to avoid overpaying in a hot market.
Track the grey market and sentiment, but do not rely solely on listing-pop hype; use these signals along with fundamentals and your own risk appetite.
