IPO Pipeline Swells as SEBI Clears New Issues Across Infra, Pumps, and FMCG

Investor appetite returns as India’s IPO calendar sees renewed momentum; Karamtara Engineering, Oswal Pumps, Sacheerome, and others get SEBI nod

Mumbai | June 10

Public Markets Are Back in Business

India’s primary markets are entering a new phase of momentum. After a cautious first quarter, SEBI has begun clearing a flurry of IPOs across sectors—from solar infrastructure and industrial pumps to fragrances and specialty manufacturing. Companies are lining up to raise capital as equity markets touch record highs and the liquidity environment turns favourable.

The renewed interest is not just cyclical—it reflects a broader shift in how India Inc. is planning growth. More firms are using IPOs not just for exits, but for strategic capital expansion, debt reduction, and downstream investments.

As of early June 2025, four companies have received SEBI’s final observations to proceed with IPOs, including Karamtara Engineering, Oswal Pumps, Sacheerome, and [Other Pending Names], indicating strong regulatory throughput and investor interest.

Key Upcoming IPOs to Watch

1. Karamtara Engineering Limited

A key player in India’s renewable energy value chain, Karamtara is the largest manufacturer of solar mounting structures and tracker components as of FY24 (F&S Report). The company is vertically integrated across the transmission and solar sectors, manufacturing lattice towers, OHTL hardware, torque tubes, tracker piles, and fasteners.

• IPO Size: ₹1,750 crore
  • ₹1,350 crore fresh issue
  • ₹400 crore offer for sale
• Use of Proceeds:
  • ₹1,050 crore toward debt repayment
  • Balance for general corporate purposes
• Prominent investors: Utpal Sheth, Ananta Capital, Jaidev Shroff, Quantum State, MNI Ventures

The IPO positions Karamtara as a clean energy enabler—just as India accelerates solar and transmission infrastructure expansion under energy transition goals.

2. Oswal Pumps Limited

A legacy player in submersible pumps and solar-powered water systems, Oswal Pumps plans to raise ₹890 crore through its IPO. Known for its work under the PM-KUSUM scheme, the company has completed over 38,000 solar pump system installations as of December 2024.

• Price Band: ₹584–₹614
• IPO Dates: June 13–17
• Use of Proceeds:
  • Capex for expansion
  • Investment in subsidiary Oswal Solar
  • Debt repayment

Its peers include Kirloskar Brothers, Shakti Pumps, and WPIL Ltd—making valuation comparisons a likely discussion point among investors.

3. Sacheerome Limited

A fragrance and flavour house operating in the B2B FMCG space, Sacheerome caters to leading personal care and food brands in India. Its IPO, which opened on June 9, saw 7.35x subscription on Day 1—driven by a strong retail response.

• Price Band: ₹96–₹102
• Fresh Issue: ₹61.62 crore (no OFS)
• Grey Market Premium: ₹30
• Use of Proceeds:
  • R&D and manufacturing facility at YEIDA
  • Working capital and corporate purposes

The high initial interest, especially from retail investors, reflects growing interest in niche consumer brands going public.

What’s Driving the Buzz?

• Favourable macros: Lower interest rates and stable inflation are driving fund flows back into equities.
• Sector tailwinds: Renewable energy, industrial automation, and FMCG are all capitalising on long-term trends.
• Diverse pipeline: From solar infra to scented oils, the IPO mix now appeals to both institutional and retail investors.

What’s Next?

Over a dozen companies are in line to list by Q3 FY26, as market conditions continue to favour capital raising. While SEBI approvals are critical checkpoints, investor response to recent listings suggests that sentiment has shifted decisively from caution to cautious optimism.

As India’s capital markets evolve, IPOs are no longer just about exits—they’re becoming a key driver of scale, strategy, and sectoral leadership.