Upcoming IPOs: SEBI Approves Varmora Granito, Knack Packaging, Shivalaya Construction and Behari Lal Engineering
- 30th December 2025
- 12:00 AM
- 3 min read
Summary
Markets regulator Securities and Exchange Board of India has approved the initial public offerings of four companies, Varmora Granito, Knack Packaging, Shivalaya Construction and Behari Lal Engineering. Together, the firms plan to raise over ₹1,400 crore through a mix of fresh issues and offers for sale, with listings proposed on the NSE and BSE. The companies received SEBI's final observation between December 15-26.Mumbai| December 30
SEBI has cleared IPO proposals for Varmora Granito, Knack Packaging, Shivalaya Construction, and Behari Lal Engineering to raise over ₹1,400 crore. All four IPOs will include a combination of fresh equity issuance and offers for sale by existing shareholders, and the shares are proposed to be listed on the National Stock Exchange of India and BSE Limited.
Knack Packaging
Packaging solutions provider Knack Packaging plans to raise ₹475 crore through its IPO. The issue will consist of a fresh issue of equity shares along with an offer for sale of 70 lakh shares by promoters and an existing shareholder.
The company manufactures Printed and Laminated Woven Polypropylene (PLWPP) bags, including pinch bottom, gusset, block bottom, and retail shopping bags. These high-strength solutions are used across industries such as food, pet food, agriculture, fertilizers, building materials, detergents, cement, chemicals, minerals, and more.
The company intends to use the fresh issue proceeds primarily to set up a new manufacturing facility in Gujarat. The balance will be allocated towards general corporate purposes, including working capital and operational requirements.
Shivalaya Construction
Integrated EPC player Shivalaya Construction has proposed an IPO comprising a fresh issue worth ₹450 crore and an offer for sale of 2.48 crore shares by promoters.
Shivalaya Construction Limited has strong focus on roads, highways, and bridges and has successfully executed 41 projects across 19 states and union territories in India as of July 31, 2025.
The company has built over 2,700 lane kilometers of roads and highways, with project sizes ranging from 14 lane kilometers to 210 lane kilometers.
The company currently has a robust pipeline of over 1,500 lane kilometers under execution, spread across 14 ongoing projects. These projects comprise five EPC contracts and nine Hybrid Annuity Model (HAM) projects, located in states such as Jammu and Kashmir, Haryana, Uttar Pradesh, Maharashtra, Kerala, Karnataka, Jharkhand, and Meghalaya.
As of July 31, 2025, Company’s order book stood at ₹36,269.90 million, comprising ₹7,544.37 million from EPC projects and ₹28,725.54 million from HAM projects.
The company has stated that the proceeds from the fresh issue will be used mainly for repayment of borrowings, with the remaining funds directed towards general corporate purposes.
Varmora Granito
The Rajkot-based tile manufacturer Varmora Granito’s public issue will include a fresh issue of ₹400 crore and an offer for sale of 5.24 crore shares by existing shareholders.
Out of the fresh issue proceeds, about ₹320 crore has been earmarked for repayment or prepayment of debt. The remaining amount will be used for general corporate purposes, which could improve the company’s leverage profile post listing.
Behari Lal Engineering
Iron and steel manufacturer Behari Lal Engineering plans to raise funds through a fresh issue of ₹110 crore along with an offer for sale of 78.54 lakh shares by existing shareholders.
The company proposes to use the proceeds for capital expenditure, repayment of borrowings and other corporate requirements, aimed at supporting capacity expansion and financial stability.
Shares of all four companies are proposed to be listed on the NSE and the BSE.
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