India’s IPO market is set for more activity as nine companies have received approval from SEBI to move ahead with their initial public offerings.
The companies include PlaySimple Games, Garuda Aerospace, Rediff.com India, Jakson Green and Adroit Industries.
The other companies are Expression 360 Services India, SNVA Traveltech, Naini Papers and Laxyo.
These companies had submitted their draft IPO documents between December 2025 and April 2026. SEBI issued its observations between August 3 and August 7.
In SEBI’s terminology, receiving observations means the companies have received the regulator’s clearance to proceed with their public issues.
PlaySimple Games Plans ₹3,150 Crore IPO
PlaySimple Games is planning the largest IPO among the nine companies, with a proposed issue size of ₹3,150 crore.
The entire issue will be an Offer for Sale (OFS).
This means existing shareholders will sell their shares, rather than the company raising fresh capital.
The shares will be sold by promoter MTGx Gaming Holding AB, which owns more than 97% of PlaySimple Games.
The company, which focuses on casual mobile games, reported revenue of ₹2,259.82 crore in FY25, up from ₹1,876.86 crore in the previous financial year.
Garuda Aerospace Eyes ₹1,000 Crore IPO
Drone manufacturer Garuda Aerospace is preparing for its first public offering and plans to raise around ₹1,000 crore.
The proposed IPO is expected to include:
₹750 crore fresh issue
₹250 crore Offer for Sale
Based in Chennai, Garuda Aerospace develops and customises unmanned aerial vehicles for several sectors, including agriculture, defence and enterprise surveillance.
The IPO could bring more attention to India’s growing drone and aerospace industry.
Rediff.com India and Jakson Green Also Get SEBI Clearance
Rediff.com India is among the companies that have received SEBI’s observations.
It is a subsidiary of AvenuesAI, formerly known as Infibeam Avenues.
The group operates digital payment platform CCAvenue and enterprise software platform BuildaBazaar.
Jakson Green has also received SEBI’s approval.
The company had used SEBI’s confidential pre-filing route, which allows companies to receive regulatory feedback on their draft IPO documents before making them public.
Garuda Aerospace and SNVA Traveltech had also used this route while preparing their IPO documents.
Adroit Industries Plans Fresh Capital Raise
Automotive and industrial components manufacturer Adroit Industries is also preparing for an IPO.
Its proposed issue includes a fresh issue of 98.97 lakh equity shares along with an OFS of 13.5 lakh shares.
The company plans to use money raised through the fresh issue for several purposes.
These include purchasing machinery and equipment, developing transportation infrastructure, investing in its subsidiary Adroit Driveshafts and repaying debt.
Four More Companies Prepare for the IPO Market
The remaining companies are also moving ahead with their public offerings.
Expression 360 Services India plans an entirely OFS issue of up to 1.50 crore shares, which will be sold by its promoter.
Laxyo, an Indore-based railway infrastructure and EPC services company, plans to raise ₹150 crore through a fresh issue. It will not have an OFS component.
SNVA Traveltech operates the Travomint online travel platform.
Meanwhile, Naini Papers is an integrated paper manufacturer producing writing and printing paper, industrial paper and packaging paper.
All 9 Companies Plan to List on BSE and NSE
The proposed IPOs cover a wide range of industries, including mobile gaming, drones, digital payments, green energy, automotive components, travel, paper and railway infrastructure.
All nine companies are proposed to be listed on both the BSE and NSE.
With SEBI’s observations now received, these companies can move closer to launching their public issues.
However, investors should wait for the final IPO documents, price bands and other issue details before making any investment decision.