Knack Packaging, Shivalaya among 4 companies get Sebi clearance for IPOs

As many as four companies, including Knack Packaging and Shivalaya Construction, have secured Sebi's approval to collectively raise over Rs 1,400 crore through initial public offerings (IPOs), data available with the markets regulator showed on Monday.

 

The other companies that received regulatory nod are tiles and bathware maker Varmora Granito and Behari Lal Engineering.

 

These firms had filed their draft papers between August and September and received Sebi's observations during December 15-26.

 

In regulatory parlance, receipt of observations allows companies to proceed with their public issues.

 

All four IPOs will comprise a mix of fresh issue of shares and an offer for sale (OFS) by existing shareholders.

 

 

Meanwhile, Infifresh Foods, which had filed its draft papers in August through the confidential route, has withdrawn its prospectus, the update showed.

 

The approvals come at a time when the primary market has seen record activity in 2025. During the year, companies raised nearly Rs 1.76 lakh crore, supported by strong domestic liquidity, steady investor demand and a supportive macroeconomic environment.

 

This was significantly higher than the Rs 1.6 lakh crore mobilised by 90 companies in 2024 and Rs 49,436 crore raised by 57 firms in 2023.

 

Among the four cleared issuers, packaging solutions provider Knack Packaging plans to raise Rs 475 crore through a fresh issue along with an OFS of 70 lakh equity shares by promoters and an existing shareholder.

 

Of the fresh proceeds, about Rs 435 crore will be used to set up a new manufacturing facility at Borisana in Kadi taluka of Mehsana district, Gujarat, while the remainder will go towards general corporate purposes.

 

Shivalaya Construction's IPO will include a fresh issue of shares worth Rs 450 crore and an OFS of 2.48 crore shares by promoters. The company intends to deploy around Rs 340 crore from the fresh issue towards repayment of borrowings, with the balance earmarked for general corporate purposes.

 

Varmora Granito, based in Rajkot, has proposed to raise Rs 400 crore through a fresh issue and will also see promoters and investor Kastura Investments offload 5.24 crore shares through the OFS.

 

The company plans to use Rs 320 crore of the fresh proceeds to reduce debt, while the rest will be utilised for general corporate needs.

 

Behari Lal Engineering's IPO will consist of a fresh issue of Rs 110 crore and an OFS of 78.54 lakh shares by promoters and investor SG Tech Engineering.

 

The company will use the funds raised for capital expenditure, repayment or prepayment of borrowings, and other corporate purposes.

 

Founded in Punjab in 1995 as Behari Lal Ispat Pvt Ltd, the company was converted into a public limited entity in 2024 and renamed Behari Lal Engineering Ltd to reflect its expanded product portfolio and scale of operations.

 

All the four companies will be listed on the BSE and the NSE.