India’s IPO market saw a late surge as more than two dozen companies filed draft papers with SEBI in the final days of FY26. Firms across sectors are looking to raise funds for expansion, debt repayment and working capital, signalling sustained momentum in the primary market amid improving investor sentiment.

IPO rush: 25+ firms file papers with SEBI in last 2 days of FY26

More than two dozen companies filed preliminary papers with the capital markets regulator, SEBI, to raise funds through initial public offerings (IPOs) in the last two days of FY26, reflecting sustained primary market momentum.

Among those that filed draft papers are Sadbhav Futuretech, TC Terrytex, Monomark Engineering (India) Ltd, Adroit Industries (India), Punjab Carbonic, Nityas Gems and Jewellery, Expression 360 Services India Ltd, Absolute Project (India), Bvishal Oil and Energy, and Kay Jay Forgings.

Meanwhile, Rediff.com India Ltd, a subsidiary of AvenuesAI Ltd, and SNVA Traveltech, which operates the online travel platform Travomint, opted for the confidential pre-filing route.

All these firms filed their draft documents with the Securities and Exchange Board of India (SEBI) on March 30 or March 31.

Strategy behind listing

Most of the firms are tapping the capital market to support expansion plans, fund working capital requirements, and retire debt.

Individually, Sadbhav Futuretech’s proposed IPO comprises a fresh issue of up to 2.55 crore equity shares, along with an offer for sale (OFS), aggregating Rs 235 crore by promoters and other shareholders, according to the draft red herring prospectus (DRHP).

The proceeds are proposed to be utilised towards working capital requirements and general corporate purposes.

Similarly, TC Terrytex plans to raise funds through a combination of a fresh issue of shares worth Rs 170 crore and an OFS of 67.5 lakh shares by investor Ashis Living Private Limited. The proceeds will be used for debt repayment and general corporate purposes.

Punjab Carbonic’s offering comprises a mix of a fresh issue of 60 lakh shares and an OFS of 35 lakh shares by promoters. The company intends to deploy the funds towards setting up two CO2 recovery units in Andhra Pradesh, strengthening logistics infrastructure, investing in its subsidiary, Pancarbo Greenfuels, to expand ethanol capacity, and repaying debt.

Likewise, Adroit Industries plans to utilize the proceeds from its IPO, comprising a fresh issue of 98.97 lakh shares and an OFS of 13.5 lakh shares, towards capital expenditure, including procuring machinery and equipment, transportation infrastructure, investing in its subsidiary Adroit Driveshafts, and repaying debt.

Expression 360 Services India’s IPO is solely an OFS of 1.5 crore shares by promoter Mohit Gupta, implying that the company will not receive any proceeds from the issue.

Kay Jay Forgings’ IPO comprises a fresh issue of equity shares aggregating to Rs 300 crore and OFS of shares worth Rs 60 crore by promoters, taking the total issue size to Rs 360 crore.

So far in 2026, 18 companies have launched their maiden public offerings.

Companies targeting fresh issue only

Monomark Engineering’s IPO is entirely a fresh issue of 2.7 crore equity shares, with no OFS component. Of the total proceeds, Rs 111 crore is earmarked for incremental working capital requirements, with the remainder allocated for general corporate purposes.

Further, Absolute Project (India)’s maiden public offering consists entirely of a fresh issue of 2 crore shares. The funds will be utilised for capital expenditure towards expansion and modernisation of manufacturing facilities, execution of power EPC projects, debt repayment, and working capital needs.

Bvishal Oil and Energy proposed IPO comprises a fresh issue of 1.8 crore shares, along with an OFS of 77.09 lakh shares.

Nityas Gems and Jewellery’s proposed IPO, however, is fully a fresh issue of 1.45 crore shares, with proceeds earmarked for working capital requirements and general corporate purposes.