Carlsberg India, TMC Transformers (India), Ujin Pharma & Matangi Rubber Receive SEBI Approval for IPOs

Carlsberg India Limited, TMC Transformers (India) Limited, Ujin Pharma Limited and Matangi Rubber Limited have received SEBI approval for their proposed initial public offerings (IPOs), clearing a key regulatory step in the listing process.

SEBI issued its observations to Carlsberg India and TMC Transformers on October 1, 2026, while Ujin Pharma received its observations on September 29 and Matangi Rubber on September 28. The companies can now move ahead with the next stages of their respective IPO processes, including finalising the issue structure, price band and subscription schedule.

Carlsberg India IPO - Issue Details

• Issue Type: Book-Built Issue (Confidential Pre-filing)
• Total Issue Size: To be announced
• Fresh Issue: To be announced
• Offer for Sale (OFS):  To be announced
• Face Value:  To be announced
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Kotak Mahindra Capital Company Limited, JPMorgan India Private Limited and Citigroup Global Markets India Private Limited
• Registrar: Yet to be announced

About Carlsberg India Limited

Carlsberg India entered the Indian market in 2006 and has grown into one of the country’s leading beer manufacturers. Its portfolio includes brands such as Carlsberg, Tuborg, 1664 Blanc, Carlsberg Elephant and Somersby. The company operates through company-owned breweries and contract manufacturing facilities across India. According to industry estimates, it holds around 22% of the domestic beer market, making it the second-largest beer company in the country..

TMC Transformers (India) IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue only)
• Total Issue Size: Up to ₹550.00 crore 
• Fresh Issue: Up to ₹550.00 crore
• Offer for Sale (OFS): Not Applicable
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Anand Rathi Advisors Limited, Intensive Fiscal Services Private Limited
• Registrar to the Issue: MUFG Intime India Private Limited

Utilisation of TMC Transformers (India) IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Funding capital expenditure towards setting up a greenfield Extra High Voltage (“EHV”) transformer manufacturing facility with an aggregate installed capacity of 78,000 MVA at Halol, Gujarat (“Proposed Facility”)
• Part funding of the incremental working capital requirements of the company
• General corporate purposes

About TMC Transformers (India) Limited

TMC Transformers (India) Limited is an established transformer manufacturer offering oil-filled transformers up to 160 MVA/220 kV, dry-type transformers up to 20 MVA/36 kV and compact substations up to 3 MVA/36 kV. Its products cater to railways, renewable energy, metros, industrial customers and discoms.

The company is certified by RDSO across transformer classes required for 2×25 kV traction substations and is among the few Indian manufacturers approved for 100 MVA/220 kV Scott-connected traction transformers. Its revenue from operations grew at a CAGR of 29.83% between FY24 and FY26.

Key Financial Highlights 

Ujin Pharma IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to 1.92 crore equity shares
• Fresh Issue: Up to 1.19 crore equity shares
• Offer for Sale (OFS): Up to 72.82 lakh equity shares
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): SMC Capitals Limited, Marwadi Chandarana Intermediaries Brokers Private Limited
• Registrar to the Issue: KFin Technologies Limited

Utilisation of Ujin Pharma IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Investment in Altra Agro-Chem Private Limited, its Associate Company, by way of subscription to equity shares for making it the company’s subsidiary
• Investment in Altra Pharma-Chem Private Limited, its Associate Company, by way of subscription to equity shares for making it the company’s subsidiary
• Repayment or pre-payment, in in part or full of certain borrowings availed by the company from financial institutions
• General corporate purposes.

About Ujin Pharma Limited

Ujin Pharma Limited distributes solvents, specialty chemicals, acids, monomers, pharmaceutical raw materials and nutraceuticals across industries including pharmaceuticals, agrochemicals, automotive and paints. It has over two decades of industry experience, a network of 1,277 suppliers and warehouses in Maharashtra and Gujarat.

Through its subsidiary, Shiv Shakti Oxalate, the company also undertakes solvent recycling, recovery and printing chemical production.

Key Financial Highlights 

Matangi Rubber IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to 72.77 lakh equity shares
• Fresh Issue: Up to 57.62 lakh equity shares 
• Offer for Sale (OFS): Up to 15.15 lakh equity shares
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Sarthi Capital Advisors Private Limited
• Registrar to the Issue: Bigshare Services Private Limited

Utilisation of Matangi Rubber IPO Proceeds

The company intends to utilise the net proceeds from the fresh issue towards:

• Repayment/pre-payment, in full or in part, of certain outstanding loans availed by the company
• Funding Capital Expenditure requirements for setting up green field manufacturing facility for Rubber Recycling Products (Bhind, Madhya Pradesh)
• Funding Capital Expenditure requirements for setting up green field manufacturing facility for production of Solid Tyres (Bhind, Madhya Pradesh);
• General corporate purposes

About Matangi Rubber Limited

Matangi Rubber Limited manufactures tyres, tyre flaps, tubes and rubber compounds, primarily serving the two-wheeler, three-wheeler and commercial vehicle segments. The company operates five manufacturing plants across Uttarakhand, Madhya Pradesh and Tamil Nadu.

Its business model includes manufacturing and selling products under its own brand, contract manufacturing of tyre flaps, and job work for tyres, flaps and tubes. The company acquired a 97.74% stake in MG Industries Limited in October 2024.

Key Financial Highlights 

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