Kay Jay Forgings, Polite Powertech Receive SEBI Approval for IPOs

Kay Jay Forgings Limited and Polite Powertech Limited have received approval from the Securities and Exchange Board of India (SEBI) to proceed with their proposed initial public offerings (IPOs). 

SEBI issued its observation letter to Kay Jay Forgings on July 28, 2026, followed by Polite Powertech on July 31, 2026. With the regulatory approvals in place, both companies can now proceed with the next stages of their IPO process, including announcing their price bands and subscription schedules.

Kay Jay Forgings IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue + OFS)
• Total Issue Size: Up to ₹360.00 crore
• Fresh Issue: Up to ₹300.00 crore
• Offer for Sale (OFS): Up to ₹60.00 crore
• Face Value: ₹5 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): PL Capital Markets Private Limited
• Registrar to the Issue: Bigshare Services Private Limited

Utilisation of Kay Jay Forgings IPO Proceeds

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

• Funding the working capital requirements of the company towards:
• Setting up of a new facility at Ludhiana, Punjab for manufacturing forged components (“Proposed Forging Facility”)
• Setting up of a new facility at Ludhiana, Punjab for manufacturing machined components (“Proposed Machining Facility”)
• Setting up of a solar power plant at Village Buttar Bakhua, Tehsil Gidderbaha, District Sri Mukatsar Sahib, Punjab (“Proposed Solar Plant”).
• Repayment and or pre-payment, in full or in part of certain borrowings availed by the company
• General corporate purposes.

About Kay Jay Forgings Limited

Kay Jay Forgings Limited is a precision engineering integrated manufacturer of forged and machined components, primarily catering to original equipment manufacturers (“OEMs”) in the automotive sector. The company also caters to OEMs and non-OEMs in the non-automotive sector and supplies farm equipment components, mining equipment components and electronic home appliance components. 

During the six-month period ended September 30, 2025, Kay Jay Forgings supplied a portfolio of 286 products, including key offerings such as crankshafts and crankshaft assemblies, lower bracket assemblies, lever kick-starter assemblies, gear-shift lever assemblies, propeller shafts, door hinges, and steering yokes.

Key Financial Highlights 

Polite Powertech IPO - Issue Details

• Issue Type: Book-Built Issue (Fresh Issue + OFS)
• Total Issue Size: To be announced
• Fresh Issue: Up to 1.00 crore equity shares 
• Offer for Sale (OFS): Up to 0.25 crore equity shares
• Face Value: ₹10 per share
• Proposed Listing: BSE, NSE
• Book Running Lead Managers (BRLMs): Arihant Capital Markets Limited, Valmiki Leela Capital Private Limited
• Registrar to the Issue: Kfin Technologies Limited

Utilisation of Polite Powertech IPO Proceeds

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

• Funding the working capital requirements of the company
• General corporate purposes

About Polite Powertech Limited

Polite Powertech Limited is an integrated engineering, procurement, and construction (EPC) company engaged in the design, supply, installation, testing, and commissioning of power transmission, distribution, and renewable energy projects across India. Its expertise includes high-voltage (HV) and extra-high-voltage (EHV) transmission lines, underground and overhead cabling, solar EPC projects, and air-insulated (AIS) and gas-insulated (GIS) substations.

The company provides end-to-end EPC solutions, covering the procurement of electrical equipment and project execution services such as engineering, installation, testing, and commissioning. It undertakes projects for state government utilities, public sector undertakings (PSUs), and private sector clients through direct contracts, back-to-back arrangements, and competitive bidding processes.

Key Financial Highlights 

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