Upcoming IPOs: Veritas Finance, Laxmi India Finance, & 3 Others Get SEBI Nod For IPO

The Securities and Exchange Board of India (SEBI) has granted approval for the initial public offerings (IPOs) of Veritas Finance, Laxmi India Finance, Jaajoo Rashmi Refractories, Ajay Poly, and Regaal Resources.

Veritas Finance

Veritas Finance filed DRHP (Draft Red Herring Prospectus) in January 2025 to raise ₹2,800 crore through its IPO. The offering comprises a fresh issue of equity shares aggregating up to ₹600 crore and an offer-for-sale (OFS) of equity shares aggregating up to ₹2,200 crore by existing shareholders.

Laxmi India Finance

Jaipur-based NBFC, Laxmi India Finance’s proposed IPO is a combination of a fresh issue of 1.04 crore shares and an OFS of 56.38 lakh shares by promoters. The company intends to use the net proceeds from the fresh issue to meet future business requirements.  

Jaajoo Rashmi Refractories

Jaipur-based Jaajoo Rashmi Refractories, a manufacturer and exporter of ferroalloys and refractory materials, plans to raise ₹150 crore through a 100% fresh issue of equity shares. Among the funds raised, ₹61.83 crore will be used to establish a new manufacturing unit in Bokaro, Jharkhand, ₹47.67 crore for working capital, and the remaining for general corporate purposes.

Ajay Poly

Ajay Poly, a leading supplier of sealing solutions and plastic profiles for the home appliances sector, has also secured SEBI’s approval for its IPO after almost 5 months of DRHP filing. The IPO is a combination of a fresh issue of ₹238 crore and an OFS component of up to 9,300,000 Equity Shares. 

Regaal Resources

Regaal Resources IPO consists of a fresh issue of ₹190 crore and OFS of up to 9,000,000 Equity Shares. The proceeds will be utilised to repay outstanding borrowings and strengthen the company’s financial position.

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