9 IPOs get Sebi approval as primary market pipeline gathers pace

India’s IPO pipeline is set to widen, with nine companies across engineering, travel technology, gaming, drones, paper, renewable energy and digital platforms receiving Sebi approvals.

Indore-based Laxyo, an engineering and infrastructure services company, has received Sebi approval for its initial public offering. The company had filed its draft red herring prospectus in March. The issue comprises a fresh issue of equity shares worth up to Rs 150 crore.

Laxyo provides engineering and construction services across railway infrastructure, mining services, raise boring operations, dredging and reclamation, and operations and maintenance. The company also rents out equipment such as dredging machines, raise boring machines and other owned equipment when these are not deployed in its own contracts.


SNVA Traveltech has also received Sebi approval for its IPO. The technology-driven travel services company had filed its draft papers through the confidential pre-filing route on March 29, 2026.

Founded in 2017, SNVA Traveltech runs a technology-enabled platform offering air ticketing, hotel bookings and other travel-related services to individual and corporate customers. The company has presence across markets including the United States, United Kingdom, UAE and Singapore.

Expression 360 Services India received Sebi approval for a mainboard book-built IPO. The issue is entirely an offer for sale of up to 1.5 crore equity shares. The company is yet to announce the launch date, price band and lot size.

PlaySimple Games, part of Sweden-based Modern Times Group MTG AB, has received Sebi observations for its proposed IPO. The India-based company is the largest pure-play casual mobile games company by revenue as of FY25, according to the Redseer Report.

PlaySimple also ranked first globally and in 78 countries in mobile word games by downloads in calendar year 2025. The company accounted for about 14% of the nearly 731 million global word game downloads in 2025, based on Sensor Tower data cited by Redseer.

Garuda Aerospace has received Sebi approval for its IPO, which is expected to raise about Rs 1,000 crore. The issue is likely to include a fresh issue of up to Rs 750 crore and an offer-for-sale component of about Rs 250 crore. The drone company is yet to announce the price band and launch dates.

Naini Papers received final observation from Sebi on August 7, 2026, for its proposed IPO. The company had filed its draft papers confidentially in April. Naini Papers is an integrated paper manufacturer producing writing, printing, industrial and specialty paper products. Its manufacturing plant is located in Kashipur, Uttarakhand. The issue is expected to include both fresh issue and offer-for-sale components and is proposed to be listed on NSE and BSE.

Rediff.com India has received approval from the regulator after it has pre-filed confidential draft papers for an IPO that may raise between Rs 600 crore and Rs 800 crore. Rediff.com is a subsidiary of AvenuesAI, formerly Infibeam Avenues, which acquired a controlling stake in the company in 2024.

Jakson Green has also secured approval for its IPO. The company operates across renewable energy EPC services, solar asset operations and maintenance, independent power producer projects, green hydrogen and ammonia, electrolyser manufacturing and battery energy storage systems.

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