Sebi approves 3 IPOs including Eastman Auto and Milestone Gears

Capital markets regulator Sebi has approved three companies -- Bonbloc Technologies, Eastman Auto and Power, and Milestone Gears -- to raise funds through IPOs, according to regulatory updates. The approvals come as India's primary market continues to see a steady pipeline of companies looking to tap public markets despite volatility in broader equities.

Bonbloc Technologies

Bonbloc Technologies plans to raise funds through a combination of fresh equity issuance and an offer for sale by existing shareholders. The IPO will include a fresh issue of shares worth Rs 230 crore along with an offer for sale of up to 3 crore equity shares.

The company intends to list its shares on the NSE and BSE. Kfin Technologies has been appointed as the registrar to the issue.


The IPO structure indicates that while the company will raise primary capital through the fresh issue, existing shareholders will also partially monetise their holdings through the offer for sale component.

Eastman Auto and Power

Energy-transition and power electronics company Eastman Auto and Power is planning a significantly larger public issue, estimated at around Rs 1,800-2,000 crore.

The IPO will comprise a mix of fresh equity issuance and an offer for sale by existing shareholders. The company is part of the JRS Eastman Group and operates across battery storage, solar technologies and power electronics solutions.

Founded in 2000, Eastman Auto and Power has built a diversified portfolio in energy solutions with a focus on emerging technologies such as solar power and energy storage systems. The company supplies products used in both residential and industrial energy applications, positioning itself as a player in India’s energy transition ecosystem.

The IPO proceeds from the fresh issue are expected to be used for growth initiatives, while the offer for sale will allow existing investors to partially exit their holdings.

Milestone Gears

Milestone Gears is looking to raise about Rs 1,100 crore through its public offering. The issue will include a fresh issue of Rs 800 crore and an offer for sale of Rs 300 crore by promoters.

The company manufactures high-precision engineered transmission components used in a wide range of industrial and automotive applications. Its product portfolio includes bull gears, rear axles, spindles, internal ring gears and bevel gears.

These components are used in tractors, construction equipment, electric vehicles, locomotives and windmills. The company has built long-standing relationships with several Indian and global original equipment manufacturers (OEMs), with its top customers maintaining associations of more than 18 years on average.

Milestone Gears operates nine manufacturing facilities and focuses on engineering-heavy products used in critical transmission systems for industrial machinery and mobility so