Capital markets regulator Sebi has approved the IPO proposals of Bombay Coated and Special Steels, Bonfiglioli Transmissions and Swaraj Green Power and Fuel, paving the way for the three companies to tap the primary market in the coming months.
The approvals come at a time when India’s IPO market continues to witness strong investor participation across sectors ranging from manufacturing and industrials to renewable energy and ethanol.
Bombay Coated and Special Steels plans to raise funds through a fresh issue of up to 1.5 crore equity shares. The company had filed its draft red herring prospectus (DRHP) with Sebi in September 2025.
The proposed issue will result in an increase in the company’s outstanding shares from 3.96 crore shares before the issue to 5.46 crore shares after the offering. Smart Horizon Capital Advisors is the book-running lead manager, while KFin Technologies will act as the registrar to the issue.
The company is promoted by Vijaykumar Himatrai Gupta, Nitin Vijaykumar Gupta and Bhawna Nitin Gupta, who currently hold the entire promoter stake.
Industrial gearbox maker Bonfiglioli Transmissions has also received regulatory approval for its IPO. The company had submitted its draft papers in February this year.
Unlike Bombay Coated, Bonfiglioli’s public issue is entirely an offer for sale of up to 4.7 crore shares, meaning the company itself will not receive any proceeds from the offering. Existing shareholders will dilute their holdings through the transaction.
Axis Capital has been appointed as the book-running lead manager, while MUFG Intime India will serve as registrar to the issue.
The company operates in the industrial transmission and power transmission equipment segment and caters to a wide range of industrial applications.
Meanwhile, Maharashtra-based Swaraj Green Power and Fuel has also secured SEBI’s nod for its public offering. The company operates an integrated sugar and bio-energy business with a 7,500 tonnes per day sugar crushing facility, a 500 KLPD ethanol plant and a 26.5 MW cogeneration power unit.
Swaraj Green is positioned to benefit from India’s ethanol blending programme, which has emerged as a key policy focus area aimed at reducing crude oil imports and increasing the use of cleaner fuels.
The company produces sugar, ethanol, extra neutral alcohol (ENA), rectified spirit and power from a single integrated manufacturing complex. It has also highlighted its focus on sustainable operations and efficient water consumption in ethanol production.
