SEBI Clears IPO Plans of Eight Firms Including InCred Holdings, Elevate Campuses and Aarvee Engineering

The Securities and Exchange Board of India (SEBI) has granted final approval for the initial public offerings (IPOs) of eight companies, marking a significant uptick in capital-markets activity. The firms cleared to proceed include InCred Holdings, Elevate Campuses, Aarvee Engineering Consultants, Laser Power & Infra, Armee Infotech, Ardee Industries, Shankesh Jewellers, and Sedemac Mechatronics.

SEBI’s observations, issued between February 2 and February 6, allow these companies to file their Red Herring Prospectus (RHP) and launch public issues within the next year (18 months for confidential filings).

InCred Holdings, the holding company of NBFC InCred Financial Services, received approval following its DRHP filing via the confidential route. The firm, which operates across lending, institutional capital markets and wealth tech, is expected to announce IPO size, price band and dates in due course.

Elevate Campuses, backed by Singapore-based Hillhouse Investments, plans to raise ₹2,550 crore through a fresh issue to expand student accommodation and acquire K-12 assets. Aarvee Engineering aims to raise ₹202.5 crore through a mix of fresh issue and offer-for-sale.

Other approved IPOs include Kolkata-based Laser Power & Infra (₹1,200 crore), IT services firm Armee Infotech (₹300 crore fresh issue), lead processor Ardee Industries, jewellery wholesaler Shankesh Jewellers, and Pune-based Sedemac Mechatronics.