The Securities and Exchange Board of India (SEBI) has given the green light to the initial public offerings (IPOs) of Ajay Poly, Regaal Resources, Laxmi India Finance, and Jajoo Rashmi Refractories. These companies had filed their preliminary IPO papers with SEBI between December 2024 and January 2025 and received approvals during April 29-30, 2025.
Ajay Poly
Ajay Poly, based in Delhi, specializes in refrigeration sealing solutions. The company’s IPO consists of a fresh issue of shares worth ₹238 crore and an offer for sale (OFS) of up to 9.3 million equity shares. The face value of each share is Re 1. The company intends to use the net proceeds for repayment/prepayment of certain borrowings, funding capital expenditure requirements towards the purchase of equipment, plant and machinery, and general corporate purposes. Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the lead managers for the issue, and KFin Technologies Limited is the registrar.
Regaal Resources
Regaal Resources, located in Kolkata, is known for its maize-based specialty products. The IPO aims to raise ₹190 crore through a fresh issue of shares, along with an offer for sale of up to 9 million equity shares by promoters. The shares have a face value of ₹5. The company intends to utilize ₹147 crore from the fresh issue for repayment and prepayment of borrowings and general corporate purposes. Pantomath Capital Advisors Private Limited and Sumedha Fiscal Services Limited are managing the issue, and Link Intime India Private Limited is the registrar. Regaal Resources is among the top 10 manufacturers of maize-based specialty products in India, with an installed crushing capacity of 750 TPD.
Laxmi India Finance
Laxmi India Finance, a non-banking financial company (NBFC) from Jaipur, plans to offer a fresh issue of 10,453,575 shares and an offer for sale of 5,638,620 shares. Each share has a face value of ₹5. The company intends to use the net proceeds from the fresh issue towards augmenting its capital base to meet future business requirements for onward lending and general corporate purposes. PL Capital Markets Private Limited is the sole book-running lead manager, and Link Intime India Private Limited is the registrar. The company offers a range of products, including loans for MSMEs, vehicles, and construction.
Jajoo Rashmi Refractories
Jajoo Rashmi Refractories, also based in Jaipur, focuses on manufacturing ferro alloys essential for the steel industry. The IPO is entirely a fresh issue, aiming to raise ₹150 crore, with a face value of ₹10 per share. The company intends to allocate ₹61.83 crore from the proceeds to partially fund the establishment of new manufacturing facilities aimed at expanding its ferro alloy production capabilities in its upcoming Bokaro project. Additionally, ₹47.67 crore will be used for working capital requirements, with the remaining funds directed towards general corporate purposes. Unistone Capital Private Limited is the lead manager, and Bigshare Services Private Limited acts as the registrar. The company’s operational revenue grew to ₹334.03 crore in fiscal year 2024, with a profit after tax of ₹24.58 crore.
These IPOs reflect diverse sectors, including refrigeration solutions, FMCG, financial services, and manufacturing, potentially appealing to a wide range of investors. The approvals from SEBI enable these companies to access the equity market for funding their growth plans.
