Five firms, including Milky Mist Dairy, Curefoods, Gaja Capital, Steamhouse India, and Kanodia Cement, secure Sebi approval to launch IPOs amid robust primary market activity
The Securities and Exchange Board of India (Sebi) has approved initial public offerings (IPOs) of five companies, including dairy producer Milky Mist Dairy Food and cloud kitchen operator Curefoods India, according to the regulatory filings.
The other firms that received clearance are Steamhouse India, a supplier of industrial steam and gas; Gaja Alternative Asset Management, which operates as Gaja Capital; and Kanodia Cement.
All five companies filed their draft prospectuses between May and July this year and obtained Sebi’s observations between October 14 and 24. In regulatory terms, Sebi’s observation is equivalent to the green light for launching a public issue.
The approvals come as the Indian primary market remains buoyant. So far in 2025, 84 companies have tapped the mainboard segment through IPOs, while two more are including eyewear retailer Lenskart Solutions, are slated to launch offerings this week.
Milky Mist Dairy Food
Tamil Nadu-based Milky Mist Dairy Food plans to raise Rs 2,035 crore through its IPO, comprising a fresh issue of Rs 1,785 crore and an offer for sale (OFS) of shares worth Rs 250 crore by promoters, according to its draft red herring prospectus (DRHP).
Proceeds will be utilised for debt repayment, expansion and modernisation of its Perundurai plant, including new units for whey protein concentrate, yoghurt, and cream cheese, and for investments in visi coolers, ice cream freezers, and chocolate coolers.
Curefoods India
Bengaluru-based Curefoods India, the parent of CakeZone and Nomad Pizza, is seeking to raise Rs 800 crore via a fresh issue, alongside an OFS of 4.85 crore shares by existing investors.
The company plans to deploy funds towards expanding operations, including new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens, upgrading existing outlets, purchasing equipment, investing in subsidiaries Fan Hospitality Services and Cakezone Foodtechs, and reducing debt.
Steamhouse India And Gaja Capital
Both Steamhouse India and Gaja Capital filed for IPOs through the confidential pre-filing route, which allows issuers to delay public disclosure of offer details until later stages.
Industry sources estimate that Steamhouse India may raise between Rs 500 crore and Rs 700 crore through its proposed issue.
Earlier this year, Gaja Capital appointed former Sebi chairman U K Sinha as its non-executive chairman.
Kanodia Cement
Kanodia Cement’s IPO will be a pure OFS of 1.49 crore shares by promoters and an individual shareholder, with no fresh issue component. As a result, the company itself will not receive any proceeds from the sale, which will go entirely to the selling shareholders.
(With Input from PTI reports)
