India’s IPO pipeline is getting busier, with nine companies receiving observations from the Securities and Exchange Board of India (SEBI) to proceed with their proposed public issues. The list includes PlaySimple Games, Garuda Aerospace, Rediff.com India, Jakson Green and Adroit Industries.
The other companies are Expression 360 Services India, SNVA Traveltech, Naini Papers and Laxyo. The companies had submitted their draft IPO documents between December 2025 and April 2026. SEBI issued its observations between August 3 and August 7.
In SEBI terminology, receiving observations means the regulator has completed its review of the draft offer documents. It does not mean that the IPOs will immediately open for subscription. The companies still have to decide their launch timelines and complete the remaining requirements.
PlaySimple Games Plans ₹3,150 Crore IPO
PlaySimple Games has one of the biggest proposed issues among the nine companies. The casual mobile gaming company plans to raise around ₹3,150 crore through an entirely offer-for-sale (OFS) issue.
The shares will be sold by promoter MTGx Gaming Holding AB, which owns more than 97 percent of the company. Since the issue is entirely an OFS, the proceeds will go to the selling shareholder rather than directly into the company’s business.
PlaySimple Games reported revenue of ₹2,259.82 crore in FY25, compared with ₹1,876.86 crore in the previous financial year. SEBI documents describe the company as India’s largest pure-play casual mobile games company by revenue in FY25.
Garuda Aerospace Targets Around ₹1,000 Crore
Drone manufacturer Garuda Aerospace is also preparing for its stock market debut. The Chennai-based company is looking to raise around ₹1,000 crore through its IPO.
The proposed issue comprises a ₹750 crore fresh issue and an OFS of ₹250 crore. Garuda Aerospace develops and customises unmanned aerial vehicles for agriculture, defence and enterprise surveillance applications.
The IPO will give investors an opportunity to participate in India’s growing drone and unmanned technology sector.
Rediff.com India And Jakson Green Get SEBI Nod
Rediff.com India is another notable name in the list. The company is a subsidiary of AvenuesAI, formerly known as Infibeam Avenues. The group operates businesses including digital payments platform CCAvenue and enterprise software platform BuildaBazaar.
Jakson Green has also received SEBI’s observations. The renewable energy company had used the regulator’s confidential pre-filing route. This mechanism allows companies to receive regulatory feedback on their proposed offer documents before making the filings public.
Garuda Aerospace and SNVA Traveltech had also used the confidential filing route.
Adroit Industries To Raise Fresh Capital
Adroit Industries India is planning a combination of fresh shares and an OFS. Its proposed issue includes 98.97 lakh equity shares through a fresh issue and 13.5 lakh shares through an OFS.
The company plans to use money raised through the fresh issue for several purposes. These include purchasing machinery and equipment, strengthening transportation infrastructure, investing in subsidiary Adroit Driveshafts and repaying debt.
Adroit Industries operates in the automotive and industrial components segment.
Laxyo, SNVA Traveltech And Naini Papers
Laxyo is another company preparing for a public issue. The Indore-based company works in railway infrastructure and EPC services. Its proposed IPO consists entirely of a ₹150 crore fresh issue, with no OFS component.
SNVA Traveltech operates the Travomint online travel platform. Naini Papers, meanwhile, is an integrated paper manufacturer. Its products include writing and printing paper, industrial paper and packaging paper.
Expression 360 Services India is also part of the latest batch. Its proposed IPO is entirely an OFS of up to 1.50 crore equity shares by its promoter.
Nine IPOs Add To India’s Primary Market Pipeline
The nine companies span several industries, including gaming, drones, renewable energy, digital payments, travel technology, paper manufacturing, automotive components and infrastructure. Their inclusion adds further diversity to India’s IPO pipeline.
The proposed listings are planned for both the BSE and NSE. However, investors should not confuse SEBI observations with an IPO launch date. The actual issue dates, price bands and lot sizes will be announced separately by the companies.
For investors, the next stage will be to watch the final offer documents, valuation, issue structure and financial performance before considering any of these IPOs.
Conclusion
The latest SEBI clearances mark another busy phase for India’s primary market. PlaySimple Games stands out with its proposed ₹3,150 crore OFS, while Garuda Aerospace is targeting around ₹1,000 crore through a mix of fresh shares and OFS.
Rediff.com India, Jakson Green, Adroit Industries, Laxyo, SNVA Traveltech, Naini Papers and Expression 360 Services India are also moving closer to the public markets.
The approvals are an important step, but the real investor focus will now shift to the IPO dates, valuations, price bands and final issue details.
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