9 Indian Firms, Including Garuda Aerospace, Get SEBI IPO Nod
By ThePip Desk
SEBI approves IPOs for nine Indian companies, featuring drone maker Garuda Aerospace and gaming firm PlaySimple Games. Details on fundraising and market readiness.
Nine Indian companies, including drone startup Garuda Aerospace and mobile games firm PlaySimple Games, have secured approval from the Securities and Exchange Board of India (SEBI) to launch their Initial Public Offerings (IPOs).
The approved list includes PlaySimple Games, Garuda Aerospace, Rediff.com India, Jakson Green, Adroit Industries, Expression 360 Services India Ltd, SNVA Traveltech, Naini Papers Ltd, and railway infrastructure provider Laxyo.
These companies filed their initial draft papers between December 2025 and April 2026. SEBI issued its observations, equivalent to an IPO approval, during August 3-7 of the subsequent year.
Several firms, specifically Jakson Green Ltd, Rediff.com India, SNVA Traveltech, and Garuda Aerospace, utilized SEBI’s confidential pre-filing route for their regulatory feedback.
Chennai-based Garuda Aerospace, specializing in UAVs for various sectors, plans to raise approximately Rs 1,000 crore. This involves a fresh issue of shares worth Rs 750 crore and an offer-for-sale amounting to Rs 250 crore.
PlaySimple Games, a casual mobile gaming company, aims to raise Rs 3,150 crore through an offer-for-sale by its promoter, MTGx Gaming Holding AB. The company reported a revenue of Rs 2,259.82 crore in FY25.
Adroit Industries’ IPO comprises a fresh issue of 98.97 lakh equity shares and an offer-for-sale of 13.5 lakh shares, with proceeds earmarked for capital expenditure, subsidiary investment, and debt repayment. Laxyo’s IPO is structured as a fresh issue of equity shares valued at Rs 150 crore.
Rediff.com India Ltd operates as a subsidiary of AvenuesAI Ltd, which manages the CCAvenue digital payment platform. Expression 360 Services India, a media and advertising firm, proposes an IPO entirely as an offer-for-sale of up to 1.50 crore equity shares.
SNVA Traveltech runs the online travel platform Travomint, offering diverse booking services, while Naini Papers operates as an integrated paper manufacturer. Shares of all nine companies are slated for listing on both the BSE and NSE exchanges.