In Sebi’s parlance, obtaining observations is equivalent to securing approval to float a public offering.
Tonbo Imaging India IPO
The company’s initial public offering comprises an Offer for Sale (OFS) of up to 1.81 crore equity shares of face value ₹2 each. The OFS includes 19.60 lakh equity shares by promoter selling shareholders, 3.40 lakh equity shares by the promoter group selling shareholder, and 1.56 crore equity shares by investor selling shareholders.
Founded in 2003 by technologists with prior experience at the US Department of Defense and Sarnoff Corporation, Tonbo Imaging transitioned into a defence-focused product manufacturing company in 2012 following the buyout by its promoters.
As per the F&S Report in its DRHP, Tonbo Imaging is the fastest-growing defence technology player in India in terms of revenue, EBITDA and PAT margin growth (CAGR FY23–FY25) among listed peers. During the same period, it was also the largest manufacturer by sales value of thermal imaging systems supplied to government and defence agencies in India.
In FY25, the company accounted for 93% of India’s thermal imaging exports, positioning it as the largest exporter of such systems from the country. It serves a diversified customer base including global militaries, law enforcement agencies, homeland security organisations and global defence OEMs.
The company had filed the IPO documents on December 30, 2025, and observations were issued on June 6, 2026. JM Financial Limited and IIFL Capital Services Limited are the Book Running Lead Managers to the issue.
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Marri Retail Ltd IPO
The Hyderabad-based company’s proposed IPO is a combination of a fresh issue of shares worth ₹522 crore and an offer for sale (OFS) of 2.7 crore shares by promoter Marri Venkat Reddy.
Proceeds from the fresh issuance will be used for payment of debt, opening of 10 new apparel stores, one new apparel store with a jewellery Store-in-Store (SIS) (Integrated Retail Store), and two new standalone jewellery stores, expenses towards lease and sub-lease rent payments for existing stores and warehouses and general corporate purposes.
The company may consider a pre-IPO placement for up to ₹104.4 crore. If such initiative is completed, the fresh issue size will be reduced.
Marri Retail commenced apparel retail business as a proprietorship under the brand name ’Jeans Corner’ in 1999 and entered the large-format retail segment by launching the first shopping mall under the ”The Chennai Shopping Mall” brand in Hyderabad in 2013.
The company has 34 stores across 26 districts in Telangana, Andhra Pradesh, Karnataka, and Maharashtra. The firm operates its stores under multiple brands, including The Chennai Shopping Mall, JC Mall, J.C. Brothers and Jeans Corner in the apparel category, and The Chennai Shopping Mall Jewellers in the jewellery category.
The issue is being managed by Nuvama Wealth Management Ltd. The documents were received by SEBI on February 3, 2026, with observations issued on July 10, 2026.
Rentomojo IPO
The proposed IPO comprises a fresh issue of equity shares aggregating up to ₹150 crore and an Offer for Sale (OFS) of 2.84 crore equity shares by existing shareholders, according to the draft red herring prospectus (DRHP).
According to the draft papers, the company proposes to utilise the net proceeds from the fresh issue towards payment of loans, payment of lease rentals or licence fees for warehouses and experience stores, and general corporate purposes. Rentomojo operates a technology-driven, direct-to-consumer online rental and subscription platform for furniture and home appliances.
As of September 30, 2025, Rentomojo had 2.28 lakh live subscribers across 22 cities, supported by 21 warehouses, with around 4.44 lakh square feet of warehousing space. It also operates 67 experience stores and has a portfolio of 7,28,773 live products.
The issue is coordinated by Motilal Oswal Investment Advisors Ltd, with documents received on April 1, 2026 and observations issued on July 6, 2026.
Zetwerk Manufacturing Business Ltd IPO
The company plans to raise between ₹4,000 crore and ₹5,000 crore. The proposed offering is expected to comprise a fresh issue of equity shares and an offer for sale (OFS) by existing shareholders, with details on issue size and valuation to be finalised through the book-building process, people familiar with the development said.
The manufacturing marketplace counts investors such as Khosla Ventures, Baillie Gifford, Rakesh Gangwal, Accel, Peak XV, and Lightspeed among its backers.
Zetwerk operates a technology-enabled manufacturing platform that connects industrial demand with a distributed network of suppliers and manufacturing facilities across sectors such as energy, electronics, defence, aerospace and capital goods. It also runs a platform focused on industrial supply and raw material procurement.
The company leverages its proprietary software system, Zetwerk OS, to manage sourcing, production planning, supplier coordination, and project execution across its network.
Founded in 2018 by Amrit Acharya and Srinath Ramakkrushnan, along with Vishal Chaudhary, Ankit Fatehpuria, and Rahul Sharma, the company has expanded its presence through a mix of owned manufacturing facilities and a global third-party supplier network.
The issue is being managed by Kotak Mahindra Capital Company Ltd. The documents were received on April 1, 2026, and observations were issued on July 9, 2026.
Gujarat Victory Forgings Ltd IPO
The proposed IPO comprises a fresh issue of up to 65 lakh equity shares and an offer for sale of up to 1.32 crore equity shares by a promoter. Under the OFS, promoter Vijendrakumar Bishamber Gupta will offload shares.
The Vadodara-based company plans to utilise the proceeds from the fresh issue towards funding capital expenditure for the expansion of its existing Unit III at Vadodara, including increasing manufacturing capacity of copper cathodes, payment of debt and general corporate purposes.
Gujarat Victory Forgings is engaged in the manufacturing of non-ferrous metal products through the processing and recycling of metal scrap.
Its product portfolio includes high-purity copper cathodes, copper tubes and pipes, copper rods, copper busbars, brass tubes, as well as copper-based master alloys used across sectors such as power infrastructure, automotive, construction and renewable energy.
The issue is being managed by Monarch Networth Capital Ltd. The IPO comprises a fresh issue and OFS, with documents received on April 7, 2026 and observations issued on July 8, 2026.
