Capital markets regulator SEBI has given approval to three initial public offerings (IPOs) of Monomark Engineering (India) Ltd and RKB Global Ltd, along with the long-awaited public offer proposal of India’s leading stock exchange – National Stock Exchange (NSE).
The Sebi observations mark a key step in the IPO process, following which the companies can proceed with the next stages of their proposed public offerings.
According to the latest update with the Securities and Exchange Board of India (Sebi), the regulator issued its observations on the proposed public issue of Monomark Engineering on September 4, while RKB Global received its observations on August 31.
SEBI has cleared Monomark Engineering’s proposal to launch its IPO. Monomark Engineering has proposed a public offer comprising a fresh issue of up to 2.70 crore equity shares with no offer-for-sale component, according to the draft papers.
The company plans to use funds to support its incremental working capital requirements and general corporate purposes.
Monomark Engineering is engaged in industrial operations and maintenance services, metal fabrication solutions and industrial project execution. It serves industrial and infrastructure clients across sectors such as metals, cement, ports, engineering and original equipment manufacturers.
Gujarat-based solar panel maker Cosmic PV Power has received approval from SEBI to proceed with its proposed IPO. The company has proposed to raise up to Rs 640 crore through the IPO, comprising a fresh issue of shares worth Rs 540 crore and an offer for sale (OFS) of shares worth Rs 100 crore.
The company had filed its draft papers with the regulator in March this year.
The company plans to utilise Rs 497.1 crore of the net proceeds from the fresh issue to set up a proposed manufacturing facility in Narmadapuram, Madhya Pradesh. The remaining proceeds will be used for general corporate purposes.
Cosmic PV Power manufactures solar photovoltaic modules and is among the fastest-growing solar PV module makers in India, based on revenue CAGR of 125.8% between FY23 and FY25, according to the Care Report cited by the company.
The company operates across three verticals – solar PV module manufacturing, EPC services and aluminium frame manufacturing.
The company is also certified under the Ministry of New and Renewable Energy’s Approved List of Module Manufacturers List-I, with an enlisted capacity of 1.30 GW as of September 30, 2025.
This allows it to supply solar modules for government and government-assisted renewable energy projects where ALMM-I sourcing is required.
RKB Global has also received Sebi observations for its IPO. The RKB Global IPO comprises a fresh issue of 1.26 crore equity shares and an OFS portion of 20.20 lakh shares.
The company proposes to utilise the proceeds from the IPO for purchasing plant and machinery for its existing manufacturing unit at Wada, solar panels for installation at the unit and machinery for its mining vertical.
The funds will also be used for payment of debt, funding incremental working capital requirements and general corporate purposes.
The approvals come amid sustained activity in the primary market, with several companies preparing to launch public issues this month. In August, as many as 23 companies floated their maiden public offerings.
NSE has received the SEBI approval for its proposed IPO, clearing a key regulatory hurdle for the much-awaited listing of the country’s largest stock exchange.
SEBI said this in its processing-status report issued during the week ending Friday.
NSE had filed its draft red herring prospectus (DRHP) with SEBI on June 17 with Kotak Mahindra Capital Company Ltd as the coordinating lead manager. The proposed issue is classified as an OFS-only IPO, meaning existing shareholders will offer their shares for sale, with NSE itself not issuing any fresh shares as part of the offering.
The SEBI approval marks a major step forward for NSE’s IPO plans and brings the exchange closer to entering the public markets. The next steps will include completing regulatory and procedural requirements and finalising the offer document and issue details before the IPO can be launched.
NSE had appointed a record 20 Book Running Lead Managers (BRLMs) or Merchant Bankers for its proposed IPO, underscoring the scale and significance of what is expected to be India’s largest public issue.
According to the draft offer documents, NSE’s proposed IPO will be entirely an offer for sale by existing shareholders. The offer comprises up to 148.91 million equity shares of face value Re 1 each. As the issue is an OFS, the proceeds from the share sale will accrue to the selling shareholders, while NSE itself will not receive any fresh capital from the offering.
With SEBI observations now issued, attention is likely to turn to NSE’s updated offer document and the timeline for the IPO. The exchange will also have to complete the remaining listing formalities before the public issue opens for subscription.
