IPO Watch: SEBI Puts Vedanta Group’s Sterlite Electric IPO on Hold; Milky Mist, Curefoods Among 5 Firms Get Nod

The Securities and Exchange Board of India (SEBI) has put the proposed IPO of Vedanta Group’s Sterlite Electric on hold, while granting approval to five other companies, including Milky Mist Dairy Food and Curefoods India, to launch their initial public offerings.

According to SEBI’s latest update issued on Monday, approvals were granted to Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Management Ltd (Gaja Capital), and Kanodia Cement. These firms had filed their IPO draft papers between May and July 2025, and SEBI issued its feedback between October 14 and 24.

Sterlite Electric IPO Delayed

The market regulator has placed its observations on the Sterlite Electric IPO “on hold”, without citing a reason for the delay. The company, which filed its draft papers earlier this month, plans a public issue comprising both a fresh issue and an offer-for-sale (OFS).

Formerly known as Sterlite Power Transmission, the company manufactures specialized capital equipment for the power transmission and distribution sector. It is majorly owned by Twin Star Overseas, with Vedanta Ltd holding a 1.51% stake as of March 2025.

Milky Mist Dairy Food IPO: ₹2,035 Crore Plan

Tamil Nadu-based Milky Mist Dairy Food aims to raise ₹2,035 crore through its IPO, which includes a fresh issue of ₹1,785 crore and an OFS of ₹250 crore by promoters.

According to the Draft Red Herring Prospectus (DRHP), the funds will be used for debt repayment, expansion and modernization of its Perundurai manufacturing facility, and new product facilities for whey protein concentrate, yogurt, and cream cheese. The company also plans to invest in visi coolers, ice cream freezers, and chocolate coolers to strengthen its cold chain network.

Curefoods India IPO: ₹800 Crore Fresh Issue

Bengaluru-based Curefoods India, which operates popular brands like CakeZone and Nomad Pizza, plans to raise ₹800 crore through a fresh issue, along with an OFS of 4.85 crore equity shares from existing investors.

Proceeds from the IPO will be directed toward expanding cloud kitchens and restaurant formats, opening new Krispy Kreme outlets, acquiring equipment, investing in subsidiaries such as Fan Hospitality Services and Cakezone Foodtechs, and debt reduction.

Kanodia Cement: OFS-Only IPO

Kanodia Cement’s IPO will be entirely an offer-for-sale (OFS) of 1.49 crore shares by promoters and a private shareholder. Since there is no fresh issue, the company will not receive any IPO proceeds; all funds will go to selling shareholders.

Steamhouse India and Gaja Capital Opt for Confidential Filing

Steamhouse India, a provider of industrial steam and gas solutions, and Gaja Alternative Asset Management (Gaja Capital) have filed their IPOs through the confidential pre-filing route, a method that allows firms to keep financial details private until later stages of the approval process.

Steamhouse India is expected to raise between ₹500 crore and ₹700 crore, according to market sources.

Notably, Gaja Capital’s IPO will be India’s first by a private equity firm, marking a significant milestone in the domestic financial market.

Outlook

With five IPO approvals and one on hold, SEBI’s latest update highlights the continued investor appetite in India’s primary market, especially in consumer, food, and infrastructure sectors. However, the delay in Sterlite Electric’s approval suggests that regulatory scrutiny remains tight for large corporate-backed IPOs.