IPO Watch: Vedanta Group's Sterlite Electric IPO put on hold; 5 others get SEBI nod

A total of five companies, including Milky Mist Dairy Food, a producer of dairy goods, Curefoods India, which operates cloud kitchens, Steamhouse India, a provider of industrial steam and gas, Gaja Alternative Asset Management Ltd, functioning under the name Gaja Capital, and Kanodia Cement, a manufacturer of cement, have received approval from the Securities and Exchange Board of India (SEBI) to raise capital through initial public offerings (IPOs), as indicated by an update from the market regulator on Monday.

The five firms submitted their initial IPO documents to SEBI between May and July and received feedback during the period from October 14 to 24, according to the update.

SEBI has placed its observations for the planned initial public offer of Sterlite Electric on hold. The market regulator mentioned this in its communication on Monday but did not provide a reason for the delay.

Sterlite Electric submitted its preliminary documents to SEBI earlier this month, and its public offering will consist of both an offer-for-sale and a fresh issue.

Sterlite Electric, previously known as Sterlite Power Transmission, manufactures specialized capital goods in the power transmission and distribution industry. The company is primarily owned by Twin Star Overseas, while Vedanta Ltd had a 1.51% stake in it as of March 2025.

IPO details

Tamil Nadu-based Milky Mist Dairy Food intends to raise ₹2,035 crore through its first public offering, which consists of a fresh equity share issue worth ₹1,785 crore and an offer for sale (OFS) of shares totaling ₹250 crore by its promoters, as detailed in the draft red herring prospectus (DRHP).

The funds generated from the fresh issue will be allocated to debt repayment, the expansion and modernization of the Perundurai manufacturing plant, which encompasses the establishment of whey protein concentrate, yogurt, and cream cheese facilities. Additionally, the capital will be used for installing visi coolers, ice cream freezers, and chocolate coolers.

Bengaluru-based Curefoods India, which runs CakeZone and Nomad Pizza, plans to raise ₹800 crore via fresh share issuance, along with an OFS of 4.85 crore equity shares from current shareholders.

The company intends to use the IPO funds for growth initiatives, which include opening new Krispy Kreme cloud kitchens, restaurants, kiosks, and central kitchens; expanding certain existing cloud kitchens by adding more brands; acquiring machinery and equipment; investing in its subsidiaries—Fan Hospitality Services and Cakezone Foodtechs—and settling debts.

Kanodia Cement's proposed IPO consists entirely of an OFS of 1.49 crore shares from promoters and a private shareholder, with no new shares being issued, according to the DRHP.

As the public offering is solely an OFS, the company will not receive any funds from this issue, with all proceeds going to the selling shareholders.

Steamhouse India and Gaja Alternative Asset Management have submitted applications for their first public offerings via confidential pre-filing methods.

Steamhouse India aims to obtain between ₹500 crore and ₹700 crore, as per sources close to the situation.

These two companies have chosen the confidential pre-filing approach, which permits them to delay public disclosure of IPO details in the DRHP until later phases.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.