NSE, Jio Platforms, Razorpay Software -India’s Three Biggest IPOs Pending with SEBI That Investors Should be Aware of

Mumbai, July 15: Three of the biggest IPO deals investors have been waiting for on Dalal Street are still pending with SEBI as the securities market regulator has not yet sought clarifications on their draft offer documents, according to SEBI’s weekly processing status report of draft offer documents published on July 10, 2026. 

NSE, Jio Platforms Limited and Razorpay Software Limited, arguably the three largest IPOs retail investors are watching intently in today’s IPO pipeline are all on SEBI’s list of draft offer documents currently being processed where clarifications are yet to be sought and observations from SEBI are pending. 

NSE submitted its draft red herring prospectus for what is expected to be a pure offer-for-sale (OFS) issue on June 18, 2026 through its chosen lead manager Kotak Mahindra Capital Company. The last communication on the filing recorded by SEBI was July 2, 2026. 

Jio Platforms filed its draft offer document for what will be a fresh-issue-only IPO exactly one day later than NSE on June 19, 2026 also through Kotak Mahindra Capital Company as the coordinating lead manager. The last date of communication on record for Jio Platforms’ SEBI filing is June 28, 2026. 

That India’s largest stock exchange operator NSE, controlled by large investors such as the National Institutions for Finance Development (NIFD) and Bhanu Lakshmi Naidu, as well as the Indian phone-to-pancreas startup Jio Platforms are awaiting regulatory processing while being handled by the same coordinating lead manager and put into the same weekly batch as much smaller, far less-known issuers is something investors should bear in mind. Sunil Gold India, Trenzet Infra, Bvishal Oil and Energy, and T. C. Terrytex Limited all have their names carried alongside NSE and Jio Platforms on the SEBI list of documents pending observations from the regulator as they were all filed during roughly the same time period and are awaiting movement through the same pipeline. 

Razorpay Software Limited is further back in its efforts. India’s fintech unicorn completed a pre-filing stage with SEBI under the confidential route on June 13, 2026 through Axis Capital Limited as the coordinating lead manager. The last communication on record with SEBI is July 9, 2026. 

Large IPO filings investors are watching at SEBI 

Apart from this trio mentioned above, SEBI’s list of draft offer documents that are currently being processed meaning clarifications are awaited from the regulator by companies or lead managers includes a host of other well-known companies which could attract investor attention once they progress further down the pipeline. 

Arohan Financial Services Limited, an NBFC-MFI which had filed its draft papers for a fresh-as-well-as-OFS issue on May 18, 2026 through DAM Capital Advisors, saw its last date of communication with SEBI on June 23, 2026. 

Playsimple Games Limited, a mobile games firm which had its OFS-only issue filed with SEBI on April 28, 2026 through Axis Capital Limited as the coordinating lead manager saw its last communication with SEBI on July 3, 2026. 

Garuda Aerospace Limited, a drone technology company had its papers filed with SEBI as a pre-filing document on April 7, 2026 through IIFL Capital with July 25, 2026 being the last date of communication. 

Sterlite Electric Limited had filed its papers for a fresh-issue-and-OFS with SEBI way back on October 3, 20 25 through Axis Capital Limited and remains stuck on the SEBI list of issues where clarifications are awaited from SEBI as of July 10, 20 26’s listing. The last date of communication between the issuer or lead manager and SEBI is June 19, 20 26. Jakson Green Limited, a renewable energy company and subsidiary of the Jakson Group had its papers filed with SEBI as a pre-filing document on December 26, 20 25 through Nuvama Wealth Management with July 9, 20 26 being the last date of communication. 

Rediff. com India Limited, the early internet brand wanting to list on the stock markets for the first time had its pre-filing documents filed with SEBI on March 31, 2026 through Keynote Financial Services with July 8, 2026 being the last date of communication. 

Paras Healthcare Limited, the hospital chain wanted to fresh-list and raise money through an OFS had its papers filed on June 16, 20 26 through JM Financial. The issuer or lead manager’s filing also remains on SEBI’s list where clarifications are awaited from SEBI as of July 10, 2026 with July 8, 2026 being the last date of communication. 

SEBI has asked issuers or lead managers to write directly to either Chief General Manager Deep Mani Shah or Executive Director Jeevan Sonparote if their filings are awaiting attention from SEBI or have experienced inordinate delays. This information was published by SEBI in a footnote on its weekly processing status report which is updated on a weekly basis. 

IPO filings made under the confidential route: Course5, Carlsberg India, SNVA Traveltech 

Three companies featured in SEBI’s latest weekly processing status report have used the confidential pre-filing route which allows draft offer documents to stay confidential until closer to the IPO’s launch date. Course5 Intelligence Limited, Carlsberg India Limited and SNVA Traveltech Limited are among the issuers or lead managers who have their documents listed as “Confidential” against the status in SEBI’s weekly report. 

Course5 Intelligence Limited chose ICICI Securities Limited as its coordinating lead manager and filed its confidential pre-filing documents with SEBI on June 29, 20 26. The filing is currently mentioned under draft offer documents currently being processed by SEBI with June 29, 20 26 also being the last date of communication. This means Course5’s filing is yet to even be reviewed by SEBI and is at the very start of the process. Course5 is among a small but rapidly growing list of technology issuers planning to list on the market who have used the confidential route to avoid tipping off competitors or being put under prolonged public scrutiny. 

Carlsberg India Limited’s pre-filing documents too were submitted to SEBI under the confidential route on July 2, 20 26 through its chosen lead manager Kotak Mahindra Capital Company. The last date of communication with SEBI also being July 2, 20 26 means the consumer FMCG giant has also submitted an early-stage filing. If Carlsberg India Limited were to take the IPO route confidentially, it would be among the more anticipated consumer IPO stories to enter the pipeline this calendar year but no further details about the development can be ascertained due to the confidential nature of the filing. 

SNVA Traveltech Limited has been in the confidential pre-filing process for far longer than both Course5 and Carlsberg India. The travel technology company first filed its papers with SEBI on April 2, 20 26 through Equirus Capital Private Limited and currently finds itself under the category of files where SEBI has sought clarifications and a response from the issuer or lead manager is pending with July 3, 20 26 being the last date of communication. The gap of just over three months between SNVA Traveltech’s initial filing and the latest recorded communication from either SEBI or the issuer or lead manager shows that even confidential filings can take a long time before they’re reviewed by SEBI once they’re submitted even if the documents themselves are not made public. 

Source

•  https://www.sebi.gov.in/filings/processing-status/jul-2026/processing-status-issues_96940.html