IPO Pipeline Swells as SEBI Clears Manipal Hospitals, OYO Parent, Zetwerk and Others for Public Issues

Mumbai, July 15: India’s primary market is poised for another busy phase after the Securities and Exchange Board of India (SEBI) gave the green light to a host of companies across healthcare, hospitality, manufacturing, defence, retail and industrial sectors to launch their initial public offerings (IPOs). The latest approvals further strengthen an already robust pipeline, with several marquee names expected to tap the capital markets over the coming months. 

The regulatory clearances come amid sustained investor appetite for public issues, with recent offerings such as SBI Funds Management IPO attracting subscriptions and Kusumgar delivering healthy listing gains. Market participants believe the healthy pipeline reflects both improving corporate confidence and investors’ willingness to back quality businesses despite bouts of market volatility. 

Manipal Hospitals eyes one of the biggest healthcare IPOs 

Among the biggest names to receive SEBI’s approval is Manipal Hospitals, one of India’s largest private hospital chains backed by Singapore’s Temasek Holdings. According to reports, the company is targeting a market debut by the end of July, making it one of the largest healthcare IPOs in recent years. 

The listing is expected to attract strong institutional interest, given the structural growth in India’s healthcare sector, rising demand for quality medical services and increasing investor preference for healthcare assets. The IPO is likely to be closely tracked by both domestic and foreign institutional investors as healthcare continues to remain a high-growth segment. The book-running lead managers include Kotak Mahindra Capital, Axis Capital, Goldman Sachs, Jefferies, JPMorgan, UBS and DBS Bank. The IPO is expected to be a billion dollars, going by reports. 

OYO parent Prism revives listing plans 

Another high-profile approval is that of Prism Hotels & Resorts, the parent company of hospitality technology platform OYO. SEBI has approved the company’s proposed Rs 6,650-crore IPO, comprising an entirely fresh issue of equity shares. 

The approval marks OYO’s renewed attempt to enter the public markets after shelving its earlier IPO plans. Reports suggest the company is targeting a valuation of around $7-8 billion. The listing is expected to be among the most closely watched technology IPOs of the year. 

Zetwerk to headline manufacturing listings 

Bengaluru-based Zetwerk Manufacturing Businesses is expected to be another marquee offering in the upcoming IPO calendar. The technology-led contract manufacturing platform is planning an IPO estimated at around Rs 4,200 crore, making it one of the largest new-age manufacturing listings in India. 

Backed by prominent investors including Accel, Lightspeed, Khosla Ventures and Greenoaks, Zetwerk operates a digital manufacturing marketplace. 

The company confidentially filed its draft papers earlier this year and is expected to draw significant institutional participation owing to its strong positioning within India’s expanding manufacturing ecosystem. 

Tonbo Imaging adds to defence IPO momentum 

SEBI has also cleared the IPO of Tonbo Imaging India, a Bengaluru-based defence electronics and imaging technology company. 

The proposed issue will be entirely an Offer for Sale (OFS), with existing promoters and investors selling up to 1.8 crore equity shares. Tonbo develops advanced surveillance, thermal imaging and battlefield solutions for defence and homeland security applications, making it one of the few specialised defence technology companies preparing for a public listing. 

Its approval comes amid sustained investor interest in defence-related businesses following increased government spending on indigenous defence manufacturing and healthy order inflows across the sector. 

Marri Retail plans expansion through fresh capital 

Hyderabad-based Marri Retail has also received SEBI’s nod for its public issue. 

According to its draft papers, the IPO comprises a fresh issue of up to Rs 522 crore along with an Offer for Sale of up to 2.7 crore shares by promoter Marri Venkat Reddy. 

The company operates apparel and jewellery retail chains, including The Chennai Shopping Mall and J.C. Brothers, primarily across southern India. It plans to utilise the proceeds from the fresh issue to repay borrowings, open new retail outlets, fund lease payments and meet general corporate requirements. 

Gujarat Victory Forgings to fund capacity expansion 

The regulator has also approved the IPO of Gujarat Victory Forgings, a manufacturer of non-ferrous metal products and copper cathodes. 

The company plans to use the fresh proceeds to expand its manufacturing capacity, repay debt and meet general corporate purposes. With demand for copper expected to remain robust amid rising investments in electric vehicles, renewable energy and power infrastructure, the company is looking to capitalise on favourable industry trends through its public offering. 

Diverse pipeline signals healthy primary market 

The latest approvals underscore the breadth of India’s IPO pipeline, with companies from healthcare, technology, manufacturing, defence, retail and industrial sectors preparing to access public capital. 

The momentum comes at a time when India’s IPO market remains among the busiest globally, supported by resilient domestic liquidity, healthy participation from institutional investors and strong retail interest. Successful recent listings and robust subscription levels have encouraged more companies to advance their listing plans. 

With marquee names such as Manipal Hospitals, Prism (OYO parent), Zetwerk, Tonbo Imaging, Marri Retail and Gujarat Victory Forgings now holding SEBI approvals, the primary market is expected to remain active through the second half of the year. Investors will closely watch issue pricing, valuations and market conditions as these companies prepare to launch their offerings, potentially setting the stage for another strong year for India’s capital markets. 

Source

• Media reports 

Graphic 1: SEBI-Approved IPO Pipeline 

Source

• Company DRHPs, SEBI, public information