Garuda Aerospace, Naini Papers, and Adroit Industries India have received approval from the Securities and Exchange Board of India (SEBI) to go ahead with their fund-raising plans via initial public offerings (IPOs).
Garuda Aerospace and Naini Papers confidentially filed their draft papers with the capital markets regulator in April 2026, respectively, while Adroit Industries India approached SEBI in March 2026 by filing its draft IPO papers.
SEBI issued its observations on the draft document of Chennai-based drone startup Garuda Aerospace on August 5, while its observations on the draft red herring prospectuses (DRHPs) of Naini Papers and Adroit Industries India were issued on August 7.
The issuance of observations on the draft documents means the companies can proceed with filing their red herring prospectuses (RHPs) with the Registrar of Companies and launch their IPOs within one year.
Chennai-based drone technology company Garuda Aerospace is reportedly looking to raise around Rs 1,000 crore through its IPO, comprising a fresh issue of shares worth Rs 750 crore and an offer-for-sale (OFS) worth Rs 250 crore.
The company provides Drone-as-a-Service (DaaS) solutions across precision agriculture, industrial and enterprise operations, and consumer applications, enabling data-driven decision-making and enhancing operational efficiency.
According to reports, SBI Capital Markets, Axis Capital, ICICI Securities, and IIFL Capital Services are likely to act as the merchant bankers for the Garuda Aerospace IPO.
Adroit Industries, which manufactures propeller shafts and related torque-transmission components for the automotive and non-automotive industries, is planning an IPO of 1.12 crore equity shares, comprising a fresh issue of 98.97 lakh shares and an offer-for-sale of 13.5 lakh shares by a promoter.
The Madhya Pradesh-based company plans to utilise the proceeds from the fresh issue to procure machinery and equipment to enhance operations at its Dewas and Pithampur facilities, as well as transportation vehicles for the movement of goods between the manufacturing units. The funds will also be used to repay debt at its subsidiary, Adroit Driveshafts, while the remaining amount will be allocated toward general corporate purposes.
Godrej & Boyce Manufacturing Company, BEML, VE Commercial Vehicles, Sandvik Mining and Rock Technology India, Oilgear India, Conmat Heavy Industries, Phooltas Transrail, Hailstone Innovations, ARX Mining and Construction, and Venus Techno Equipment were among the customers served by Adroit Industries in the last fiscal.
Choice Capital Advisors has been appointed as the sole book-running lead manager for the proposed Adroit Industries IPO.
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