Drone startup Garuda Aerospace among nine firms to get SEBI nod for IPO

As many as nine companies including PlaySimple Games drone startup Garuda Aerospace Rediffcom India Jakson Green and Adroit Industries have received markets regulator Sebis approval to raise funds through initial public offerings IPOsThe other companies that secured the regulators nod are Expression 360 Services India Ltd SNVA Traveltech Naini Papers Ltd and railway infrastructure and EPC services provider Laxyo an update with the Securities and Exchange Board of India Sebi showed on FridayThese companies which had filed their draft papers between December 2025 and April 2026 obtained Sebis observations during August 37In Sebis parlance obtaining observations is equivalent to securing approval to float a public issueJakson Green Ltd Rediffcom India SNVA Traveltech and Garuda Aerospace had filed their IPO papers through Sebis confidential prefiling route which enables companies to obtain regulatory feedback on their draft offer documents before they are made publicPlaySimple Games Indias largest pureplay casual mobile games company by revenue plans to raise Rs 3150 crore through an entirely offerforsale OFS by promoter MTGx Gaming Holding AB which owns more than a 97 per cent stake in the companyPlaySimple Games reported revenue of Rs 225982 crore in FY25 against Rs 187686 crore in the preceding fiscalGaruda Aerospace is looking to raise around Rs 1000 crore through a fresh issue of shares worth Rs 750 crore and an OFS of Rs 250 crore through its maiden public offering according to people familiar with the developmentThe Chennaibased drone startup manufactures and customises unmanned aerial vehicles UAVs for agriculture defence and enterprise surveillance applicationsRediffcom India Ltd is a subsidiary of AvenuesAI Ltd formerly known as Infibeam Avenues which operates digital payment platform CCAvenue and enterprise software platform BuildaBazaarAdroit Industries IPO comprises a fresh issue of 9897 lakh equity shares and an OFS of 135 lakh shares according to the DRHPThe net proceeds from the fresh issue will be used by the company towards capital expenditure including procuring machinery and equipment transportation infrastructure investing in its subsidiary Adroit Driveshafts and repaying debtAdroit is an engineering and manufacturing company specialising in automotive and industrial componentsExpression 360 Services India a Kolkatabased media and advertising firm proposed IPO is entirely an OFS of up to 150 crore equity shares by promoter according to the draft red herring prospectus DRHPThe Indoreheadquartered Laxyo proposed IPO is entirely a fresh issue of equity shares worth Rs 150 crore with no OFS componentSNVA Traveltech operates online travel platform Travomint which offers technologydriven travel booking services including flights hotels car rentals airport transfers and travel insurance through its website and mobile applicationsNaini Papers is an integrated paper manufacturer producing writing and printing paper industrial paper and packaging paper products from its manufacturing facility in Kashipur UttarakhandShares of these nine companies are proposed to be listed on the BSE and NSEThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever