India's capital markets regulator, the Securities and Exchange Board of India (Sebi), has granted approval for initial public offerings (IPOs) of nine companies spanning a broad range of sectors, including engineering, travel technology, gaming, drones, paper, renewable energy, and digital platforms.

The approvals significantly bolster India's IPO pipeline, with notable firms such as Laxyo, Garuda Aerospace, PlaySimple Games, Rediff.com, and Jakson Green preparing to list on the country's stock exchanges. The diversity of sectors represented in this batch underscores the widening participation of companies across the economy seeking to tap public markets for capital. The pipeline expansion comes amid a broader surge in Indian public offerings during 2024, with the country ranking among the world's most active IPO markets by deal volume, supported by benchmark indices trading near record highs and robust inflows from domestic institutional and retail investors.

Garuda Aerospace, a Chennai-based drone manufacturer, has been building a presence in both the agricultural and industrial drone segments in India. The company has previously attracted investment from prominent cricketer Mahendra Singh Dhoni, who serves as a brand ambassador. Garuda operates in a sector that has seen policy tailwinds following the central government's Drone Rules 2021, which eased operational restrictions and certification requirements, along with production-linked incentive schemes aimed at boosting domestic drone manufacturing.

PlaySimple Games, a Bengaluru-based mobile gaming startup known for titles such as Word Trip, Word Puzzle, and Daily Themed Crossword, was acquired by Swedish gaming firm MTG (Modern Times Group) in 2021 in a deal valued at approximately $360 million. Its planned listing would add to the growing cohort of Indian gaming firms accessing public markets as smartphone penetration and digital payments continue to expand the country's mobile gaming user base.

Rediff.com, one of India's earliest internet portals, was previously listed on the Nasdaq stock exchange in the United States before its acquisition by Mumbai-based Infibeam Avenues in 2021. A domestic listing would mark a return to public markets for a brand that was among the first Indian internet companies to gain wide consumer recognition in the late 1990s and early 2000s.

Jakson Green operates in the renewable energy and green hydrogen space, a segment that has attracted heightened investor attention following the launch of the National Green Hydrogen Mission in 2023, which targets production of 5 million metric tonnes of green hydrogen annually by 2030. Naini Papers is engaged in the paper manufacturing industry, while SNVA Travel Tech operates in the travel technology sector, reflecting the broad sectoral sweep of companies entering the pipeline.

Sebi's approval process for IPOs involves a thorough review of draft red herring prospectuses (DRHPs) filed by companies, examining disclosures related to financial performance, risk factors, use of proceeds, and corporate governance before granting the green light to proceed with public offerings. India introduced the T+0 settlement cycle on an optional basis in 2024, part of a broader set of market infrastructure reforms that have contributed to the operational efficiency of the country's equity markets.

India's IPO market has been one of the most active globally in recent years, driven by strong retail and institutional investor participation, a growing ecosystem of startups reaching maturity, and supportive regulatory reforms aimed at streamlining the listing process.

The original report was published by Economic Times Markets.