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SEBI clears five IPOs: Milky Mist, Curefoods lead fresh wave of market listings

SEBI clears five IPOs: Milky Mist, Curefoods lead fresh wave of market listings

Thaduri Lalitya
October 28, 2025

India’s capital markets watchdog SEBI has approved five companies Milky Mist Dairy Food, Curefoods India, Steamhouse India, Gaja Alternative Asset Managers and Kanodia Cement to raise funds through Initial Public Offerings (IPOs). The approvals, granted between October 14 and 24, signal the growing investor appetite in India’s buoyant primary market.

Tamil Nadu-based Milky Mist Dairy Food aims to mobilise ₹2,035 crore, including a ₹1,785-crore fresh issue and a ₹250-crore offer for sale by promoters. The funds will be used to repay loans, expand and modernise its Perundurai manufacturing unit, and install new retail cooling equipment. The company, which has seen steady revenue growth, is one of India’s fastest-growing value-added dairy brands.

Bengaluru-based Curefoods India , operator of cloud-kitchen brands such as CakeZone and Nomad Pizza, plans to raise ₹800 crore through new shares and an additional 4.85 crore shares via offer for sale. The proceeds will finance the expansion of its cloud kitchens, restaurants and central kitchens, besides equipment purchases and debt repayment. Curefoods’ planned issue highlights the increasing participation of food-tech firms in India’s IPO pipeline.

Steamhouse India , a steam and gas solutions provider, and Gaja Alternative Asset Managers , the firm behind Gaja Capital, have chosen SEBI’s confidential pre-filing route, an increasingly popular option that allows companies to keep draft details private until later stages. Steamhouse may raise ₹500-700 crore, while Gaja’s listing will mark a rare IPO from India’s alternative investment space.

Kanodia Cement will go public with a 1.49-crore-share offer for sale, meaning all proceeds will go to promoters and existing investors rather than the company.

So far in 2025, more than 80 firms have tapped the mainboard market, with upcoming issues from retail and manufacturing sectors keeping momentum strong. Analysts note that the latest clearances show broad-based participation across industries from dairy and foodtech to industrial services and asset management underscoring investor confidence in India’s growth cycle.