Elevate Campuses, InCred Holdings, Aarvee Engineering, among 8 firms to get Sebi approval for IPOs

Securities and Exchange Board of India (Sebi) has issued its observations to Elevate Campuses Ltd, InCred Holdings Ltd, Aarvee Engineering Consultants Ltd and five other companies, clearing a key regulatory hurdle for their proposed initial public offerings (IPOs), according to the latest update released by the capital markets regulator.

The issuance of Sebi's observations indicates that the regulator has completed its review of the draft red herring prospectus (DRHP), allowing companies to proceed with launching their public issues, subject to fulfilling remaining procedural requirements.

Elevate Campuses received Sebi's observations on February 5, 2026. The company had filed its draft papers on September 30, 2025, for a fresh issue of equity shares, with JM Financial Ltd acting as the book-running lead manager.

InCred Holdings also secured Sebi's observations on February 5. The proposed IPO comprises a combination of fresh issue and offer for sale (OFS) and IIFL Capital Services Ltd is the lead manager of the issue.

Aarvee Engineering Consultants received Sebi's observations on February 4. The issue includes both a fresh issue of shares and an OFS, with Centrum Capital Ltd as the merchant banker.

Other companies that received Sebi's observations during the week include Ardee Industries Ltd, Shankesh Jewellers Ltd, Armee Infotech Ltd, Laser Power and Infra Ltd and SEDEMAC Mechatronics Ltd.

Separately, the Sebi update mentioned that Mann Fleet Partners Ltd has decided to withdraw its IPO papers.

As per Sebi norms, companies must launch their IPOs within one year of receiving the regulator's observations.