SEBI Issues Observation Letters For Bonfiglioli And Swaraj Green IPO Filings
SEBI issues observation letters for Bonfiglioli Transmissions and Swaraj Green IPO filings, paving way for market listings.
India’s primary market is expected to see renewed activity after the Securities and Exchange Board of India (SEBI) issued observation letters for the draft initial public offerings (IPOs) of Swaraj Green Power & Fuel Ltd and Bonfiglioli Transmissions Ltd, signalling regulatory progress for the two proposed listings.
The approvals came during June 11–12, after both companies had filed their draft documents between February and March 2026. In SEBI’s process, an observation letter indicates that the regulator has reviewed the Draft Red Herring Prospectus (DRHP) and cleared it for the next stage toward a public issue, bringing the companies closer to listing.
Swaraj Green Power & Fuel Ltd had filed its DRHP on March 10, 2026, proposing a combination of fresh issue and offer for sale as part of its IPO structure. While the company has not yet disclosed the issue size, price band, or listing timeline, the equity shares are expected to be listed on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). Centrum Capital Ltd is serving as the book running lead manager for the issue.
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Bonfiglioli Transmissions Ltd, meanwhile, is planning a pure offer for sale IPO of up to 4.70 crore equity shares. Axis Capital Ltd has been appointed as the book running lead manager, while MUFG Intime India Pvt. Ltd. will act as the registrar. Key details such as IPO dates, price band, and lot size are yet to be announced by the company.
Swaraj Green Power & Fuel Ltd, incorporated in 2010, is a Maharashtra-based integrated sugar and bio-energy company engaged in ethanol production from sugarcane juice and molasses. The company plays a role in supporting India’s Ethanol Blending Programme.
Bonfiglioli Transmissions Ltd is a technology-driven engineering company specialising in mechanical and electro-mechanical power transmission systems. It designs and manufactures high-precision gearboxes and drive systems used across multiple industrial sectors, positioning itself in the industrial solutions space.
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