The Securities and Exchange Board of India (SEBI) has granted final approval for the initial public offerings (IPOs) of four companies—ICICI Prudential Asset Management Company (AMC), Powerica Limited, Technocraft Ventures, and Annu Projects—on December 1, 2025, paving the way for their market debuts amid a robust pipeline of public issues in India's capital markets. SEBI's observation letters signal the completion of regulatory scrutiny on the draft red herring prospectuses filed by these entities earlier in the year, allowing them to proceed with roadshows and book-building processes.

This batch of approvals reflects growing investor appetite for diversified sectors, from asset management to infrastructure, as domestic mutual fund inflows surpass Rs 4 lakh crore in 2025 and foreign institutional investments stabilize post-global volatility. The companies must now file updated prospectuses and announce price bands, with launches expected in the coming weeks subject to market conditions.

ICICI Prudential AMC, India's largest asset manager by assets under management in equity-oriented schemes and discretionary portfolio services, plans a pure offer for sale (OFS) of over 1.76 crore equity shares at a face value of Rs 1 each, potentially mobilizing up to Rs 10,300 crore (approximately $1.2 billion) based on current valuations pegging the firm at $12 billion. Promoted by UK-based Prudential Corp, the IPO will see the selling shareholder offload stakes, with no fresh capital raised for the company itself; proceeds will directly benefit the promoter. The move aligns with the mutual fund industry's expansion, where ICICI Prudential commands a significant share of the Rs 60 lakh crore domestic AUM, driven by rising retail participation and SIP contributions averaging 20% year-on-year growth.

Powerica Limited, a Mumbai-headquartered provider of integrated power solutions specializing in diesel generator sets for prime and standby applications, has secured nods for a Rs 1,400 crore IPO comprising a Rs 700 crore fresh issue and an equal OFS by promoter shareholders. The fresh capital will primarily fund debt repayment or prepayment of Rs 525 crore in borrowings, with the balance allocated to general corporate purposes, bolstering the firm's balance sheet amid India's escalating energy demands from data centers and industrial hubs. Technocraft Ventures, focused on turnkey engineering, procurement, and construction (EPC) projects for public infrastructure in northern states like Uttar Pradesh and Rajasthan, aims to raise funds through 1.19 crore shares, including a 0.95 crore fresh issue worth approximately Rs 138 crore net for working capital and corporate needs, alongside a 0.24 crore OFS.

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Details on Annu Projects' IPO remain sparse in public disclosures, though SEBI's approval confirms its inclusion in this cohort, likely targeting niche project execution segments given the pattern of approvals for infrastructure-linked firms. As these IPOs gear up, market watchers anticipate strong subscriptions from institutional investors seeking exposure to high-growth areas, while retail participation could be tempered by recent volatility in benchmarks like the Nifty 50. The approvals underscore SEBI's streamlined processes under the 2023 reforms, reducing timelines from filing to clearance, and position these issuers to capitalize on a festive-season liquidity surge, potentially injecting over Rs 12,000 crore into the primary market.

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