SEBI clears 2 new IPOs: Deepa Jewellers, Cotec Healthcare set to hit Dalal Street soon

Upcoming IPOs: Deepa Jewellers and Cotec Healthcare have received approval from the capital markets regulator, the Securities and Exchange Board of India, to proceed with their proposed initial public offerings (IPOs).

SEBI issued its observations on the draft papers filed by both companies on May 18, clearing the way for them to launch their public issues after filing the Red Herring Prospectus (RHP) with the Registrar of Companies within the stipulated period.

Deepa Jewellers plans IPO for working capital needs

Telangana-based Deepa Jewellers, a hallmarked gold jewellery processor and supplier, had filed its draft papers with SEBI in December 2025.

The company plans to raise funds primarily to support its long-term working capital requirements. According to the draft papers, Deepa Jewellers intends to utilise Rs 215 crore from the fresh issue proceeds towards working capital needs, while the remaining amount will be used for general corporate purposes.

The IPO comprises a fresh issue of shares worth Rs 250 crore. In addition, promoters Ashish Agarwal and his wife will offload up to 1.18 crore equity shares through an offer-for-sale (OFS).

The company has an established presence in southern India and caters to jewellery retail chains as well as standalone stores.

Cotec Healthcare eyes Rs 295 crore via fresh issue

Cotec Healthcare, a contract development and manufacturing organisation (CDMO) based in Uttarakhand, had filed its IPO papers with SEBI in September 2025.

The company plans to raise Rs 295 crore through a fresh issue of equity shares.

The IPO approval comes amid sustained activity in the primary market, with several companies tapping public markets to fund expansion, working capital requirements and strategic growth initiatives.

What SEBI observations mean

The issuance of SEBI observations on a Draft Red Herring Prospectus (DRHP) indicates that the regulator has reviewed the proposed public issue documents and the company can now move ahead with the IPO process.

Both companies are now eligible to launch their public offerings within one year of receiving the regulator’s observations.