SEBI Approves 3 IPOs Worth ₹1,240 Cr: Neolite, SS Retail, Aspri

Capital markets regulator SEBI has cleared three companies, Neolite ZKW Lightings, SS Retail and Aspri Spirits, to launch their initial public offerings, opening the door to a combined fund raise of over ₹1,240 crore. The three issuers received SEBI's observations between 6 and 14 May 2026, after filing their draft red herring prospectuses (DRHPs) in December 2025, according to disclosures on the regulator's website on 15 May 2026.

In SEBI parlance, an "observation" is the regulatory clearance a company needs before it can open its IPO for subscription. The next step for each issuer is filing the red herring prospectus (RHP) with the exchanges and fixing the price band, issue dates and lot size.

Key Facts

Neolite ZKW Lightings: ₹600 Cr Auto Lighting IPO

Neolite ZKW Lightings is the largest of the three issues at ₹600 crore. The Bahadurgarh-based automotive lighting manufacturer plans a fresh issue of ₹400 crore and an offer for sale (OFS) of ₹200 crore by existing shareholders, according to its DRHP filed with SEBI on 29 December 2025. Under the OFS, promoter Rajesh Jain will sell shares worth ₹114 crore, ZKW Group GmbH ₹46 crore and Neokraft Global ₹40 crore.

The company has earmarked ₹152.51 crore of the fresh issue for a new manufacturing facility at Kancheepuram in Tamil Nadu, ₹79.08 crore for plant and machinery at existing facilities, and ₹65 crore for debt repayment. The balance is set aside for general corporate purposes, the DRHP shows. Anand Rathi Advisors and Systematix Corporate Services are the book-running lead managers; KFin Technologies is the registrar.

Neolite ZKW reported revenue of ₹512 crore and a profit after tax of ₹53 crore in FY25, the DRHP discloses. The company holds a strategic alliance with ZKW Group GmbH (a subsidiary of LG Electronics since 2018), and commanded a 34.43% share of India's commercial vehicle lighting segment in FY25, according to a CRISIL report cited in the filing.

SS Retail: ₹500 Cr Mobile Retail Chain IPO

Mobile-phone and electronics retailer SS Retail received SEBI's nod for a ₹500 crore IPO, comprising a fresh issue of ₹300 crore and an OFS of ₹200 crore by promoters and other shareholders, according to its DRHP filed with SEBI on 27 December 2025. Anand Rathi Advisors is the book-running lead manager, with KFin Technologies as registrar.

Proceeds from the fresh issue will fund fit-outs for new stores in FY27 and FY28, working capital, and general corporate purposes. The company runs a multi-brand retail chain selling mobile phones, accessories and electronics across Maharashtra, Karnataka, Madhya Pradesh and Goa, with a focus on tier-II and tier-III cities. It operated 376 stores as of 30 June 2025, up from 347 as of 31 March 2025, the DRHP shows. According to The Knowledge Company report (formerly Technopak Advisors) cited in the filing, SS Retail is the largest mobile-phone retail chain in West India and the fourth-largest in the country.

Aspri Spirits: ₹140 Cr Alco-Beverage Distribution IPO

Mumbai-headquartered Aspri Spirits is the smallest of the three issues. Its IPO comprises a fresh issue of ₹140 crore and an OFS of 50 lakh equity shares by promoters and other selling shareholders, including Emerald Electronics Pvt Ltd and Whiteline Impex Pvt Ltd, according to the DRHP filed on 11 December 2025. The OFS value will be fixed at the time of pricing. Motilal Oswal Investment Advisors and Nuvama Wealth Management are the book-running lead managers; Bigshare Services is the registrar.

Founded in 2004, Aspri Spirits distributes 323 brands from 89 suppliers across 36 countries, including Dalmore single-malt whisky, Camus cognac and Beluga vodka. The company's revenue from operations rose 22% to ₹460.6 crore in FY25 from ₹378.2 crore in FY24, and revenue in the quarter ended June 2025 stood at ₹119.5 crore with a profit after tax of ₹9.8 crore, the DRHP discloses. Of the fresh issue proceeds, ₹76 crore will go towards repaying the company's borrowings and ₹29 crore towards reducing debt at its subsidiaries Vinspri Distributors, P M Marketing, Asdis Drinks India and Aspri Spirits FZE. The company may also pursue a pre-IPO placement of up to ₹28 crore, the DRHP states.

What SEBI Approval Means for the IPO Pipeline

All three companies will list on BSE and NSE as Mainboard issues, adding to the upcoming mainboard IPO pipeline that has built up through the year. Issue dates, price bands and lot sizes are not yet announced. Under SEBI rules, companies have 12 months from the date of observations to launch their IPO, so issuers typically time their offers around market conditions.

For investors tracking the queue alongside the broader IPO calendar, the next data points to watch for each company are the RHP filing, the anchor day, and the price band announcement.

FAQ

Q: When will Neolite ZKW, SS Retail and Aspri Spirits IPOs open? A: Dates are not announced yet; companies typically launch within 12 months of receiving SEBI's observations.

Q: What is the combined size of the three IPOs SEBI has cleared? A: Over ₹1,240 crore, with Neolite ZKW at ₹600 crore, SS Retail at ₹500 crore and Aspri Spirits at ₹140 crore plus a 50 lakh-share OFS.

Q: Will all three companies list on the same exchanges? A: Yes, all three have proposed to list on both BSE and NSE as Mainboard IPOs, per their DRHPs.

Final Thought

These three approvals continue a steady run of SEBI clearances for mid-sized mainboard issuers in 2026, spread across three very different sectors: auto components, brick-and-mortar retail, and premium imported spirits. How each issue is priced, and how the market is positioned at launch, will decide the reception from anchor investors and retail bidders.

What's Next

The next milestone for each of the three is the RHP filing with NSE and BSE, where the price band, lot size and issue dates get locked in. SEBI's observations remain valid for 12 months, so the timing depends on each board's call and prevailing market conditions. Anchor allocation will follow once price bands are set. Track live updates on IPO Guru.