Technopaints and Chemicals has filed draft papers with SEBI for a ₹500 crore IPO. The Technopaints IPO is a fresh issue of up to ₹325 crore plus an offer for sale of up to ₹175 crore. The draft red herring prospectus, the document a company files with SEBI before an IPO, is dated 28 September 2026. The paints and coatings maker carried an order book of ₹994.69 crore on 31 July 2026.
It was one of two draft prospectuses filed that day. Jewellery manufacturer Royal Chain filed for ₹1,000 crore the same Monday. Together the two add up to ₹1,500 crore. According to a PTI report and a filings roundup in Business Today, these are the numbers in the two drafts. SEBI has not posted the Technopaints draft on its own site yet. Royal Chain's plan is the seventh largest of the 17 IPO filings and plans our tracker has logged this year.
The Technopaints IPO in numbers
| What | Technopaints and Chemicals |
|---|---|
| Total issue size | Up to ₹500 crore |
| Fresh issue | Up to ₹325 crore |
| Offer for sale | Up to ₹175 crore |
| Order book (31 July 2026) | ₹994.69 crore, 126 turnkey paint projects |
| FY26 revenue from operations | ₹350 crore |
| FY26 profit after tax | ₹37 crore |
| Installed capacity | 1,26,095 KLMT a year across two plants |
| Lead manager | Anand Rathi Advisors |
| Registrar | KFin Technologies |
How much of the money reaches the company?
Read the fresh issue and the offer for sale as two different things. The ₹325 crore fresh issue is new shares, so that money goes to Technopaints. The ₹175 crore offer for sale is existing shareholders selling part of what they already own, and that money goes to them. On the filed numbers, 35 per cent of the issue is an exit for existing holders and 65 per cent is capital for the business.
The company has said the fresh money will go towards a greenfield paints manufacturing and innovation facility, towards incremental working capital and towards general corporate purposes. The split between those three heads is not in the numbers reported so far. The full list of five draft filings that week is in the roundup Business Today published on 30 September.
An order book close to three times a year's sales
The ₹994.69 crore order book is the number to sit with. Revenue from operations in FY26 was ₹350 crore, up from ₹135 crore in FY24. So the work already booked on 31 July 2026 was about 2.8 times what the company billed in a full year. Those 126 projects are turnkey paint contracts, where Technopaints supplies the paint and also does the application for builders and developers.
Profit after tax was ₹37 crore in FY26. That is a little over 10 per cent of revenue. The company had more than 1,200 stock keeping units on 31 July 2026. Its two plants hold a combined installed capacity of 1,26,095 KLMT a year.
The business sells across southern India, with Telangana among its key states. Its products run from emulsions and primers to enamels, putties, textures and speciality coatings. In August 2026 it acquired Richwaves Specialities, which took it into luxury and specialised decorative finishes. It has signed Sachin Tendulkar as brand ambassador.
The other filing the same day
Royal Chain's ₹1,000 crore plan is a fresh issue of up to ₹850 crore and an offer for sale of up to ₹150 crore by promoters and existing investors. The fresh money goes mainly to repay debt. The company makes gold chains and jewellery for organised retailers including Titan, Kalyan Jewellers, P N Gadgil Jewellers and Senco Gold. Its Mahape plant near Navi Mumbai can turn out 12,000 kg of gold jewellery a year.
We covered Royal Chain's draft filing and its debt repayment plan when the papers went in. JM Financial and 360 ONE WAM are its lead managers.
What happens next
Neither company has a price band, a lot size or an IPO date yet. None of that is fixed until much later in the process. SEBI now reviews both draft prospectuses, which usually takes one to three months, and then issues its observations. Only after that does a company file the red herring prospectus with the dates, the band and the lot size. Technopaints has not received SEBI's observations so far.
Both companies sit on our list of upcoming mainboard IPOs, which is where the price band and dates will appear once the exchange filings are out.
